Consumers love a fast, personalized experience. But there is a catch. They also look for companies that do business in a way that is relevant to them. So what does relevance mean in the current scenario?
Simple. It means aligning products and services with the realities of inventory in real time and sharing the right message with the right delivery requirements.
Managing customer data is a must
It’s no wonder that consumer data management has become a necessity, especially to meet these ever-evolving requirements. However, the hurdle is that the data is often isolated, disconnected, and inconsistent. Without connected data, you can’t deliver the relevant consumer experiences today’s reality expects.
Leveraging consumer data to provide a personalized user experience
This post looks at the key identity concepts marketers need to integrate data from various sources. At the same time, we will understand how marketers try to cope with the rapidly changing identity and data landscape.
How Disconnected Data Is Leading To Bad Consumer Experiences
Marketers are moving toward more personalized consumer-centric strategies and experiences. Therefore, to connect all relevant data and information about your experiences, a comprehensive identity foundation is required, built through first, second and third party sources.
It seems that third-party cookies are becoming obsolete and privacy legislation is becoming more prevalent. It’s no wonder that companies are refocusing their efforts on the data management capabilities of their consumers.
These modifications, in turn, are transforming legacy platforms into agile, cloud-based, scalable and accessible solutions for all users. Additionally, if companies want to connect all data to a single asset, they must enable and optimize the modern data platform and protect consumer data in the process.
So how is data connected while promoting organizational growth and the application of source data? Technical integration is the answer. You can use a personal identity chart, a unified corporate asset that connects first, second, and third-party data, to get work done.
This is where the role of the Customer Data Platform (CDP) comes in.
A customer data platform is a software program that collects and organizes consumer data from various sources and makes it available to other applications, systems, and so on. CDPs take data in real time and structure it into individual, centralized consumer profiles.
Key Principles for Connecting Data in Today’s Modern Customer Data Platform
1. Analyze the data
Connecting data to a well-organized asset requires technical and business-focused planning and strategy. Companies must devote their resources to a thorough examination of all available data from various sources.
Requirements for volume, speed, attributes, privacy, and compliance should be collected and embedded in clear specifications. Technical engineering and integration design, maintenance and accessibility are supported by these requirements.
Additionally, business users will need to plan how to best use the connected data asset to provide personalized experiences, protect consumer data, and value customers.
2. Apply identity resolution
Companies require a Identity resolution to easily connect your data at the consumer level. For the most part, they use an identity solution that can clean, correct, and enhance consumer personally identifiable information (PII), along with data quality capabilities.
To provide a foundation for customer data integration, aggregation, reporting, and activation, identity resolution solutions must resolve data at the person and household level. Identity solutions that are based on a high-quality, person-based set of truths generally improve identity accuracy and longevity.
Are Identity resolution solutions comply with privacy standards and have the ability to manage identity tokens both online and offline. Some also include third-party data portability, as well as people-based media and channel activation capabilities.
A thorough examination of the identity resolution options will help you choose the best tool for your business. Be sure to consider scope of capabilities, time to market, and overall investment when making a decision.
3. Create a personal identity chart
Data is often connected due to identity resolution. And it supports both commercial and technical use cases. Therefore, companies must create their own private identity graphics so that identity resolution results are accessible to their users.
The chart organizes the data into a master data asset that can be accessed throughout the organization. It enables companies to maintain control over their consumer data while protecting and enhancing it with relevant second and third party data.
The core of the personal identity graph is a stable database at the person level. All signals, including PII (eg, emails, phones, addresses), digital identifiers, native platform identifiers, and relevant connections to associated systems are associated with identity keys.
The personal identity graphic also ensures privacy and compliance core and various identity associations. In addition, the graph serves as a hub to connect, reconcile, and apply consumer data to deliver personalized experiences.
4. Inform technology
Once data is connected, it must be accessible through data management, orchestration, activation and analytics platforms. Whats Next? DThe ata management components will use the corresponding data from the chart to associate the consumer identity with all relevant data sets.
Previously, orchestration and activation platforms used data from the personal identity graph to stay up-to-date on various consumer interactions and experiences. Analysis platforms, on the other hand, used the data to model and obtain information based on interactions and results.
Today’s modern platform should be able to connect all the data to create a single asset that links all the relevant sources. Identity resolution is the technology that enables consumer data to connect through first, second, and third party sources. The chart should combine the identity resolution results into a single business asset that can be used to inform business and technical processes.
Also, with a Personal identity graphics companies can also preserve ongoing data and offer personalized consumer experiences.
A Little Guide to the Customer Data Platform (CDP)
A good business level CDP will help you better understand not only your customers, but your business as well. That incorporates known anonymous, third-party, and proprietary data to provide a complete understanding of consumers. Below are some more Things Businesses Should Know About CDPs.
They include a layer of intelligence.
Enterprise CDPs include an intelligence layer that uses machine learning to create more powerful and actionable predictive models and recommendations. The best CDPs share that knowledge with any other system, providing better intelligence to sales, service, marketing, commerce, field service, finance, social media, and more.
For example, suppose a consumer contacts a service agent to report a problem. In that case, the CRM system should notify the agent that it is a high-value customer who has recently made a major purchase.
Similarly, if a consumer has an open support ticket, the marketing system must notify the marketer not to include that consumer in a marketing campaign until the issue is resolved.
When you’re having service issues, it’s infuriating to receive a marketing email from a brand asking you to refer a friend or consider an additional purchase. This strategy can help you increase consumer lifetime value, improve satisfaction, and maximize consumer engagement.
They offer a unified platform for data management.
Many companies are looking for a unified platform to manage data about their customers online and offline. A CDP does exactly that. Define the right marketing tactics for these segments and reduce data redundancy.
The market for customer data platforms is expected to grow along with the increased adoption of account-based marketing among businesses.
They comply with legal obligations.
One of the main factors driving the expansion of the CDP market is the introduction of severe legal obligations on the privacy of consumer data. Vendors are implementing GDPR solutions and a CDP to help vendors comply with the rules.
Vendors are also combining new technologies such as machine learning and artificial intelligence with CDP to deliver reliable results from these investments.
According to research conducted by the CDP Institute, approximately 4,000 companies used consumer data platforms in 2018. All of these factors are expected to contribute to the expansion of the market.
Manage the massive amount of consumer data available to marketers today is a challenge. However, with the right processes in place, you can identify your most valuable audiences.
A customer data platform can help you optimize the right data and unify it as a single layer. Plus, it unlocks sophistication and delivers truly engaging, consistent, and relevant marketing to customers across all channels.
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