How Global Brands are Gaining Revenue and Cutting Costs With Connected Customer Experiences
Customer experience is what can make or break a relationship with a brand. And it can make or break your business. Our customers are achieving amazing results by unlocking the power of their customer data: hundreds of millions of dollars in revenue growth and cost savings. It’s not just because they collect or analyze or use their customer data well. It’s because they have the power to use their customer data as a differentiator.
Over the last few years, what it takes to survive, let alone stand out, as a business has changed-forever. COVID-19 forced companies to accelerate digital transformation by a factor of years. And the percentage of customer interactions that are digital tripled. For many companies, it has been hard to keep up with these digital changes and maintain growth during a difficult time.
Besides trying to keep up with customer expectations, brands must also navigate increasingly complex privacy regulations. Now, as inflation continues and prices rise, customers are more choosy about where and how they spend their money. Delivering the best customer experience is not a “nice-to-have.” It’s essential for business success.
At Treasure Data we help global brands improve their customer experience while honoring consumer privacy. Every day, I’m excited by how we make billions of people’s lives better, safer, and more convenient by helping brands deliver experiences that delight their customers. But I see a bigger opportunity.
To win in this challenging environment, businesses need to think about how to delight the customer and, more importantly, how to use customer data as a differentiator to increase revenue and decrease costs.
The Customer Experience Disconnect
Customers want a brand to have a deep understanding of them to create a seamless experience. And many companies are committed to customer centricity. But there’s a disconnect. We feel it every day.
Despite so many good intentions, the customer experience with many companies is still broken. How many times do you find yourself asking: Why do I need to repeat myself? Why am I bombarded by emails? Why isn’t my loyalty being rewarded?
How is it that so much time, energy, and money is invested in customer experience but it’s still not right?
The short answer: the data disconnect. Siloed data, outdated technology, and poor data quality stand between customer-centric intentions and customer experience reality. This disconnect can cost businesses billions in lost opportunities and operational inefficiency.
With each disconnected customer experience, the likelihood of the customer going elsewhere increases. A survey by PwC found that 59% of U.S. customers will abandon a beloved brand after several bad experiences. 17% will leave after just one bad experience. And that number actually rises in the global market, to as high as 80% according to Qualtrics. These lost customers can be disastrous for a brand.
But the upside of delivering a connected customer experience can deliver incredible results. Our customer U.S. Soccer increased renewal rates by 350% using Customer Data Cloud to make improvements to its loyalty program. And Shiseido, the fifth largest cosmetics maker in the world, maximized the value of all of their customer data to delight customers, resulting in 38% growth year over year.
That’s why I’m excited to share the vision we’re driving towards at Treasure Data: putting connected customer experiences at the heart of every business.
What is a Connected Customer Experience?
A connected customer experience uses all of a company’s customer data to deliver personalized interactions for every customer across every channel and every department. As customers mix and match interactions online, in the store, on the phone, over chat, or even in a VR environment, the connected customer experience responds to their behaviors to deliver what they want and need, according to their preferences.
Most of us have a story about a company that went the extra mile to keep our business, whether by rewarding our continued loyalty with targeted “insider” promotions, immediately addressing any concerns, or even something as simple as knowing our order history. This is the kind of experience that keeps customers coming back for more.
This kind of experience isn’t just about omni-channel marketing or customer-obsessed service teams. It takes every department working together with a single source of customer truth. When every department works together as one brand, every interaction picks up where the last one left off. The customer feels respected and understood.
This is the connected customer experience: every team and every technology working together to create a continuous experience that makes the connection with customers wherever they are, on their terms.
Gain Revenue and Cut Costs With Customer Data Cloud
Many companies use customer data platforms to help their marketing campaigns. But the opportunity for business impact is much bigger.
To improve the customer experience–and drive efficiency and growth–businesses need to be able to make sense of all of their customer data. If you’re not maximizing the value of customer data across every brand, on every channel, throughout the entire business, you’ve just created another data silo.
Instead, every department and every technology needs to work together across every step of the customer journey, to deliver an experience that is uniquely personalized but not invasive. You can make every single customer feel valued while at the same time scaling to meet the needs of millions of customers across every brand, in every country.
This is the goal of Treasure Data Customer Data Cloud, our integrated suite of cloud-based customer data platform solutions. We help enterprises overcome the data disconnect and give every role, whether customer facing or operations, a unified customer profile based on past interactions, real time behaviors, and AI-powered predictions. And with our Trusted Foundation, our customers are applying privacy and consent across every country and every brand so customer preferences are honored, customer-facing and operations teams are more efficient, and risk is reduced.
The results our customers achieve with the power of Customer Data Cloud are tremendous. For example, Subaru is using customer data across the entire enterprise, impacting everything from dealership close rates to product development. The result is over $100 million in increased revenue and greater efficiency, with a 38% reduction in cost per acquisition.
In today’s highly competitive landscape, the time it takes to achieve those results is also important. The Subaru Digital Marketing team estimates that a homegrown solution would have taken nearly one year to develop. In comparison, Treasure Data delivered an 80 percent faster time to value: up and running in weeks and fully deployed within three months.
Are you interested in learning more about how you can create connected customer experiences, cut costs and gain revenue with Customer Data Cloud? Please schedule a custom demo with one of our experienced CDP professionals today.
In part two of this series, I will share how enterprise companies are multiplying the value of their customer data for continued business growth, and more.