iDigital Brand Summit 2019 — New Technology Activating Data Value, Redefining Customer Experience
In the era of economical digitization, the value of data mining through use of new technologies plays a crucial role in the growth and development of enterprises. According to several statistical surveys, 77% of marketers believe that personalization should be priority for enterprises, which specifically means providing customers with a personalized and differentiated experience.
This week Tiger Yang, co-founder and president of APEX Technologies, delivered a keynote speech at the iDigital Digital Marketing Brand Summit. The title was “New Technology Activating Data Value, Redefining Customer Experience”, and Tiger brought his hands-on and practical approach for enterprises, via which they can interpret the significance of data and technology for the growth of their business.
New technology upgrades marketing from a customer group perspective to an individual level
To create the ultimate customer experience, marketers have to overcome great difficulties. In the past, marketers used to manage customers as groups, but now most have transitioned to an individualized approach. Marketing on an individual level allows you to engage each potential customer and provide highly personalized services. However, the enterprises will face multiple business pain points. For example: How to quickly find the target audience? How to provide more and better services and value to make customers become more loyal?
Although it is well known that data mining is the source of a big breakthrough at the moment, it does not come without its challenges. Due to the interaction of various types of machines via the internet, the types and quantities of information have multiplied and the amount of data that needs to be analyzed has also increased exponentially. How to integrate data between multiple systems and mine hidden information and effective data becomes a great challenge for the enterprise.
Tiger Yang said that new technologies provides improved ability for enterprises to manage customer experiences. The Customer Data Platform (CDP) is a powerful tool to build a complete closed loop of data from acquisition to application centered on the customer. Through automated, intelligent data collection and import of real-time and non-real-time data, a CDP is able to create 360-degree portraits of customers. Furthermore, AI and intelligent machine learning helps enterprises gain insight into the deep value of the data for different applications and scenarios. CDPs provide data-based, insightful and effective ways to deploy marketing resources and interact with potential and existing customers, and help drive refined marketing changes from customers as groups to customers as individuals.
New technology drives customer relations management
Full customer lifecycle management
The value of data helps companies understand customer needs and changes thereof, which continuously guides business transformation. However, the huge amount of consumer contact points means that customers will be attracted to other products and brands after entering the traffic pool, thus enterprises are continually at risk of losing their customers. According to a recent survey, customer satisfaction does not necessarily mean loyalty; 65–85% of satisfied customers will nevertheless turn to other brands, and it takes 3–5 purchases to develop customer loyalty. Therefore, customer lifecycle management is of great significance to enterprises.
Enterprises that want to use services as a tool to win customer trust and build long-term customer relationships need to understand the life cycle position of customers, and carry out targeted marketing in conjunction with building customer portraits.
Different from the traditional linear business logic, and instead through a unified platform, customers in different stages are connected by a network based on closed-loop architecture. This structure makes sure the customer experience runs through all the scenarios where there is contact with the customer, and as a result the marketing effect is exponentially improved.
Tiger Yang also uses peer-to-peer and end-to-end stories to explain how new technologies can optimize customer journeys and enhance customer experience to maximize customer lifetime value and ultimately achieve data assetization.
So the enterprises are in anambivalent era of both uncertainty and certainty. The so-called uncertainty means that the enterprise’s living environment is complex and diverse, the world becomes random and historical experience is not useful. The so-called certainty is that technology and crowd-intelligence make the world more transparent, facilitate demand and allow an open market. The control is more precise. In an environment that is both a crisis and an opportunity, what companies need to do is use new technologies to activate the value of their data and give customers more certain and valuable experiences in an uncertain era.
Kind regards,
APEX Team
APEX Network
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