The future of customer data management
April 17, 2013
Key strategies for improving your customer engagement
1. Yesterday’s customer data management approaches just don’t cut it
Digital technologies are disrupting every industry, making execs question their strategy. The only way to sustain competitive advantage in the age of the customer is to make their experiences more personal. To get the data to make this happen, you need a next-gen customer data management platform that can harness big data and predictive analytics.
2. Ditch the 360-degree view of the customer in favor of a multidimensional view
Although a 360-degree view of the customer can be useful to track customer history, it gives limited insight into customer behavior, sentiment and experiences across channels and touch points. The need for real-time, more personal engagement (and the resulting competitive advantage) demands faster, agile analytics and prediction.
3. Throw nothing away; extend your customer data management platform with four key technologies
Key components of a multidimensional customer data management platform include big data, predictive analytics, in-memory technologies and data virtualization.
The benefits, like real-time data integration, exploitation of new data sources, and faster predictive customer insights, help overcome limitations of traditional data management platforms.
4. Live or die by your customer data management strategy
We live a world of seven billion “me’s”. Your customers increasingly expect and deserve to have a personal relationship with you and with the hundreds of firms that touch their lives. Companies that continuously ratchet up personalization will succeed. Those that don’t will be increasingly become strangers to their customers.
2017 will be another year of major change in the retail payments industry