Finessing Customer Experience to Promote Revenue Growth
Over a period of 13 years—including the 2008-09 recession—Watermark details how customer experience (CX) Leaders generated total cumulative stock returns 3.4 times higher than “CX Laggards” in their recent study, The Customer Experience ROI. Comparing the Top 10 (“Leaders”) companies in customer experience against the Bottom 10 (“Laggards”) shows how customer experience influences company value over the long term, even in times of recession. Let’s take a closer look at how a customer data platform (CDP) can help brands deliver meaningful customer experiences and thrive, despite an economic slowdown.
Customer Experience Drives Growth
Businesses are familiar with the economic cycle and its periods of expansion, peaks, contraction, and recession. Economic phases depend on critical variables such as supply and demand, global conditions, inflation, and many others. Just as periods of expansion indicate strong economic growth, recessions are marked by business profit losses and lower consumer spending.
As Watermark’s report shows, brands with long-term strategies for customer experience can expect revenue growth, even during economic contraction and recession. Here’s how a customer data platform (CDP) can help brands finesse customer experience to drive growth amid fluctuating economic conditions.
Target Customer Behavior, Not Devices
One of a CDP’s greatest advantages is the ability to unify consumer profiles from millions of data points generated by online and offline channels. A CDP creates a permanent customer profile and continuously updates it with each new customer interaction. This means brands and CX managers can track an individual customer’s movements across channels, even if they switch devices.
For example, a customer may click on a social media post about a new product on their phone and then switch to a laptop to conduct more research. Without the visibility a CDP provides, marketers may think the customer has lost interest when, in fact, a timely website discount offered on their laptop could clinch the deal. Being able to meet customers wherever they are empowers brands to deliver precisely targeted messaging, driving growth even when shoppers are hesitant about spending during a recession.
Be Consistent Across Channels
Customers recognize their favorite brands no matter where they encounter them—in the shopping mall, on social media, or while browsing a website. But unless a brand employs an army of marketers and advertisers, consistency across online and offline channels is nearly impossible without a centralized platform to manage targeted actions like marketing, advertising, or recommendations.
Best-in-breed CDP solutions like Treasure Data Customer Data Cloud seamlessly connect to existing channels and integrate with a company’s current martech stack. Brands can therefore establish and maintain an omnichannel presence using a single, powerful platform. Connecting sales and support personnel to a CDP provides data-driven insight for offline and face-to-face customer interactions for maximum CX impact.
Omnichannel presence is key to effective soft-selling, in which brands interact with customers over a period of time instead of delivering one hard-sell pitch. By creating a connected customer experience across all possible channels, brands can provide what customers need at critical decision points along their journeys.
Find the Next-best Action (NBA)
While a soft-sell approach is beneficial for guiding most customers through their journey, sometimes a hard-sell offer is necessary to nudge a buyer toward that final step. But without the bedrock of consumer insight and analytics, hard-sell tactics are easily reduced to a hit-or-miss approach.
CDPs undergird sales efforts with AI and machine learning to calculate a customer’s response to particular actions. Recommendation engines such as Treasure Data’s Next-best Action (NBA) system select the best action with the highest probability of success based on a customer’s behavior.
For example, instead of offering relevant content to a customer who’s visited a product page several times, a CDP’s recommendation engine may suggest using a targeted, limited-time discount to push them toward conversion. The engine predicts a favorable response based on the customer’s recent actions as well as similar scenarios with other customers as analyzed by the CDP. This way, a CDP deploys hard-sell activations more effectively and sustains a consumer-centric experience by priming brand actions to meet customers when they are most ready to buy.
In summary, brands can finesse the customer experience to drive revenue growth, even in times of economic recession. This is possible with a CDP’s help in unifying consumer profiles, tracking customer movement across channels, anticipating customers’ needs, and undergirding sales efforts with machine learning-derived insight. Brands can also use a CDP to ensure connected customer experiences across channels and deliver the right actions at the right time.
Finesse Customer Experience and Drive Growth with Treasure Data Customer Data Cloud
Treasure Data Customer Data Cloud, an integrated suite of cloud-based customer data platform solutions, helps companies improve campaign performance, achieve operational efficiency, and create connected customer experiences. We provide you with actionable insights to craft a winning connected customer experience strategy that helps you build value over time.
Watch Treasure Data’s CDP in action below:
Use our enterprise CDP capabilities to transform customer experience and drive growth today:
- Omnichannel Data Collection
- Predictive Profile Scoring
- Propensity Modeling
- Audience Segmentation
- Next-best-Action (NBA) Recommendation System
- Multi-Attribution Modeling
- Artificial Intelligence and Machine Learning
- Customer Journey Orchestration
- And more
Join global names like LG, AB InBev, Subaru, Shiseido, and more to see what Treasure Data can do for you.
To learn more about how Treasure Data can help you optimize customer experience to drive growth, consult an expert today. Want to learn more? Request a demo, call 1.866.899.5386, or contact us for more information.