Webinar Recap: Harnessing Data for Better Customer Experience and Company Success
The top 3 takeaways from our webinar “Harnessing Your Data for Better Customer Success.”
Are you one of the many businesses seeking to improve the customer experience, but find that you can’t effectively utilize your data to accomplish that goal? You’re not alone.
Lack of data is likely not your problem. Customer data is everywhere, documenting each customer click, call, visit and transaction. Customers know this and expect that you will offer them an experience that leverages all of their touchpoints, but this has increasingly become an unwieldy challenge for most companies, while the few companies with the ability and resources to harness the power of their data are outpacing the rest of us.
So where do you start? Matt Aslett from 451 Research and I recently hosted a webinar, Harnessing Data for Better Customer Experience and Company Success, and we shared how an enterprise customer data platform (CDP) can help solve this problem once and for all. We articulated both the line-of-business and technical considerations of the data problem marketers like you face. Check out my key takeaways:
Point 1: Know your customer
You need a 360 degree customer view across physical and digital data sources.
Recent research really hammer home the need to consider data across both physical and digital worlds. Earnest Research reported that Amazon captured a whopping 89% of all online commerce in the U.S. from Thanksgiving to Christmas 2017. Although this massive concentration in online commerce makes it increasingly harder for the vast majority of retailers to compete, it’s important to remember that 85-90% of all retail still takes place in brick-and-mortar stores. The customer increasingly lives in both online and offline worlds, weaving in and out and expecting a seamless brand experience. So there is still a very clear path to compete – and it involves the one thing that you already have.
The first step is to get a handle on your customer data and unite all your customer data sources for a holistic, single view across the customer journey. This includes stitching together a unified customer profile from multiple customer IDs across (frequently) many internal systems, as well as updating and “enriching” those profiles for a seamless and current understanding of your customer. Think beyond the data systems you understand. Bring in all your data.
Point 2: Make your data actionable for marketing
Next, that data needs to be accessible to the right people in marketing at the right time in order to deliver value across the organization. Look to your underlying business use case. Are you looking to create a seamless experience between your physical point of sale and online customer activity? Are you looking to increase acquisition and reduce churn? Or are you looking to enhance product engagement for a more personalized experience? The use cases are endless, and each may involve different customer segmentation, integration touch points with best-of-breed systems you already use and automated workflows.
Point 3: You will need a flexible and adaptable platform
Your business is unique and your customer data platform must be flexible and customizable to your specific business needs. This means it needs to be able to pull in any type of data, from any source, across any time period…and be a platform that your marketing team can access to put customer data to work quickly. A self-service platform like an enterprise CDP gives your marketing team access and control of customer data, but needs to be built for future scale to handle the explosion of customer information, and meets the security and scalability required by IT.
You’re not looking for the easy answers. You’re looking to know and engage with your customer in new and exciting ways to create a competitive advantage. Partner up with your data marketers in your org and take control of your customer data.
Take a short break to listen to the webinar to hear how companies like Subaru and Wish have harnessed their data to create a better customer experience.