The term data-driven is defined by how teams leverage data to make decisions within a given organization. These decisions use data points gathered from various resources, such as consumer behavior, consumer feedback, or internal feedback. The decisions made with those data points vary wildly, ranging from improving the customer experience to building retention and loyalty among buyers.

As the saying goes, yesterday’s new ideas are today’s standard practices. Those new ideas that organizations are coming up with today to innovate and improve their approach in the market don’t just arrive out of thin air. They’re created using data to find the gaps in the market and fill voids in the customer’s experience through innovative processes, products, platforms, or ways people use throughout the experience.

But here’s the problem — for every company that effectively leverages data, many miss the mark or don’t try. That’s because teams often become so grossly overwhelmed with how much information is available that data paralyzes them. When businesses don’t act on the data they have, they also don’t take a proactive role in trying to get more to add to their mix.

Architecting Data-Driven Experiences Using the StoryVesting Framework

StoryVesting is a data-driven framework that can be wielded as the foundation for experience initiatives or intelligent strategic planning, from large cost reduction initiatives, retention strategies, automated data looping, enhanced data-driven product management, innovation initiatives, revenue operations, and VoE and VoC initiatives.

The process unfurls by leaning into the data inside the customer journey and brand experience. The core pieces come together from there to uncover new opportunities with less risk. By leveraging this framework, teams can become more customer-centric and agile while also staying data-driven and disruptive.

Reaching Insights Through Humanized Data

Customer experiences cannot come to life effectively without having empathetic and humble team members to gather, visualize, and analyze data and make constant improvements. These elements allow teams to achieve the growth brands want and need to stay competitive.

When an enterprise pours revenues into personalizing experiences based solely on predictions (assumptions), it usually ends up wasting a lot of time and money. The idea that teams can find a quick fix to a problem by identifying trends from a handful of numbers is a myth. Instead, taking the world of data at our fingertips allows teams to drill down into the human experience. When backing that human experience with data, teams can better pinpoint where and how to improve the customer’s experience.

Applying Data to the Customer Journey

Contrary to popular belief, teams should not rely on being data-driven alone. Instead, staying driven by insights that span each unique customer journey will help people become more in tune with the market’s wants and needs.

Sometimes, Big Data gets a bad rap because it’s seen as unreliable. The role of data is to analyze and accentuate the human experience with a brand. It should be used to glean insights and give confidence in the organization’s direction — not completely replace the creative process.

When data are customer-centric and democratized across an organization, teams can move faster on experience and transformation initiatives. Teams can free themselves from silo-ridden slowdowns and harness the talents of visionary influencers, forward-thinking boards of directors, and leading C-suite executives, contributing to initiatives that effectively leverage data to stay relevant to consumers.

The Impacts of a Data-Driven Culture

Operating a data-driven organization requires a data-driven culture. With a team culture of leveraging data to make strategic decisions, you can better mitigate risk, encourage agility, and lower costs.

Lower Costs

Leveraging data allows you to reduce risk. Those reduced risks in making core decisions around the customer experience mean less lost funds on failed ventures and more profitability.

Faster Paths to Innovation

Data takes the guesswork out of navigating the next steps in a customer’s journey. Rather than relying on human intuition to know what someone will do, data helps you better understand consumer behaviors, preferences, and desires, which can spur innovation.

More Agile Decision Making

Data is more prevalent now than ever before. That prevalence has helped teams become more agile in their decision-making, allowing them to move faster and more strategically.

Cross-Departmental Buy-In

It can be difficult to gain the buy-in of every department on a new customer experience initiative. Using data to validate and showcase why a decision is made builds cross-departmental buy-in on new initiatives.

Customer Experience (CX) Terms