Tag Archives: customer experience

Great Customer Experiences Start with Great Customer Data

TCRM

Are your customer-facing teams empowered with the great customer data they need to deliver great customer experiences?

On Saturday, I got a call from my broadband company on my mobile phone. The sales rep pitched a great limited-time offer for new customers. I asked him whether I could take advantage of this great offer as well, even though I am an existing customer. He was surprised.  “Oh, you’re an existing customer,” he said, dismissively. “No, this offer doesn’t apply to you. It’s for new customers only. Sorry.” You can imagine my annoyance.

If this company had built a solid foundation of customer data, the sales rep would have had a customer profile rich with clean, consistent, and connected information as reference. If he had visibility into my total customer relationship with his company, he’d know that I’m a loyal customer with two current service subscriptions. He’d know that my husband and I have been customers for 10 years at our current address. On top of that, he’d know we both subscribed to their services while live at separate addresses before we were married.

Unfortunately, his company didn’t arm him with the great customer data he needs to be successful. If they had, he could have taken the opportunity to offer me one of the four services I currently don’t subscribe to—or even a bundle of services. And I could have shared a very different customer experience.

Every customer interaction counts

Executives at companies of all sizes talk about being customer-centric, but it’s difficult to execute on that vision if you don’t manage your customer data like a strategic asset. If delivering seamless, integrated, and consistent customer experiences across channels and touch points is one of your top priorities, every customer interaction counts. But without knowing exactly who your customers are, you cannot begin to deliver the types of experiences that retain existing customers, grow customer relationships and spend, and attract new customers.

How would you rate your current ability to identify your customers across lines of business, channels and touch points?

Many businesses, however, have anything but an integrated and connected customer-centric view—they have a siloed and fragmented channel-centric view. In fact, sales, marketing, and call center teams often identify siloed and fragmented customer data as key obstacles preventing them from delivering great customer experiences.

ChannelCRM

Many companies are struggling to deliver great customer experiences across channels, because  their siloed systems give them a channel-centric view of customers

According to Retail Systems Research, creating a consistent customer experience remains the most valued capability for retailers, but 55 % of those surveyed indicated their biggest inhibitor was not having a single view of the customer across channels.

Retailers are not alone. An SVP of marketing at a mortgage company admitted in an Argyle CMO Journal article that, now that his team needs to deliver consistent customer experiences across channels and touch points, they realize they are not as customer-centric as they thought they were.

Customer complexity knows no bounds

The fact is, businesses are complicated, with customer information fragmented across divisions, business units, channels, and functions.

Citrix, for instance, is bringing together valuable customer information from 4 systems. At Hyatt Hotels & Resorts, it’s about 25 systems. At MetLife, it’s 70 systems.

How many applications and systems would you estimate contain valuable customer information at your company?

Based on our experience working with customers across many industries, we know the total customer relationship allows:

  • Marketing to boost response rates by better segmenting their database of contacts for personalized marketing offers.
  • Sales to more efficiently and effectively cross-sell and up-sell the most relevant offers.
  • Customer service teams to resolve customers’ issues immediately, instead of placing them on hold to hunt for information in a separate system.

If your marketing, sales, and customer service teams are struggling with inaccurate, inconsistent, and disconnected customer information, it is costing your company revenue, growth, and success.

Transforming customer data into total customer relationships

Informatica’s Total Customer Relationship Solution fuels business and analytical applications with clean, consistent and connected customer information, giving your marketing, sales, e-commerce and call center teams access to that elusive total customer relationship. It not only brings all the pieces of fragmented customer information together in one place where it’s centrally managed on an ongoing basis, but also:

  • Reconciles customer data: Your customer information should be the same across systems, but often isn’t. Assess its accuracy, fixing and completing it as needed—for instance, in my case merging duplicate profiles under “Jakki” and “Jacqueline.”
  • Reveals valuable relationships between customers: Map critical connections­—Are individuals members of the same household or influencer network? Are two companies part of the same corporate hierarchy? Even link customers to personal shoppers or insurance brokers or to sales people or channel partners.
  • Tracks thorough customer histories: Identify customers’ preferred locations; channels, such as stores, e-commerce, and catalogs; or channel partners.
  • Validates contact information: Ensure email addresses, phone numbers, and physical addresses are complete and accurate so invoices, offers, or messages actually reach customers.
PCRM

With a view of the Total Customer Relationship, teams are empowered to deliver great customer experiences

This is just the beginning. From here, imagine enriching your customer profiles with third-party data. What types of information help you better understand, sell to, and serve your customers? What are your plans for incorporating social media insights into your customer profiles? What could you do with this additional customer information that you can’t do today?

We’ve helped hundreds of companies across numerous industries build a total customer relationship view. Merrill Lynch boosted marketing campaign effectiveness by 30 percent. Citrix boosted conversion rates by 20%. A $60 billion global manufacturer improved cross-sell and up-sell success by 5%. A hospitality company boosted cross-sell and up-sell success by 60%. And Logitech increased sales across channels, including their online site, retail stores, and distributors.

Informatica’s Total Customer Relationship Solution empowers your people with confidence, knowing that they have access to the kind of great customer data that allows them to surpass customer acquisition and retention goals by providing consistent, integrated, and seamless customer experiences across channels. The end result? Great experiences that customers are inspired to share with their family and friends at dinner parties and on social media.

Do you have a terrible customer experience or great customer experience to share? If so, please share them with us and readers using the Comment option below.

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Posted in B2B, Business Impact / Benefits, Business/IT Collaboration, CIO, CMO, Customer Acquisition & Retention, Data Integration, Data Quality, Data Services, Enterprise Data Management, Master Data Management, Total Customer Relationship | Tagged , , , , , , , , , | Leave a comment

The Missing Connection Between Big Data and Great Insights for Data-Driven Marketers

I found a truly cringe-worthy article today that shows what popular websites looked like more than a decade ago and what they look like today. Looking back to what was cutting-edge in 1996, or even 2006, is as bad as fingernails on a chalkboard compared to the modern homepages of popular sites today.

The Missing Connection Between Big Data and Great Insights for Data-Driven Marketers

The Missing Connection Between Big Data and Great Insights for Data-Driven Marketers

These websites are still well-used today, staying with the times and leading the way we design digital experiences. The key was change over many years of research and understanding of user experience. These sites stay modern, adapting to different web-enabled devices and experiences that the end user will encounter. Common among them are beautiful imagery, clear calls to action, and a sophisticated understanding of what people want on a homepage.

Can you imagine if any of those sites had stayed the same and never changed? We would not be using them today if that were the case. Their popularity would wane. Change is never easy, but it is usually necessary to stay relevant.

Web designers in 1996 could not imagine what the internet would be like in 2015, although they would probably agree there was a lot of potential. A modern equivalent is the implications of big data throughout the enterprise.

Data-driven marketers today are wondering how they can gain insight from big data. The answer? The ability to change is the connection between big data and insight. Data-driven marketers today know that their roles are changing: 68% of marketers think that marketing has seen more changes in the last two years than it has in the past 50 years, according to a recent survey.  The changes are due to a renewed focus on customer experience within their jobs, and the need to use big data to improve that experience.

Big data should drive insights that change businesses, but is the real reason marketers aren’t sure about how to use big data tied to the change that it requires? Leading change in an organization is never easy, but it is definitely necessary.

What insights do you want from big data, and what value can you derive from them? If your reason for using big data is customer behavior insights, how will knowing how a customer behaves influence any changes in your approach?

The National Retail Federation recently reported that retailers say these are the three top reasons for using big data in a survey:

  • Analyzing customer behavior (56 percent)
  • Bringing together different data sources (49 percent)
  • Improving personalization (48 percent)

What are your reasons for using big data?

Data-driven marketers can drown in too much information if they look at massive datasets without a question in mind that they want to answer. The question being asked often implies that a business must change to stay modern and relevant to its customers. Could concern over a need for great change be the roadblock to data-driven marketers who could be using data for valuable insights?

Big data has gotten a lot of buzz in the last few years. Data-driven marketers can move the big data concept from fuzzy, unrealized potential to a major part of how their business operates successfully.

Learn more in this white paper for marketers, The Secret to a Successful Customer Journey.

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Posted in Big Data, CMO, Customer Acquisition & Retention, DaaS, Data Services | Tagged , , , | Leave a comment

2015 Omnichannel Trends for Customer Experience

In my point of view, heavily influenced by the customers and analyst I am meeting, these 5 trends are impacting omnichannel commerce for better personalization and customer experience in 2015 and beyond.

Omnichannel Trends 2015

  1. Issue of the informed purchase journey:  A Google study (*Google ZMOT Handbook) shows that, on average, across all categories, shoppers use 10.4 sources of information to make a decision. This includes, among other things, watching TV ads, looking up manufacturer websites, talking to family and friends, reading reviews, and checking Amazon. Customers are increasingly visiting websites across multiple devices, and the final location where they make a purchase can be very different from the initial point of interaction. When do they have enough information to buy?
  2. Three levels of Trust : Customer expect three levels of trust – SOCIAL TRUST, PRODUCT TRUST and BRAND TRUST. Social trust: means what do my friends recommend? Conversions go up by 133%* when trusted people recommend products. Brands  and retailers can sell more with relevant information, including social data (aggregating and reusing). Sorry but this is again one more votum for tanking BIG DATA seriously.  I believe customer-centric organizations are going to use a combination of data management and big data analytics to improve the quality and accelerate the business value of their big data projects. In particular, companies will apply these capabilities to greatly improve their ability to acquire, retain and grow their customer share of wallet with more personalized marketing.  For example, one insurance company we work wants to better understand their customers, household and prospects through real-time customer and prospect profiling on Hadoop. This data management and big data analytics initiative will improve their marketing campaign effectiveness by targeting specific people with relevant offers. They will be able to answer questions such as:
  • How many of these people are customers vs. prospects?
  • Who else lives in this household?
  • Which products do they already have?
  • What relationships do they have with other customers, beneficiaries, prospects, agents?
  • Which offers have they responded to that we sent them in the past?
  • What life events, changes to address, income or employment have they experienced?
  • Which customers are likely to churn?

Product trust: which products shall we offer for which price? Or the customer wants to know if he buys the latest version of the digital radio or the cable. Companies need quicker insights for taking decisions on their assortment, prices and compelling contentr and for better customer facing service.

Brand trust: the brand experience is so important. Brands and retailers need to be more efficient when creating market ready products, with videos, content and all what creates emotions.

3. Store fulfillment & in-store experience will become a big investment area, and retailers will look to omni-channel solutions that can provide provide transparency into inventory to help manage customer expectations. Use the store as warehouse and ship from the nearest store. The use if digital devices and information panels will gain much more attention. Gartner predicts that by year-end 2016 more than $2 billion in online shopping will be performed exclusively by mobile digital assistants.

4. The mobile conversion: revenue spend on mobile is growing. Forrester Research projects sales from consumers shopping on mobile phones will increase to $38 billion this year and sales from tablets will hit $76 billion, or about $114 billion in total in the US. Most Online Shopping Still Happens on PCs.  95% of smartphone users say they’ve searched for local information. 90% of those users take action within 24 hours. 61% of smartphone users called a business after searching. 59% visited a local business after searching. But conversions on mobile devices need to be improved. With better and more relevant information – I call it commerce relevancy.

5. Virtual Reality is taking customer experience to the next level. Augmented reality was a first step, but I believe virtual reality (VR) will take it even further. I learned from my colleague Nicholas Goupil, that Samsung Gear by Oculus VR and similar products will change the game of gaming. What are the potentials for brands and retailers to enhance customer experience?

What are your expectations on 2015 omnichannel trends?

Let’s chat @benrund or face-to-face during NRF in NYC.

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Posted in Data Governance, Manufacturing, Master Data Management, PiM, Product Information Management, Real-Time, Retail | Tagged , , , | 1 Comment

Harrods: Product Information at the Heart of Customer Experience

Did you know Harrods introduces more than 1.7 million new products every year? This includes their own labels, as well as other brands. Recently, Peter Rush, the Harrods Solution Architect responsible for product information, spoke at Informatica’s MDM Day EMEA in London. At the event, he said there are:

“so many things we want to do: Product Information is at the heart of most of them.”

As part of the customer experience program, Harrods identified product information quality as a key asset, next to customer information management.

The Product Information Challenge Harrods was facing included the following:

  • A Lack of a single Product data store
  • Inappropriate Product Data objectives
  • Massive scale and volume of products and brands (1.7 million new products per year)
  • Concessions and Own Bought
  • Localized enrichment
  • Media Assets all over the estate

While discussing his product information management project, Peter gave a great and simple example. He showed the product descriptions below and asked, “Who knows which two products these are?”:

  1. XX 6621/74 BLK VN SS TOP 969B S
  2. XX37066 L/BLU PRK FLAN SH 440B MED

Then, he solved the mystery. The answer was this:

  1. Black V-neck sleeveless top
  2. Light blue parker print flannel shirt

Turning vision into reality needs a joint business and IT project

Peter said, it is important to build a “flexible team to meet needs of each project stage, with representation from key business areas”. The team should include representatives from groups like: Merchandise Data, Buying Team, Web Team, IT, CRM and the Shopfloor Team. In addition to their Core Project Team, Harrods defined a Steering Committee and a group of selected Super Users.

Benefit summary: a combination of people, technology and process

At the end of the session, I was impressed by this graphic. This image sums up the essentials of product information management success. It is about the people, who are able to do the right things. It is about how technology enables automation. It is about the process which turns information into value.
Finally it is important to mention our partner Javelin Group is leading the PIM implementation at Harrods. Also Andy Hayler, analyst from The Information Difference, wrote an article for the CIO Magazine.

Harrods: Product Information at the Heart of Customer Experience

Harrods: Product Information at the Heart of Customer Experience

 

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Purveyors of Dirty Data: Mystery Vendors Peddle User Lists

Since I joined Informatica over a year ago, I’ve received a daily stream of unsolicited emails from vendors selling “marketable user email/contact list databases” of myriad software and hardware technologies ranging from enterprise apps, business intelligence, Cloud computing, networking and infrastructure, etc.  You get the idea – and I’m sure many of you experience a similar phenomenon on a daily basis.     

My catalyst for writing a post about this is when I considered the relevance, transparency and quality requirements that data governance leaders strive for –and how these vendors seem to dismiss all of the above. (more…)

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Posted in Customer Acquisition & Retention, Data Governance | Tagged , , , , , , , | 2 Comments

Data at the Center of the Customer Experience Innovation

I attended Forrester’s Customer Experience conference a couple of weeks ago to get up to speed on how different companies are changing their processes and culture to truly put the customer at the center of their world. Concepts such as voice of the customer, the buyer’s journey, and moments of truth were tossed around like popcorn. The high bar set at the conference was to achieve empathy with the customer in order to deliver true customer experience innovations. Beyond such lofty concepts, there was also a lot of discussion about the underlying practical matter of gathering the relevant data about customers in order to build the knowledge and understanding essential to creating that empathy. (more…)

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5 Ways PIM Improves Customer Experience in Ecommerce

Customer experience is the interaction between an organization and a customer as perceived through a customer’s conscious and subconscious mind. It is a blend of an organization’s rational performance, the senses stimulated and the emotions evoked and intuitively measured against customer expectations across all moments of contact.

In layman’s terms, customer experience is simply how easily (or uneasily) a customer interacts with your company, or in this case, your ecommerce website.

Why is this such a big deal to retailers? Simple – if your customers absolutely hate browsing and shopping on your website, do you think they’ll continue to buy from you? Not a chance. And in today’s competitive market, you can’t afford to not give shoppers the best customer experience possible – because they’ll just go buy from a company that does.

So, how can you offer your customers an exceptional shopping experience? The answer is product information management (PIM)! Read on to find out just how a PIM system can improve customer experience…

Show me the product information.

Provide your customers with as much information as you can about your products.

Today’s shoppers research everything and are able to shop elsewhere almost immediately if they have any problems or doubts. They won’t go out of their way to find the answer to a question they may have, so you’d better make sure you have enough information for them to educate themselves and feel comfortable with the purchase they make. Don’t risk losing them by withholding important information!

How PIM helps:  As you can imagine, managing and maintaining this much information for each productcreates quite a bit of work. A PIM system allows you to easily and efficiently manage all of this product data in one central location, then distribute it to all of your sales channels. Not only does this save you a lot of time and money, but it enables you to provide shoppers with even more information.

It’s all about the images.

Provide lots of high quality product images and videos.

The major drawback to shopping online is that consumers don’t have the ability to really see a product. They can’t try on a blouse, feel how soft a blanket is, or gauge the size of a sofa. Online retailers should help combat this by offering multiple images, or videos where appropriate, to give shoppers a solid idea of what the product really looks like.

How PIM helps:  Media assets are managed within the PIM system and can easily be assigned to the corresponding product.

Everyone loves choices.

Recommend similar products or associated add-ons and accessories to make shopping easier for your web visitors.

Having a “You May Also Like…” section is a great way to help shoppers find exactly what they’re looking for, as well as cross-sell to them.

How PIM helps: Products can be easily categorized in a PIM system. Products that are in the same category may show up in a “Similar Items” section of your site, or items can be grouped to form complete “looks”. Instead of having to manually group these products together, they will automatically be displayed together, in every channel.

Enable quick comparisons.

Make is easy for people to compare similar products.

Everyone wants to make sure they’re purchasing the right product, especially when it’s a big ticket item where even the smallest different in specification matters. Make it easy for shoppers to compare similar items – they’ll appreciate it!

modelcompare

 

How PIM helps: As mentioned in the previous tip, a PIM system enables similar products to be categorized and displayed together. In this instance, the PIM would automatically display grouped items in a comparison chart (or however you choose to display the comparison).

Include reviews.

Allow customers to review your products on your ecommerce site.

Including customer reviews on your product pages is a great way to establish a sense of loyalty and trustworthiness in your brand, as well as encourage customer engagement. When it comes down to it, shoppers are going to be more willing to trust another shopper over your sales-y product description. According to ratings company Reevoo, a shopper who reads reviews is 200-300% more likely to make a purchase than a customer who doesn’t read reviews, and 67% of customers trust reviews even more when they see both positive and negative ones.

How PIM helps: A PIM system stores all of your product data, including reviews, which can then be distributed to all of your channels.

Bottom line:

Taking into account how crucial enjoyable shopping is to the overall online customer experience, I’d say these features are definitely something you may want to look into.

By improving customer experience, retailers will see their websites become much more engaging, interactive, and ultimately effective. This kind of environment encourages shoppers to spend more time (and money!) on your ecommerce site.

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Executives Share Powerful MDM Customer Success Stories @ Informatica World

Our customer executives delivered some inspiring presentations at our recent Informatica World conference on how master data management (MDM) is enabling strategic business imperatives such as increasing revenue by making more relevant cross-sell offers, improving regulatory compliance with more effective reporting, and streamlining key business processes such as order-to-cash to improve the customer experience. A big thank you to all the presenters for sharing their stories!

These innovative companies are using MDM to better leverage their business-critical data about customers, products, channel partners, suppliers, employees and so on to do two things: 1) enable strategic imperatives or 2) solve pressing business problems. If you were at Informatica World this year, but were unable to attend these MDM customer sessions, you can get access to the presentations online by searching for these titles. (more…)

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Posted in Business Impact / Benefits, Business/IT Collaboration, CIO, Customers, Data Governance, Data Quality, Data Warehousing, Enterprise Data Management, Governance, Risk and Compliance, Informatica Events, Master Data Management, Operational Efficiency, Pervasive Data Quality | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment