CMSWire's customer experience (CXM) channel gathers the latest news, advice and analysis about the evolving landscape of customer-first marketing, commerce and digital experience design.
The wake of the COVID-19 pandemic has created monumental changes in many people’s lives. Among them, in May of 2020, my octogenarian mother moved into memory care from living on her own. While it’s been challenging, I am not alone in this. Different elements of mom’s care have been divided between my sister and me. Her email account is still active, and we monitor it between us. It’s a demonstration of how out of touch a business can be in a digital environment.
For example, an email to an 80-something-year-old with an offer to refinance a house that’s been paid off for at least 10 years, at the most elemental level, is a segmentation issue for a marketer in a digital environment. [It goes beyond that to the total customer experience, but for the sake of this article, we’ll limit it to a segmentation issue.] That said, I’m certain a different, and hopefully, more helpful or relevant offer would have been made had my mother walked into the bank.
Consumers’ digital expectations have grown dramatically, driven in large part by once-loyal patrons of brick-and-mortar stores who — out of absolute necessity — joined digital enthusiasts online in buying every product and service imaginable. The personalized buying experience that many consumers were accustomed to receiving from brick-and-mortar establishments before the digital shift is expected not only during online transactions — but with consistency across all interactions regardless of channel.
Organizations have embraced digitalization as well. Gartner defines digitalization as “the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.” As a result, companies have invested in a proliferation of applications that are built-for-purpose that generate and capture valuable data about customers, their preferences and their behaviors.
Related Article: Do You Really Know Who Your Customers Are?
The post-pandemic explosion of digital data poses significant challenges to brands that want to remain competitive in this digital economy. Among them are the new data silos that now exist, often at a departmental level, that must operate in concert with one another to connect and create seamless customer experiences.
A recent survey of global Chief Data Officers (CDOs) by IDC indicates that high levels of data fragmentation are forcing 37% of data leaders to spend most of their time grappling with data complexity rather than driving business transformation. Conversely, organizations with mature data management generate up to 250% more business value from their data than companies with less data maturity.
Organizations with high data management maturity do four things differently to help them accelerate digital transformation.
Related Article: A Multifaceted, Compliant Approach to Collecting Customer Data
What’s the best approach for you to take to accelerate your data leadership? As a marketer, you should partner with your IT counterparts or CDO to:
When customers receive irrelevant offers or emails, two things happen: they tune out, and they don’t forget. Every email that comes to my mother that is off-point, reinforces how out-of-touch a brand can be.
Understanding consumer life stage, sentiment, behavior, attitudes and privacy preferences has never been more important than during this period of pandemic recovery, adjustment and reconnecting. Digital transformation is accelerating across the globe and customers are even more connected and tethered to digital devices. With your data as your strategic asset, the time is now to take this moment and champion change in your company.
Monica Mullen is Solutions Marketing Manager at Informatica®, responsible for Informatica's customer centricity and customer data strategy solutions. As an experienced tech marketer who’s lived in the data world since 1999, she believes that contextual, trusted data resides at the intersection of the familiar people—process—technology trio.