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The Gist
- Real-time advantage. Harnessing real-time data enhances customer engagement and responsiveness.
- Customer-centric approach. Tailoring strategies to individual needs builds lasting loyalty.
- Tech integration key. Unified technology platforms are crucial for effective data use.
In today’s digital world, consumer trust is heavily dependent on data. But not all data is created equal, and there’s no “one size fits all” customer data strategy. A robust data management strategy that is as unique as your business is critical; not only for your bottom line, but to remain agile in a fast-paced, ever-changing environment.
Let’s take a look at real-time data and why it matters.
Unlocking Real-Time Data for Customer Strategy
So, how do you implement a customer data strategy that does just that? The silver bullet lies with harnessing the power of real-time data. With lots of headlines swarming about what truly defines real-time, let’s take a look at what the experts have to say. According to Gartner, “Real-time is the description for an operating system that responds to an external event within a short and predictable time frame.”
In other words, this is information delivered instantly after an “event” or some sort of interaction has occurred. For example, engaging consumers with relevant products based on their instantaneous interactions with a brand online, or providing a seamless and personalized experience when in-store.
Related Article: Why Real-Time Feedback Is Crucial for Modern CX Strategies
Beyond Discounts: Full Journey Builds Loyalty
But, it’s not just the initial “Hello, welcome to our website, take 20% off your first order,” that builds customer loyalty. It ranges from customer service experiences to connecting offline and online experiences; essentially the entire buying journey matters more than just the promotional discount. And, the stakes are higher today than ever before. According to a recent study by Zendesk, 66% of B2B customers stopped buying after a bad customer service experience.
It’s clear that there’s a direct link between a thoughtful customer data strategy and operational excellence. Businesses that leverage data to create better experiences for customers, build greater brand trust and loyalty, thus resulting in increased revenue.
Collect, Integrate, Act
Here’s how to harness the full breadth of real-time potential, starting from the very first step.
- Activate real-time data at the phase of collection. Collecting the right data that also honors consumer preferences — compliance — will set your data infrastructure up for success. Collecting, cleaning, and activating customer data in real time is essential for creating a holistic view of your customer. When you fully understand your customer and their needs, you can better serve them.
- Next, break down technology silos to harness real time’s full power. All your technologies should be talking to each other. Working with data management platforms that are vendor neutral can help accomplish this, as it allows you to integrate all systems so no data is left behind. This can be accomplished by establishing a Data Center of Excellence (CoE), in which clear, defined data governance and usage standards are implemented to ensure all departments that touch customer data have access to quality and compliant data.
- Finally, you’re ready to put your real-time into action. Now, with a real-time infrastructure in place, your business can react in real time. Creating targeted campaigns, reacting to customer interactions as they happen, or providing the utmost quality customer service about a purchase, are just some of the possibilities. This ultimately leads to more scalable customer acquisition; shortened reaction time to identifying and engaging customers, which is critical to keeping customers around.
Related Article: How Does Real-Time Interaction Management Impact Customer Journey Orchestration?
The Key to Modern Relevance
Real-time data is essential for staying relevant today. In fact, according to the “State of the CDP” report, 80% of respondents said leveraging real-time data is a critical business objective.
Today’s consumer is more digitally savvy than ever before, so businesses must adapt to keep up with them. Technology will always evolve; but brand loyalty can be forever, and real-time is the secret sauce to honoring those relationships for the long haul.
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