Our new year’s data science resolution? To drive impact and differentiation!

Happy New Year!

Our new year’s data science resolution? To drive impact and differentiation!

Now more than ever, companies need to differentiate and re-ignite the enthusiasm and relationship between the organisation and the customer.

As we reflect on 2022 and plan for this year, we can step back, consider our impact on people and the world around us, and look at the purpose of those companies with whom we interact.

Looking ahead to 2023 and how to navigate the challenging world we are in requires focus, value and, more importantly, clarity of offer and purpose.

Differentiation in this way is becoming increasingly important. Yet, many companies are losing their brand voice by focusing solely on the product they sell.

In 2023, value-based customer offers will evolve, and brand differentiation needs to be more apparent. There is a wide range of factors -changes in consumer behaviour, technological developments, and the actions of competitors- impacting the organisations with which we interact. However, organisations with a purpose that connects with customers beyond the product and positively impacts people and the planet will more likely outgrow their competition. As a result, they will not only survive but thrive.

But where to start, and how does data science help?

There are some common trends that we might consider when thinking about how to differentiate using data with confidence:

1. Personalisation: offering personalised experiences or recommendations to customers can help businesses stand out in a crowded market; hyper-personalisation or a better understanding of individual needs of customers from data will be critical in the year ahead – whether truly on a 1-2-1 basis, or using a proxy of personas for the majority and hyper-personalisation in real time for a sub-group that drives new profit
2. Sustainability: consumers are increasingly interested in sustainability and are more likely to support brands prioritising environmental and social responsibility. This is not just a fad or opportunity cost; it is part of every question and decision to drive commercial, operational and ethical value – people will look more and more for this as the awareness of climate change, waste, utility costs and consumption increase – data-driven sustainability and actions that make a difference will grow in importance to give confidence to every decision and know the actual impact on our planet
3. Purpose: not only the positive action for planet and social responsibility, but what purpose does the business have to people and how will it make a difference – data-driven well-being, health and outcomes to improving people’s lives will make a difference not only to others but to our legacy as business leaders who want to leave a positive change. Consumers are now increasingly demanding it too.
4. Innovation: cutting edge technology and introducing new products or services can help businesses differentiate themselves from their competitors; however, innovating in amongst what we already do often gets overlooked, data science-driven innovation is key to not only identifying opportunities, driving and creating new business models virtually before putting them in to practice, but also creating an innovation mindset. For example, organisational network analysis to identify where innovation can be focused, and which teams and individuals should / could be involved.
5. Customer service: providing excellent customer service and support can help businesses build loyal customers and differentiate themselves from competitors that have less-than-stellar service, or offering subtle touches that go beyond others in the market, but doing so scientifically to optimise returns and drive certainty. Data science offers unique and impactful ways to measure customer service, but also prioritise responses to improve service quality fast and with confidence.
6. Authenticity: being transparent and authentic in communication and business practices can help businesses build trust and differentiate themselves from competitors that are perceived as inauthentic. Data science driven voice is a new area which can harness and accentuate messages that resonate with your customers, modelling out messaging and impact, as well as creating a next best message for your customers.
7. Specialisation: focusing on a specific niche or target market can help businesses stand out in a crowded market by offering specialised products or services. Data science driven specialisation and tailored offers and messages can hit the mark fast, but also be tested and modelled before they are scaled.
8. Collaboration: collaborating with other businesses, organisations or institutions can help businesses bring new ideas and perspectives to the table and differentiate themselves from competitors. In the world ahead, creating new ways of working, new models, or new pieces of analysis / data science from scratch is costly, slow and sub-optimal, leveraging what others’ have done, collaborating with organisations that don’t directly compete, and re-use of assets is critical. We know as we have built a library of 200+ questions that aims to do exactly this – leverage and re-use between data science use cases as true accelerators and we have cut the time and cost between 60% and 30% vs starting from scratch
9. Storytelling: telling a compelling brand story, building a strong brand narrative and driving a compelling change can help businesses connect with customers and differentiate themselves from competitors and realise results that last. Data science without amazing storytelling is pointless, as too is a good story without data science. Stories connect your co-workers, customers and communities. Stories modelled out and analysed using data science drive confidence and optimise the returns.
10. Predictive Modelling: when all of the above comes together it is so powerful, when it comes together and can be modelled to see the impact, returns and optimise the results, it is hard to compete with. Brands differentiation based on models that are tuned and optimised helps create brands that have true purpose, positively impact people and planet, provide value and unique offerings to the customer and get results that can’t be replicated.

If you’d like to see where your use cases for data feature for 2023, or to see what we think should be in your top ten for your sector and company for 2023, drop us a note at: hello@the-ics.com.

Maybe a data science resolution isn’t as exciting as a new diet, exercise or kicking a bad habit, but it will certainly get results and be one that we stick with… will you? Happy New Data Year!