Less Is More: How Golden Records Help You Reap More ROI

by Lindsey Francy Jun 6, 2023 News
Less Is More: How Golden Records Help You Reap More ROI

The theme of less is more was the focus of the marketing symposium and expo. There must be a clear value case for any marketing investment according to John Nash.

With stretched budgets, an overload of customer data and fears of a possible recession, marketers are asked to get more bang for their buck. We may be nearing a data overload tipping point where being customer-obsessed may not be a good thing; customers are wary of brands that seem to hound them as they go about their daily lives.

More than 75% of CMOs think they don't have the budget to successfully execute this year's strategies, according to research released at theGartner Marketing Symposium and expo.

According to survey research, the more data a marketer collects, the less benefits they see.

The VP of advisory in theGartner Marketing Practice said that CMOs should be wary of increasing activity and taking on more projects because customers find intrusive. He said that marketers should focus on experiences that change customers' understanding of their own needs rather than trying to meet customers in every conceivable channel.

Customer journey mapping can be used to provide value to business.

A Single Customer View Is Possible – and Profitable

I agree with the idea that less can be more, but I think that a lack of capabilities is the reason that 70% of CMOs think they don't have the budget to execute their strategies.

The answer is not to double down on those investments because, in essence, what you're doing is just creating more siloes.

It is possible to break through the traditional barriers of siloed data, processes and channels of engagement with the right capabilities, even though you should be more careful with how you use customer data. The right capabilities allow it to be done while increasing revenue and decreasing costs.

In an interview I gave at the Symposium Opens a new window, I mentioned that customers have a vote in this, and they want real-time, personalized messages. This is confirmed by our own research. A survey we conducted with Dynata showed that personalization that shows a personal understanding was important to their connection with a brand.

A Real-time Unified Customer Profile

Developing a golden record, a real-time unified customer profile, is the first step towards delivering personalized experiences. The idea of starting small and paring back is supported by a golden record that changes as the customer moves through their journey.

You don't have to flood the zone; you just have to be more precise. You can focus on high value use cases from the beginning if you know what motivates a customer.

The key to a personalized customer experience is held by ambitious marketers.

Orchestrating Omnichannel Experiences

The art of orchestrating omnichannel experiences using a golden record was demonstrated during a Symposium session. The heart of everything that we do is the unified customer profile created through the company'sCDP.

The focus of the company was to align with consumer expectations for self-service expedience after Covid. Knowing that a unified view would be central for orchestrating complex customer journeys, the company doubled its efforts on creating a unified, 360- degree customer view. Fleet vehicles that transmit reams of new data every second are included in the complexity.

The company consistently delivers personalized experiences that are in the context of a customer journey by combining data from multiple channels. When a vehicle is returned to the airport, a customer might receive an e-receipt with their contact preferences, credit card information and corporate information. The ability of the company's call center agents to proactively resolve a customer's situation is due to the fact that they have a real-time view of the customer journey.

Knowing a customer's identity is the key to enabling this. He wanted an engagement that was connected. It's not possible to have a multi-channel approach where one channel doesn't know what's happening on the other channel.

Knowing all about a customer through a unified profile has made it possible for the company to run campaigns in days, instead of weeks and months before.

Creating Catalytic Customer Experiences 

The view shared by some vendors at the event that a 360- degree customer view does not mean that less is more was supported by the Liveramp CMO. In order to find the right customer at the right place in the customer journey, a 360- degree customer view is required. The experience can be delivered with that.

With the golden record as the foundation for customer engagement, marketers and business users of customer data have the best of both worlds, the ability to hone in on high- value use cases while also providing ROI for their marketing investments.

Do you agree with what was said at the Symposium? What do you think is the best customer experience? Share with us on Facebook Opens a new window,Twitter Opens a new window, andLinkedIn Opens a new window We would be happy to hear from you.

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