Covi-19 Accelerated Technology Adoption and Digital Transformation Efforts are already underway, but businesses and organizations are still completely out of production: How does this product show value to our customers? How does it drive our business?
I spoke with Spenser Skates, the CEO and co-founder of the amplifier, to delve deeper into the technical aspects of the digitalization process in a reopened economy. The company recently launched a digital upgrade system — designed to help Calm, GoFundMe, Ford and other brands understand the impact of their products and grow their customer base — and is now growing by raising $ 150 million. $ 4 billion estimated.
Gary Drainick: Accepting new technologies and innovating customer engagement methods, Covid-19 shortened the deadline for business digital transformation efforts. What are the major challenges when exploring the entire digital economy? Where should businesses invest?
Spenser Skates: Kovid-19 has created this huge push to accelerate ongoing digitalization efforts. Every business had to go digital to transform the products, services and customer experiences from person to online — especially mobile — to accommodate the new economy. According to a recent survey by Prosper Insights & Analytics, 41.3% of adults who are currently working at home say that their smartphones have become a lifeline due to the epidemic.
It is important to change the way success and influence are measured. It spends approximately $ 6.8 trillion on tools such as web reporting and net promotional results, all of which are designed to measure product success through ad clicks, site traffic, and survey feedback. Teams need to use customer behavior as a source of truth to make the connection between product value and optimized business results. To maximize digital investments, businesses need to pay more attention to impact metrics using customer behavior data.
Drake: What technologies were the key drivers in modernizing digital marketing and expanding businesses? How will these technology adoption improve to accommodate the post-VV-19 economy?
Skates: The epidemic has forced businesses to rely almost entirely on data to keep pace with the flow of digital customers and stay ahead of their competitors. If we learned anything last year, it is information and analysis that will help us learn what we do not know. They give us realistic insights into things like consumer behavior to better measure how a product or experience fits into customers and meets business objectives. Combined with artificial intelligence and machine learning, brands can indicate which parts of their digital products have the greatest impact on their customers and drive business.
The new standard we expect is a mix of physical and digital interactions. According to the same Prosper Insights & Analytics survey, 45.2% of adults are convinced that changes in their shopping behavior (ie, changing check lines in a store to mobile) will be permanent habits. It is a testament to the need for data-driven devices to maintain a deep understanding of customer value and product engagement long after the store has opened.
Gary Drainick: ‘Transformation’ is everywhere in the news – is ‘digital optimization’ different? Why is ‘digital optimization’ something that businesses need to focus on in their transformation strategies?
Skates: When we talk about digital transformation, we are discussing the transition from physical experiences and operations to mobile or digital. Digital optimization refers to the use of technology to improve customer experiences.
Practically every brand has expanded its digital presence. Now, teams need to assess how much digital investments have contributed to their bottom line. Are all the tools needed to keep the business going? Or are they just jumping on the bandwagon of new technologies without fully understanding how it serves the purpose of business?
Organizations need to focus on new technologies that will streamline their digital business, and they need to be strategic about where to place investments and how to get them down the line.
Gary Drainick: How does the new digital upgrade system work? How does it use the aforementioned technologies to facilitate the creation of customer-centric products that increase business value?
Skates: In digital production, which consumer interaction leads to better business results, it combines the information, analytics, and infrastructure needed to personalize experiences accordingly.
Machine learning algorithms look at and predict patterns in a customer’s behavior to determine things like customer return or return chances. These data points are given to different groups in an organization in real time, and so are our predictions of what behaviors will follow. With these insights, full visibility experiences can be improved and tailored to personal user experiences and business goals such as retention: Appreciating the Mediterranean to adapt to their goals, or improve in-app translation skills to rejuvenate Rosetta Stone digital learning. For the modern, technical-minded user.
Data and analytics – from machine learning – make this product the core of digital brands.
Gary Drainick: Amplitude also announced the Amplitude Partner Ecosystem: How can this program, with its digital optimization system, transform every business into a digital system and accelerate the customer’s initial economy?
Skates: It’s great for teams to have technical equipment under their belts to advance their business goals, but it’s also important to get insights from the people behind the curtain.
Amplified DOS supports our customers to find networks of more than 40 founding partners such as Slalom, WWT Digital and Bottle Rocket for digital transformation, optimization and innovation. You can also find technology integrations that improve customer engagement and creation of trading platforms, including Brexit, AppsFlyer, Segment and more.
Both DOS and its partner ecosystem are designed to make customer behavior more accessible and easier to interpret. Some companies are still lagging behind in the digitalization schedule, so these resources will provide additional resources to accelerate digitalization by including the customer in the process.
Drake: How Covidy-19 redefined ‘Customer-First’ and what role will Ampluts play in enabling future customer experiences and products?
Skates: For many businesses and organizations traveling through this uncertainty, customer behavior has become a North Star. The elimination of most physical and physical activities has forced teams to come up with new ways to understand clients and maintain those relationships.
Now, the customer — more than a smile at the first exit — is to anticipate customer needs and make meaningful product experiences online and in real life. We show the relationship between product value and business goals by allowing the customer to lead the next product or experience.
A popular example is our work with Jersey Mike: Customer Information Development Goals give insights into their customers’ preferences, shipping options such as chipboard coupons or launching a new launch, such as a drop-in. We are always finding new ways to use the power of customer behavior to build successful digital brands.
Drenik: Thank you for taking the time to bring this up with me, Spencer. Undoubtedly, Amplified is leading the way for business-centered customers. I’m excited to see where the company is headed, and which brands it will bring to life in the future.