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7 Data Analytics Trends for 2022

Summary

Digital trends have changed significantly over the past two years. The 12th annual digital trends report from Adobe and eConsultancy found that 87% of senior executives surveyed agreed that customers have been rewired to be digital-first by the events of 2020-2021. But customers don’t […]

Digital trends have changed significantly over the past two years. The 12th annual digital trends report from Adobe and eConsultancy found that 87% of senior executives surveyed agreed that customers have been rewired to be digital-first by the events of 2020-2021. But customers don’t just expect rich digital experiences. Businesses must provide customized content that makes a positive impression across all channels in order to make a lasting impression.

Digital experiences are continually being pushed to the limits by market and technology changes. It is not enough for businesses to set up their data analytics once and forget it. They need to be flexible and able to access real-time data and insights in order to keep up with the times.

Technology acts as a foundation. Adobe Analytics has helped thousands of businesses to unlock real-time data for actionable insights. Businesses can use Adobe Real Time Customer Data Platform to pull data from relevant sources and create personalized experiences across all channels.

With a digital-first strategy, you can build a strong digital foundation. Get started building your digital foundation by learning the most recent data analytics trends for 2022. You will need to be able to:

1. Unify data to enable agile operations

 

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It is not enough to have reliable and clean data. Data must be accessible. Businesses need to standardize and centralize data that is often collected from different platforms, channels, and systems. This will allow data to be quickly accessed, activated, and queried in a way that supports real-time decision making.

Adobe Real-Time CDP, a customer data platform that combines customer data into a single, actionable profile, can be used to help unify it. These profiles can be updated in real-time and can be activated by different departments as customer needs change. One Adobe customer saw a reduction in their data refresh time from 72 hours to 14 seconds using this method.

2. Learn to manage uncertainty by testing, learning, and learning

Agile methods encourage teams to test quickly and in small iterations. Businesses with relevant and easily accessible data will be better equipped to understand the effects and causes of experiments. Customer engagement today is omnichannel. It is crucial to be able analyze content and strategies across channels in order to understand relationships and impact across customer experiences. This trend is critical for managing customer expectations changes. However, few businesses are well-equipped to take advantage of it. Adobe and Econsultancy found that only 33% of practitioners rate their ability to create field experiments and test them in the field as very or strong.

Even if needs change, establishing a solid testing program can yield valuable results. A leading entertainment company had many members cancel their reservations because of the COVID-19 pandemic. The company used integrated omnichannel data to retarget those customers with personalized emails. The company then analysed which customers had cancelled and completed new bookings after the shutdown. The brand was able to make real-time updates and saw an increase in engagement of threefold.

3. Transform data into customer journey insights

Businesses must get to know their customers in order to provide meaningful experiences. This means understanding their motivations, preferences, and needs. An additional data point could transform an organization’s understanding of a customer or the experience they offer. Organizations that only use a portion of the journey to create personalized customer experiences risk losing marketing dollars and valuable opportunities to interact directly with customers.

Companies that are able to translate omnichannel data into insight can identify the right moments in the customer journey and deliver personalized experiences that leave an impression. Marketing leaders are already making progress — 82% of them observe new and evolving customer journeys based on their data insights. An example: A brand that produces entertainment had Adobe Real-Time CDP activated and Adobe Customers Journey Analytics to offer ongoing analysis and personalized customer experiences. This approach resulted in a three-fold increase in engagement with email campaigns.

4. Get actionable insights that deliver fast customer experiences

It is not enough to turn data into insights. Businesses need to quickly discover actionable insights in order to reach customers with the right experiences at the right times. This is a trend that marketing leaders are embracing. Adobe and Econsultancy surveyed leaders to find that 65% rate their ability to get insights quickly as very strong or very good, while 64% rate their ability to act on these insights almost as well.

Businesses need to leverage AI and machine learning to quickly build customer experiences and gain competitive advantage. Already some businesses are seeing the benefits. ESRI discovered from their AI insights, that customers with a propensity score between 90 and 100 convert 3x more than customers with average scores. NVIDIA also saw a 5x increase in conversions when they used AI-driven insights for reallocating media spend.

5. Data privacy can help you earn trust

Data privacy can be a tricky area to navigate. It has had to change constantly in response to changing public opinion and high-profile corporate scandals. While CIOs must navigate complex data privacy compliance standards and regulations, businesses need to earn customers’ trust in order to access personal data. Customers will become more cautious and need to be able to trust that sharing their personal information has no negative consequences. Businesses must use data effectively and responsibly, as well as be creative in how they can offer customers experiences that are worth it.

Technology is crucial to ensure privacy rules are applied across brands, customers, and regions. Adobe provides rich privacy and policy controls that enable businesses to comply with regulatory requirements and meet customer expectations. These controls ensure that consumers’ privacy is protected and make businesses more efficient. Adobe Real-Time CDP was used by a consumer packaged goods client to reduce the time it takes to fulfill privacy requests by half.

6. Get ready for a cookieless tomorrow

Consented first-party data will be the basis of future customer engagement. Even though Google is removing third-party cookies from its website, only 21% consider themselves ready for the end. Companies that are able to act on first-party information and navigate this change will be more competitive. Andreas Pauschert is a senior analyst at SSI Schafer Shop. “Here, we have to think longer term.” “Cookies are going to be the thing of the future, so we plan to use big data.”

You can get ahead of the data trend by creating a flexible and future-proof foundation for customer data management. To ensure that marketing is responsible and effective, brands must be able to manage both pseudonymous and known customer data.

7. Real-time personalization on a large scale

Personalization at scale is the ultimate goal. Marketers can use customer behavior to create experiences, offers and content that are tailored to customers’ preferences. Businesses are creating a trusting relationship with customers through personalization. This allows them to respond to changing customer requirements.

Personalization is a great way to create memorable customer experiences. However, it’s not possible without the right technology. An integrated Adobe technology stack will manage the digital architecture of a company, as well as advanced analytics and central content management. This will provide valuable insights into customer behavior. Businesses need fully integrated, automated cross-channel campaign management tools to reach customers when they are most relevant. This allows personalization on the same page as in the next hit. It can be done in milliseconds.

Let data guide the way

Businesses that could navigate disruption and move to digital experiences were ahead in terms both of financial performance, and customer advocacy over the course of 2021. Others were unable to make the necessary cultural and operational changes in order to unlock insights and data. Accessing real-time data is essential for 2022. Data analytics is poised to become more intelligent and friendly with the rapid pace of innovation. This will allow businesses to improve their ROI. To tap into valuable insights, and provide better digital experiences for customers, ensure that your company incorporates omnichannel data analysis into its digital strategy.

source https://business.adobe.com/blog/the-latest/7-data-analytics-trends-for-2022

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