“A single customer view, advanced analytics with machine learning, and an intelligent orchestration layer that touches the consumer constitute a single point of control over data, decisions, and interactions. In the context of monetizing customer data, a single point of control is the printing press that turns otherwise worthless paper, in this case data, into currency.”
Customer data provides a company with a hyper-personalized experience valuable for both the client and the company. To make your data revenue-driving: a) analyze your customer data; b) take relevant actions based on the analysis; c) deliver these actions to your customer at the right moment. According to the Boston Consulting Group, companies that employ advanced digital technologies and customer data to build personalized experiences, have a potential revenue increase of up to 10%. Frost & Sullivan reports that, in a global scale, businesses lose over 300 bill $ annually because of a poor customer experience (including over 200 bill $ lost to competitors). To give you a revenue lift, the data should be precise, accurate, and accessible. Machine learning turns customer data into insights and optimizes a customer experience by real-time action recommendations. For almost 80% of consumers, personally relevant content (notifications, offers, etc.) inclines them to make a purchase. The main marketers’ mistake is creating too many channels and not being able to recognize their customers at the point of interaction. So, according to Boston Retail Partners, over 50% of consumers value all-digital-channels personalized experience within a brand. With data storage being relatively cheap, companies can employ an open garden approach and focus on capitalizing on a single point of control instead of making decisions about limited resource allocation. Data transforms into money if the customer is content with the provided hyper-personalized experiences thus rewarding the company.