The biggest and most successful consumer companies have taken a lead in delivering exceptional customer experiences (CX) across different stages of the buying journey. They have honed their CX prowess by building customer data platforms to identify salient customer pain points and resolve those with the biggest pay offs. A customer data platform plays a pivotal role in aggregating data from multiple customer touchpoints in real-time and structuring them to build customer profiles including their most pressing concerns.
The results produced by customer data platforms (CDP) are only as good as the data flowing into them. A growing number of companies are therefore sparing no efforts to aggregate data through Voice of Customer (VoC) programs in addition to aggregating data from traditional sources. These platforms play a pivotal role in the evolution of customer experience design and our understanding of digital journeys.
According to research from Gartner, 75% of large B2B organizations and 65% of large B2C organizations are in the beginning stages of CX maturity. Our experience with consumer enterprises tells us that organizations looking to transform their CX have requirements ranging from reducing everyday customer engagement friction to completely overhauling their strategy.
Regardless of the CX maturity stage at which companies may find themselves in, building a customer data platform is subject to the following considerations.
- Invest Judiciously
As a customer focused company, you may have already invested in a CRM and systems that help you identify your customers, their buying behavior, and the way they engage with you. However, the increasing influence of the digital medium renders them inadequate to track their sentiments. No amount of brand positioning and smart pricing strategies can make up for the inability to identify and resolve customer concerns.
Due attention should be given to the existing technology stack to build a data platform that complements it and maximizes your investments. For instance, you may have a variety of structured and unstructured data that needs to be aggregated and processed to derive insights. We handled one such situation where our client, a global media company, wanted a data and analytics (D&A) solution to improve ad placements. Their existing solution could not accurately correlate viewer behavior with their ad placement and targeting parameters. Our D&A solution captures viewer behavior in real time and provides timely insights on viewer consumption across channels. It has enabled their marketing department to effectively deliver ads and grow their ad revenue by millions of dollars.
- Focus on Experience
While it is good to have a customer data platform that ingests data from various sources to give you a complete picture of your customers including drilldown capabilities, it is better if it can take further action. You should aim to build a customer data and experience platform that features AI-driven automation, real-time analytics, and UX optimization. Such a platform enables marketers to create compelling customer experiences with simplified workflows for better productivity. It provides meaningful analysis of marketing initiatives across channels.
A customer data and experience platform is especially useful for creating a seamless omnichannel experience while conforming to regulations like CCPA and GDPR. It secures personally identifiable data and frees customers from adding their personal details thereby reducing cart abandonment.
We helped a global publishing and event management company to build a customer data platform to collate, curate and manage audience data, B2B products and events data. With all this data in one place, the company successfully doubled its user base by enhancing digital audience experiences with personalized product search and recommendations.
- Ensure Personalization
Technology giants like Netflix and Amazon are leading the way in personalizing their CX with high quality recommendations. Ensure that your data platform has a powerful recommendation engine that identifies patterns in your user data to personalize CX. It will go a long way towards attracting high quality traffic, improving customer satisfaction, and pushing the average order value higher.
A luxury retail company that approached us to revamp their legacy e-commerce platform benefited from the recommendation engine we built for them. Our AI and ML based platform that analyzes clicks, impressions and historic purchases and features photos of recommended offers based on real-time preferences, increased our client’s sales by 18% in one year.
Infocepts Foundational data platform solution helps to assess the need for customer data platform, assist in selecting the right tools, define and implement a modern customer data platform using proven methodologies and accelerators.
Get Started with us to build a robust customer data platform tailored to your needs.
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