Making Better Use of Data

The video discusses the importance of data in enhancing customer experience, especially in retail. It covers how Claires uses data, the significance of data governance, and the impact of the pandemic on customer behavior. The session also addresses model drift, the role of unstructured data, and strategies for improving data use. Social media's role in understanding customers and advocating for them through data insights is also explored.

What is the primary business focus of Claires?

• Electronics and gadgets

• Sports equipment

• Home appliances

• Fashion accessories and ear piercing

Why is real-time data analysis crucial for businesses?

• It allows businesses to react to customer behavior instantly.

• It reduces the cost of data storage.

• It eliminates the need for data scientists.

• It helps in predicting future trends accurately.

What is a key aspect of data governance?

• Managing data lineage and compliance with regulations.

• Ensuring data is generated in a vacuum.

• Using data only for marketing purposes.

• Storing data indefinitely without analysis.

How did the pandemic affect customer shopping behavior?

• Increased frequency of shopping trips.

• No change in shopping patterns.

• Complete shift to online shopping.

• Larger basket sizes but less frequent trips.

What is model drift in data science?

• A model's predictions becoming more accurate over time.

• A model's predictions becoming less accurate due to changes in data patterns.

• A model being replaced by a new one.

• A model being used for multiple purposes.

What role does unstructured data play in business?

• It is irrelevant and not used.

• It is only used for historical analysis.

• It provides insights that structured data cannot.

• It is easier to manage than structured data.

How can businesses improve their use of data?

• By relying solely on historical data.

• By reducing data collection to save costs.

• By focusing on specific business problems to solve.

• By collecting all possible data without a plan.

What is a short-term strategy for CX leaders to adapt to consumer behavior changes?

• Relying solely on quantitative data.

• Conducting qualitative research with customers.

• Ignoring customer feedback.

• Focusing only on internal data.

Why is social media important for understanding customers?

• It is used to replace all other data sources.

• It is more reliable than traditional surveys.

• It is the only source of customer data.

• It provides direct insights into customer aspirations and desires.

How should companies approach the potential value of a new experience before launch?

• By relying on intuition alone.

• By launching without any analysis.

• By using data science models to predict outcomes.

• By ignoring financial projections.