Innovations like Artificial Intelligence (AI) maybe some of the biggest trends right now, but it should not overshadow the importance of data in the customer experience (CX). During every stage of the customer experience, we acquire a plethora of actionable data we can mold into deep consumer insight. Answering questions such as who our customer is, where are they located, and even as to what stage in life they may be. With the current data you have, you can even predict the next few events of their life, without the use of Artificial Intelligence. Right now, you can create a more personalized experience than ever before.
Let us say a customer is on their way to purchase a household item for home improvement. As the customer searches and views products we learn an enormous amount about what the client has spent and each time they returned for a transaction. From all this data you can glean specific insights, but it tells a more valuable story. Combing all this activity and you could begin to develop a profile of the customer’s journey, the geographic and demographic data which could lead to income range and much more. These insights could give you a chance to develop individual profiles for each client and begin harnessing the power of personalized messaging, but at FiO we have taken that information to the next level.
A more personalized experience, a hyper-personalized experience, is where the real innovation lies. The term “hyper-personalization” refers to when companies foster individualized engagement with customers across the brand. This is where the rubber meets the road. Personalizing your customer’s experience will lead to higher growth, customer awareness, and yield an increase in your ROI. When you cultivate a more personal relationship, you can reach people and increase trust with your consumers, again yielding better opportunities for your business. Hyper personalization is the next step you should be taking with your data.
A recent report from Forrester, points out that although innovation remains high on most agendas, brands are overlooking the increasing, and available, the volume of data that could potentially improve their understanding of their customers and customer loyalty growth. In today’s world, everyone wants to be catered too at an alarming rate. The more me personalize, or dare I say, Hyper Personalize the CX the deeper we can begin to understand what drives our customers to our business, or our competitors. Utilizing this data and hyper-personalization just got real. The next step of growth for your business may already be in your hands. The difference between exponential growth or a growth plateau.
Brands will always be open to test new technologies. Yet, many of them are still unable to get a complete view of their customers on an individual level. For them, the immediate priority should be to organize and get value from the data they already have. Right now, is truly the time to take advantage of every resource in your arsenal. Dig into the data and develop a complete view of the entire customer experience. Track and develop your data into tangible results with Group FiO.
Here are some things to keep in mind when fine tuning the customer experience (CX):
Don’t Get Lost In AI – The Real Innovation Is In The Data:
Yes, innovation such as artificial intelligence (AI) will reshape CX.
According to a recent market study, nearly 34% of CMO’s believe AI will be the biggest game-changer going forward. However, the rush to embrace AI shouldn’t come at the expense of overlooking data that is already available and actionable.
Use Social Media As An Untapped Data Source
Many brands still struggle to manage one of the most fundamental channels for digital CX, which is social media. Many may be trying to run before they can walk by investing in even more advanced data-centric technologies rather than to better manage readily available social media data.
Customers more and more want to interact with brands over social media. Yet brands are slow to access this valuable social data which can provide a real-time view of what their audience really cares about. So, for many brands, this useful data remains untapped.
For example, some major Brands understand the value of integrating social media data into its customer profiles and has enabled its service teams to gain a better view of customers based on their social media activity. This includes previous purchases and service requests so that issues are resolved more quickly and efficiently.
Data Can Improve Hyper-Personalization
With more data and more opportunities to reach people, brands need to be mindful about interaction. One senior director of digital experience for CX, said: “People’s behavior, habits, and previous interactions will play an increasingly active role in defining which promotions and marketing messages they receive. By 2021, the customer experience will largely be defined by two-way relevant discussions between “intelligent” software rather than by unidirectional flow of promotional content.”
Find A Balance Between Innovation And Relevance
With such a broad range of data, it’s a major challenge to unify, organize, and make sense of it all. Unless these technologies are underpinned by an overarching strategy that unifies and organizes customer data, they will only deliver a fraction of their potential.
Learn how FiO’s Hyper-Personalization, Prescriptive Analysis, Closed Loop Integration Platform can deliver an outstanding Customer Experience now. Click here to arrange a meeting.
Schedule a DEMO today to learn more about the benefits of FiO’s CDP.