This week I got an opportunity to present at DBTA’s 2017 Data Summit conference. The topic of my discussion was “Turning the Customer Data into Actionable Insights.” All enterprises want to understand their customers better so they can engage the right customer, at the right time, with the right offer, via the customer's preferred channel. The objective seems simple, but is quite hard to deliver if you do not have access to reliable data. Large volumes of data are being collected, but the data is scattered across multiple systems. There is no single source of truth across functional groups like sales, marketing and support. Different channels have their own version of the truth. Therefore, the customer experience remains disconnected, and customer insights are quite shallow.
The presentation covered how we can get to personalization at scale using Modern Data Management. The following aspects were covered:
Establishing a Reliable Data Foundation
To Make this experience more connected, we must bring the customer data together and then use that data for meaningful consumer insights and intelligent recommendations.
Start with connecting to all required data sources – internal systems (CRM/Marketing Automation etc.), external systems, social streams if needed as well, and enrich it with third-party data subscriptions as needed. Match, merge and clean the data to create a single, reliable source of truth of your customer profiles. Modern Data Management lets you identify potential matches and overlaps of the profiles. It helps to compare and contrast similar profiles and then automatically consolidate to create operational values using survivorship rules.
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Uncovering and Understanding Relationships
The next important step is to reveal the relationships between the data entities. This where the graph technology helps us understand relationships – with a Commercial Graph (similar to LinkedIn or Facebook) you can relate customer profiles with products, accounts, family members and locations. You can establish many-to-many relationships between these data entities to understand where customers shop, what the products of interest are and who can influence their decisions. Uncovering relationships using graph technology helps you with identity resolution, finding influencers in the customer segment, or group individuals into a household and develop targeted campaigns. For B2B customers, you want to see the organizations and business units connected to it, key stakeholders and users of your products, or even contracts associated with various entities.
Single Source of Reliable Consumer Data for Operations and Analytics
Once you have the reliable data foundation, you can provision the data to all customer applications and channels for the connected experience. Moreover, you can provide the data to analytics systems to gain deeper insights about:
- Relationships: Modern Data Management lets you utilize predictive analytics and machine learning to guide users and provide intelligent recommendations, based on data and behavior. It helps with identity resolution, can suggest your new relationships and identify influencers (like LinkedIn.)
- Next-best-action: Recommendations like the next best offer to send to a customer, at the right time, using their preferred channel and identifying the key influencer to contact in an account and what to offer.
- Data quality: Recommendations to improve data quality by suggesting better matching rules, finding potential matches as you onboard new data sources and determining profiles with poor data quality and wrong addresses.
With Reliable Data, Relevant Insights and Recommended Actions enabled by Modern Data Management, we can understand the customer better and provide more connected experiences.