Google's chief strategist for data and measurement, director of data science at the Bank of Canada, founder of a NY-based growth agency, and the editor-in-chief of Entrepreneur magazine share insights on deepening customer relationships. Topics include data analysis, understanding target customers, aesthetics, decision making, and disruptive technology.
Starting with hypotheses before analyzing data helps entrepreneurs make informed decisions and leverage customer data effectively.
Collecting customer data with a clear plan on how to use it allows businesses to personalize interactions, gather valuable insights, and build stronger relationships.
Deep dives
Starting with Hypotheses and Customer Data
Neil Hoein emphasizes the importance of starting with hypotheses before analyzing data. He advises entrepreneurs to think about what they can do to better connect with customers and then look for data that supports or disproves these hypotheses. This approach helps in making informed decisions and leveraging customer data effectively.
Utilizing Data for Personalization
Jason Fyfer discusses how companies often collect customer data without a clear plan on how to use it. He suggests that businesses should leverage the data they collect to personalize their interactions with customers, such as using customers' names in email subject lines to improve engagement. Additionally, he recommends asking strategic questions to customers after they make a purchase to gather valuable insights and build stronger relationships.
Niche Differentiation and Distribution Strategy
Ashwin Krsna Swami highlights the significance of niche differentiation and a well-thought-out distribution strategy. He advises brands to identify and target specific niches, owning the niche first before expanding. Swami also emphasizes the importance of considering different distribution channels, including organic methods, influencer partnerships, and even exploring adjacent categories like podcasting to create demand and acquire customers.
Business experts featured in Shopify Masters episodes in 2023 share how you can continue deepening your relationship with customers. The experts include Neil Hoyne, the chief strategist for data and measurement at Google, Maryam Haghighi, the Bank of Canada’s director of data science, Ashwinn Krishnaswamy, founder of the NY-based growth agency Forge, and Jason Feiffer, the editor-in-chief of Entrepreneur magazine.