The Rise of the Customer Data Platform to Drive Connected Customer Experiences
Digital connectivity has become the new norm. Consumers are linked to an always-on network of information, use multiple devices, and can find answers to almost anything, at any given time. With access to massive loads of information across channels, consumers are more informed and expect brands to deliver personalized and engaging experiences, faster than ever before.
Although consumers may always be on, many brands are not. In a recent study by Salesforce, sixty-four percent of consumers expect companies to respond and interact with them in real time. This disconnect between what consumers demand and what brands are able to deliver can have a deep impact on a company’s ability to deliver cohesive experiences and in turn, acquire new customers and retain existing ones.
Delivering individualized customer engagement is perhaps one of the most important strategies brands must master in order to stay competitive. Consumers will take action, either positive or negative, based on the types of experiences brands deliver. Over sixty percent of consumers have stated they will switch brands if they aren’t treated like an individual and eighty-six percent are willing to pay more for a great experience. Furthermore, seventy-three percent of buyers have pointed to customer experience as a highly important factor in making a purchase decision. (eConsultancy)
Deliver Better Customer Experiences with Better Customer Data
Successful customer experience strategies are dependent on establishing a 360-degree, holistic customer view in order to deliver the most relevant messages. With more digital channels and more devices on which consumers interact with brands, there is certainly no shortage of data. However, the data management space can be confusing as marketers grapple with making sense of this data. Insufficient data analysis, poor data integration capabilities and the ability to access the right customer data are often cited as major barriers to developing a cohesive customer view.
Customer data platforms have recently gained massive interest due to their agile nature in being able to quickly integrate numerous data points to create a unified and persistent customer ID. Data management systems are not new, however previous solutions were cumbersome and often required a massive undertaking by IT of both time and resources. A customer data platform on the other hand offers speed, nimbleness and is owned and operated by marketers.
CDPs are still an emerging category, and vendors have built in different capabilities into their platforms. At their core, all CDPs offer a way to integrate data into a persistent consumer ID. Beyond this, only some customer data platforms offer a way to manage customer experiences through journey management.
Other platforms only offer analytic capabilities and machine learning processes in order to optimize marketing messaging and prioritize high performing customer segments. A customer data platform should do each of these tasks. The V12 Customer Data Platform, V12 Velocity offers each of these capabilities in addition to the ability to integrate our broad range of third party data sets directly into the system for deeper customer insights and more personalized customer experiences.
Deliver Personalized Customer Experiences with Personalized Journey Management
According to McKinsey, when a customer journey is done right, customer satisfaction jumps by 20%, revenue improves by 15%, and the cost of serving customers lowers by 20%. However, many organizations use several systems to engage with consumers across different channels within the customer journey. These systems are often managed separately, and the outcome is siloed data and an inconsistent customer view.
Connecting these data points is critical in order to design a well-executed and dynamic journey. A customer data platform solves these challenges by stitching data points together to create a single customer view in one integrated system. The V12 CDP offers robust journey management capabilities combined with real-time analytics and artificial intelligence (AI) so brands can personalize offerings, design experiences, monitor customers and optimize performance.
Within the V12 Customer Data Platform, marketers can quickly uncover specific customer segments in order to predict and execute a full range of customer journeys. While many brands are very familiar with touchpoints such as welcome emails, order confirmations, or abandoned cart notifications, uncovering opportunities to engage with consumers across other journey touchpoints is key to increasing conversions and boosting retention. For example, marketers can create real-time journeys to target in-market consumers using V12’s purchase intent database.
With a CDP in place, organizations can access a complete view of customer behavior across channels which can be used to drive highly personalized journeys and customer experiences, and in turn, drive higher conversions.