Enjoy our latest episode of Launch and Learn and check out the notes below on the takeaways from this week's conversation!
As someone who has spent years working in customer data and analytics, I can confidently say that the potential of this field is staggering. But it's not enough to just collect data and store it away somewhere, hoping that one day it will reveal its secrets. To truly harness the power of customer data, we need to democratize the understanding of the insights hidden within it.
Recently, I had the opportunity to discuss this topic with Keith Frankel, and I came away from our conversation convinced that more companies need to focus on data unification and standardization to improve their efficiency and reduce excess spending. Keith and I both believe that the key to making this work is to replicate the standard operating procedures that lead to the best outcomes and make them repeatable for all employees.
One area where this approach can be particularly impactful is net revenue retention. By using data from all touchpoints with the customer, we can predict their readiness for more. Inputs such as employee count, recent funding rounds, and new decision makers can all provide valuable insights. With a comprehensive view of customer data, we can build models that allow us to identify the best opportunities for upselling and cross-selling, which can drive meaningful outcomes for a business.
But this is where things get tricky. While there are tools for capturing, storing, transforming, and visualizing data, the gap lies in the lack of tools that help individual contributors understand the data in a way that allows them to drive outcomes. And unfortunately, most companies are missing this understanding. The fact that the data is not particularly useful to the people that need it does not seem to bubble up to the powers that be. This can lead to wasted resources and a failure to identify the best opportunities for growth.
Keith and I agree that accessibility to data insights must be democratized and easily accessible for frontline individual contributors, rather than being gated by technical teams or requiring additional tools or dashboards. The human cost of failing to solve data accessibility problems can lead to layoffs and other negative consequences for employees and the company.
Data unification and standardization are essential for companies looking to maximize the value of their customer data. But we need to do more than simply store and collect data. We need to make it accessible and understandable for everyone in the company, so that they can use it to drive outcomes and make a real impact on the business.
Stay tuned for next week for another episode of Launch and Learn: Building in Public!