Stated without any hyperbole, the volume of data being generated, as well as our ability to process and interpret it, is increasing exponentially. This presents an amazing opportunity for brands to understand their customers with a fidelity previously unseen and deliver new levels of customer experience excellence.
The value of the data owned by an organisation could be compared to the valuation of its human capital or physical assets. In reality however, customer data is rarely treated like an asset. It often exists in silos, is not shared across the organisation and as a result it’s under-utilised.
Improves Customer Experience
There are many ways to put customer data to work and personalisation is one of the most effective methods to improve the customer experience and improve marketing campaign effectiveness.
Customers are demanding personalisation and are happy to provide information in return for a better experience but, in general, it is not meeting their expectations. Despite organisations investing in technology that can provide personalised experiences, they struggle to implement it correctly. There is also a lack of strategy and vision, aligned with measurable business objectives.
In reality, it takes time to plan and execute a meaningful personalisation initiative and it all starts with making your data available and putting it to work.
Personalisation can be defined as the creation of dynamically customised, highly-relevant experiences based on insight about a customer’s behaviors, profile and other derived and known attributes, across their entire journey. Personalisation can be classified in different ways according to the type of data used, the layer of intelligence added on top of the raw data and the channel that is targeted (mobile, web, email, social media, display etc.).
Personalisation initiatives can be broadly categorised based on the type of data used:
- IMPLICIT: A user’s behavior is monitored and used for personalisation and targeting
- EXPLICIT: The user’s profile and preferences/interests determine the personalisation
- HYBRID: Both explicit and implicit characteristics are used
Our recommendation is almost always to implement a hybrid approach, which enables organisations to augment what they learn about a customer from their behavior online with information they gather and store in various other systems of record, such as the CRM and social media.
Beyond the traditional approaches listed above, the opportunity to personalise the entire customer journey is where most value lies. Understanding your customer’s micro-moment, intent, life context and where he or she is in their buying lifecycle can deliver the meaningful relationship we all strive for.
Type of personalisation that can be applied based on the funnel stage
As with any potentially transformative technology, the hype and hoopla often precede the implementable reality. Despite the apparent noise, the growing availability of tools and the emphasis on the subject, the majority of brands are failing to tap into the very real opportunities presented by personalisation. Moreover, everybody seems to have a different understanding of what such an initiative constitutes. In this talk, we will cover popular myths, provide a realistic definition and highlight the opportunities for tailored and personalised experiences throughout the customer journey.