Tech

The right data strategy is the foundation of a better customer experience

What you really need is one centralized brain to drive data-driven decisions and understand the next best customer experience. CDPs can act like this centralized brain – they provide information not only through different channels on the platform, but also to different teams in the organization. “CDP is the perfect balance of getting a clear picture of your customer and ensuring that all of that data can be used in real time,” says Fleisch. By “real time” Fleisch means latency in milliseconds, not hours or days.

These real-time analytics help brands build strong relationships with customers by offering them exactly what they want and need. According to 2022 Adobe Trust Report72% of consumers say their brand trust increases when content is relevant and delivered at the right time and place.

The level of personalization that customers demand can only be achieved by exposing customer data in real time. For example, everyone loves offers that save money, so sending customers a coupon for services or products is a good temptation, but only if they will use this coupon. A generic coupon, or worse, a coupon sent to a customer who doesn’t fit the target demographic, can reduce brand credibility.

Real-time data personalization for clients

CDPs are applicable to all industries and regions. For a larger company with more complex deployments, Fleisch notes, CDPs can be used to provide more customization and complexity in how data is processed and managed across the enterprise. For smaller companies, the use of CDP can be more marketing oriented, led by a team that strives to provide a consistent experience, from customer acquisition to retention and loyalty.

For example, London TSB Bank determined that it needed to unify the banking experience of its customers across channels, especially as more customers are digitizing. Other goals were to provide customers with the most relevant real-time content, establish greater consistency between online and intra-branch transactions, and opt out of third-party cookies and move to first-party data based on consent.

According to Mike Gamble, director of analysis and design at TSB, “we needed a complete picture of every person who works with us, from their history and needs to how they move along the customer journey, and this meant centralizing our data on a single platform. “. For example, TSB customers browsing new homes online can get information about TSB mortgages. Just one year after the implementation of the CDP, the number of loan applications at the bank increased by 400%.

As a first step in learning about the CDP, Fleisch suggests confirming the need and use cases for your organization. Then make sure you understand the long-term needs of your business and keep that vision in mind. “Think long-term about how a customer data platform can truly unify data, connect teams, and find value in all that customer-provided data without running into future deadlocks,” says Fleisch.

This content was prepared by Insights, the user-generated content division of MIT Technology Review. This was not written by the editors of the MIT Technology Review.


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