Unlocking the Value of Customer Data
In part one of this series, I shared the tremendous impact our customers are achieving by delivering connected customer experiences. In these challenging times, maintaining long-term customer value is more important than ever.
Research shows that more than 90% of marketers know that having access to high quality customer data provides a competitive advantage, but only 11% stated that this data was easily available. And according to a recent Forbes survey commissioned by Treasure Data, while three-quarters of business leaders believe that superior customer experience is vital to growth, most do not know how to address it on an enterprise level.
So how can you unlock and multiply the full value of customer data across the entire enterprise?
Overcoming the Data Disconnect
The customer data disconnect is the greatest barrier to success: siloed data sources, isolated marketing channels, disconnected departments, and outdated tech that doesn’t integrate with new systems. This type of misalignment is inefficient for the business, leading to lost opportunities, lost revenue, and a high probability of customer churn. Marketing dollars, customer service agent time, and back-office resources are wasted without tangible outcomes. And of course, complex global privacy and compliance requirements add another challenge and more risk.
To overcome the disconnect, every team and every technology in your organization needs to work together. This is part of our vision for Treasure Data Customer Data Cloud. Customer Data Cloud powers connected customer experiences by:
- Building a deep understanding of your customer across their entire journey
- Enforcing complex privacy requirements to build customer trust and minimize risk
- Providing effective strategies to reward customer loyalty and increase LTV
- Enabling efficient deployment around the globe
Empower Your Entire Business With Customer Data
Many people think of marketing impact when they think about customer data platforms. At Treasure Data, we’re certainly helping our customers increase campaign performance. For example, a leading retailer achieved a 760% increase in revenue per email. But if you’re not activating customer data across every brand, on every channel, throughout the entire business, you’re missing the opportunity to multiply the value of your customer data.
Our vision for Customer Data Cloud is to create a customer data foundation for the entire business to cut costs and gain revenue. Aligning customer interactions across every department including marketing, sales, operations, and service means that you will always engage your customers in the right place, at the right time, on the right device. It also means that you will solve the CX disconnect, ensuring that the customer always has the same personalized experience with your brand, across every channel, every department, and every country.
Customer Data Cloud gives businesses game-changing opportunities to drive efficiency and growth. When budgets are tight, and your teams are expected to do more with less, you need fast results and proven ROI. One of our customers, a multinational manufacturer of various consumer products, was able to cut 95% of engineering costs and shorten time-to-market to only two weeks. Another customer, an apparel lifestyle retailer, saw revenue attainment increase from about 90% of goal to more than 160% of target in approximately three months. Yet another leading CPG manufacturer replaced their data management solution with Customer Data Cloud, seeing $8M a year in cost savings.
The Complex Global Privacy Landscape
Of course, revenue and cost savings aren’t the only things businesses need to worry about these days. While privacy regulations provide much needed protections for consumers, the complexity of managing these regulations across multiple brands and countries is a growing concern for many companies.
In the new environment, compliance is mandatory. And the risks are many. A single data breach or privacy violation can cost a business hundreds of millions of dollars in fines, not to mention lost customer trust. So how can global enterprises that interact with millions of customers across multiple channels and dozens of brands worldwide balance the needs of privacy and compliance with the goals of efficiency and growth?
At Treasure Data, we’re focused on helping our customers create connected customer experiences while honoring consumer privacy and reducing risk. Treasure Data’s Trusted Foundation helps you manage privacy and compliance across multiple channels, brands, and geographies. Customer Data Cloud provides a centralized, yet agile solution that increases efficiency and reduces risk by providing controlled, secure access to customer data. You can easily enrich customer profiles with consent data and your agencies and partners around the globe are empowered to drive performance, without the risk of regulatory violations or data breaches. Your customer data is protected, and so are you.
Beyond reducing risk, Customer Data Cloud helps you create connected customer experiences and build trust with your customers to drive business results. When they do trust your brand, consumers will purchase more often, and spend more when they do. In fact, trust is an “essential purchase consideration” according to Edelman, who also notes that 43% of customers will stay loyal to a brand they trust, even if something goes wrong. Conversely, 40% of consumers have stopped buying from a brand they previously loved because they don’t trust the company (see Figure 1).
Figure 1. Companies That Invest In Trust Realize Big Benefits.
Drive Personalization With Privacy and Consent
Hundreds of Fortune 500 and Global 2000 brands trust Treasure Data to help them use all of their customer data to improve campaign performance, achieve operational efficiency, and drive business value. That means we’re trusted with more than two billion customer profiles, which is about 40-50% of the connected population’s data. There is a lot of opportunity to use that data with fairness and transparency to improve people’s lives.
Without trust, there can be no extraordinary experiences for today’s consumers. Marketers must combine one-to-one personalization with world-class privacy and governance, taking all attributes and consent alternatives into account. By securely combining data and identities from across the company to drive better decisions along the customer journey, Customer Data Cloud creates the foundation for a completely connected customer experience.
I’m excited for all the ways Treasure Data is working to put connected customer experiences at the heart of every business, giving our customers the power to use their customer data as a differentiator to drive efficiency and growth.
To learn how you can get immediate value and ROI from a customer data foundation, download the Forrester Consulting Total Economic Impact™ study. Or if you’re ready to learn more about Customer Data Cloud, please schedule a custom demo with one of our experienced CDP professionals today.
Click here to read part one of the series for more background on connected customer experiences.