Articles in Category : Customer Analytics

MANTHAN: We hear experience becoming more important than the product – is that only for high involvement categories, while the drivers in other categories might be different?

DOUG: The consumer world is now divided into two very distinctly different and viable experiential spaces.  On the one hand some brands are winning through high-fidelity experiences that are immersive, memorable and emotionally connected. Other brands are killing it in their categories with high utility experiences that are frictionless, fast, convenient and very cognitively connected – they just make sense.  Both of these positions work and both are valued by consumers. The problem is, most retailers are neither high-fidelity nor high-utility and increasingly, that makes them irrelevant.

MANTHAN: Most businesses are struggling to become truly omni-channel – what’s your advice to them?

DOUG: I suppose I have two thoughts.  First, if you’re still working on omni-channel, consider that Amazon, Google and others are already dealing in the realm of omni-presence, in the sense that they’ve launched technologies like Amazon’s Echo that are quietly infiltrating the majority of homes in North America and available to consumers 24/7. Secondly, I’m not a big fan of the word omni-channel.  I prefer to think in terms of the customer journey with a brand and the various problems or opportunities along that journey.

If we can develop an intense and granular understanding of the consumer journey we can leverage the unique attributes of each channel to create the best possible solutions for the customer.  With this insight, we can then begin to build the back and front end systems and technology architecture to bring the experience to life! 

MANTHAN: Retailers that can best harness customer data will win – how far out do you see this becoming a reality?

DOUG: 200 years ago the local merchant that knew their customers most intimately won.  And they gathered information about their customers by being discreet about their privacy, delivering personalized recommendations and experiences and by building trust.  

Today is absolutely no different.  So, yes, retailers with the best data have an advantage. But getting that data means that a clear exchange of value has to transpire.  Data and privacy are no different than any other currency and consumers will spend their data with those brands and retailers that respect it and deliver clear value in exchange for it.

“I believe we’ll see a reengineering of the economic model for retail.”

MANTHAN: What’ does the ‘store of the future’ or ‘the intelligent store’ look like to you?

DOUG: 99 percent of the retail we see around us today is a relic of the 20th century.  It’s retail that was built for a pre-digital era and a completely different consumer reality.

The store of the future in my opinion won’t be a “store”.  It will be a space that draws the shopper into a story about their brand and their products.  It will be less about the products themselves and more about productions – experiences that are interactive, immersive and fun. Technology will allow us to activate store experiences that are unique, personalized and adaptive based on unique customer preferences and needs.

Technologies built into the skeleton of the space will deliver real-time, website-like insights that will allow retailers to respond in real time to different customer groups and dynamics within the space.

Essentially, retail stores will transform from being the mini-warehouses they are today, to becoming entertainment and hospitality spaces that trade on social, physical and emotionally connected experiences.  Products will come along in the jet stream across channels. 

I also believe we’ll see a reengineering of the economic model for retail. Look for more retailers working directly with brands to create experiences  – what I call physical media –  for which they’re paid upfront, rather than being dependent on product sales.  

MANTHAN: Thank you, Doug!

Build or buy a Customer Data Platform? Here’s the answer

A packaged, industry focused CDP provides ‘people ready data’ and quick time to value

This article is part of our CDP series. To read other articles in this series, click here.

Any marketer looking to invest in a Customer Data Platform (CDP) will have to grapple with the build vs. buy conundrum. The points of view are more entrenched in this space than any other. This is primarily because the end deliverable is a customized data platform, which resembles a services engagement. Let’s compare the build and buy options.

If you know exactly what you need, can describe it in exact requirements and have a service partner or an in-house team who can deliver to the requirements, build might be a path to consider. You will still have to wait for 6 to 12 months to get access to the solution. If you have a stop gap technology that meets your requirements while you build, or time to market is not critical consideration, you can opt for the build route.

The build option

Organizations with substantial IT budgets and large development teams with complete range of data, design and IT skills might opt for building a CDP in-house. The people investments required to deliver a custom CDP and maintain it are considerably higher than the buy option.

Done right, there could be competitive advantages with a custom solution. However, be cognizant that at every stage there are very real challenges – scope creeps, failure to accurately define specs, cost overruns, overheads of vendor management and staff attrition.

A large-scale IT project is often lost in translation – brilliantly depicted in this ageless cartoon.

Source: www.tamingdata.com

The buy option

A pre-packaged CDP that is crafted for a specific industry offers the best of both worlds – quick time to value of a plug and play solution and close fit of a bespoke solution. While you would need some technical resources for the set-up and upkeep, the time and costs involved are much lower, and there are no harsh surprises.

This means you can run pilots and POCs quickly before you go all-in, you can examine and are sure that the solution really works for you. A much lower upfront cost and quick onboarding takes away risks, and still provides a solution that is tailormade for your needs.

CDP that delivers people ready data

A well-designed solution must cover scenarios and requirements that haven’t been thought of and encountered before while being cost-effective.

A CDP should serve multiple user groups that have unique needs. It should be scalable to serve data scientists who work with large data sets and require clean, well-organized data. It should be flexible to serve marketers and campaign planners who want to promptly analyze metrics and decide targeting strategies, or perform customer segmentation. Senior executives form another user group, and would typically be interested in trend reports and business dashboards.

Recognizing the distinct personas in the value chain, a differentiated CDP must have distinct interfaces and functionality for each. It’s time you addressed the unique data needs of different people.

Download CDP Handbook Now!

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