Not just for tech wonks: Benefits of a CDP explained
The benefits of a Customer Data Platform (CDP) are many, from offering clarity through seamless cross channel cx, to customer insights, and reduction of data misuse.
In a CX Minute – Episode 12
Wow – what a week. Tons of progress on research, narratives, conversations – and work. Work. Work. Apparently, after a while of doing a job things to do pile up, and you end up having more and more to-dos.
Who knew?
In any case, I’ve got some very cool stuff to share this week – and more videos coming next week. There are three new ones recorded, but need a little time to make them presentable (I never change or edit the conversation, just the opening and exit – since I’m a doofus around those times, well, most of the time) and will share them soon.
They are very, very good. And more keep coming – and remember – I’m about conversations – if you have something you’d like to discuss – the mic and camera are ready for you.
Alright, Mr. Deville, I am ready for my closeup.
Let the sharing begin!
First study I want to share validates what we already know: CX is everywhere. Rackspace conducted a study trying to understand what strategic technology initiatives were underway in the enterprise today. The options were what we’d’ve expected:
- Security
- Infrastructure
- Data
- AI, etc.
A mind-blowing 94% of organizations have initiatives for CX underway
That means that even the companies that don’t perceive customer experience as valuable have CX initiatives underway – just in case.
As large as that number is, the best part of the study, for me, was that strategy and technology wonks at these organizations are placing the importance of CX above minor items like cybersecurity, infrastructure, and even data.
When asked about the investment plans for the next year, CX received the largest share (34%) of votes. Not only we are all doing something, but we are also investing in it – even over the need for stronger security, data management, even infrastructure on which CX must run.
This is where – well, I will just say it, link it, and let you figure out where it came from (before you click on the link).
You know, somehow, I told you so just doesn’t quite say it.
Moving on, let’s talk about personalization
Segment, a formerly independent company that’s been part of Twilio for a couple of years now, decided to explore the world of personalization. As I told you in a previous installment of this newsletter – the personalization gap is one of the key areas where organizations should invest time and effort to get it right.
Nine out of ten customers surveyed in a separate study said that despite all the data provided to them, vendors and organizations don’t understand them well enough.
Which, obviously, will lead away from personalized interactions (I mean, how can you personalize something if you don’t understand the person who is the recipient – am I right, or am I right, or am I right – I am right, aren’t I?)
Some interesting findings from this Segment study further showcase the personalization gap. Previous studies I cited and read show a different problem: Segment asked both organizations and consumers their perspectives on personalization and found that while 85% of organizations believe they’re offering personalized experiences, only 60% of their customers agree.
This is not a significant number, not one that will make any board or exec team take note of the gap (Why would we invest massively? Almost 2/3 of our customers think we’re doing it right – marginal economic theory means we won’t get a good return – versus 9/10 of our customers think we don’t know how to engage them properly? That’s a big problem).
I like it when more studies validate the same data – and Segment also found out that just one out of four companies have mastered omnichannel – same as we highlighted in our gap opportunities writeup. Anyways, won’t keep telling you how good I am (at finding and sharing data – I did not do any of these studies, just analyzed the results), but go read this report – it’s worth it for some good guidance on where to invest soon.
Omnichannel vs. multichannel: What’s the difference and who is doing it?
Most retailers are now multichannel, where they sell their products across more than one channel. Very few, however, are truly omnichannel. Discover what it means to be considered an omnichannel business.
Alright, I am finished with this point.
🎼Closing time, open all the doors
And let you out into the world 🎼
Final share, and it’s a little more interesting than it looks.
As a “customer service specialist” (spent 30+ years dealing with this, including being a practitioner, leading part of the service agenda for Gartner, and advised virtually every product in the market at one point or another – in case you wanted me to back that up with some credentials) I’ve been working with our service team in setting the goals for the next 2-3 generations of service, and aligning those with the overall CX and SAP strategies also. It’s a fun exercise, and a continuation of the past 20 years driving the vision for service in the world of enterprise tech.
Customer service: The X factor in business resilience
What's the key to business resilience? Find out why customer service is so critical to building a business that can adapt to change and weather any storm.
As part of that process, I wanted to look at the research available out there, including from my old alma mater: Gartner. I found some interesting things, but the one I can share (available publicly versus available behind the paywall) is the AI Use Cases for Customer Service Prism. More specifically, the AI Use Case for Customer Service Prism. This is a tool that was just getting started in development when I left – so I’m not an expert on how to use it.
Looks complicated but is very useful and simple – empowers you with the cumulative knowledge of Gartner analysts for a topic to help you prioritize investments and focus for initiatives. It looks at the feasibility of an initiative (I’m assuming data points for this come from inquiries and interactions analysts have) and the business value of the same to depict in a chart which ones have a better chance of engendering business value and be possible.
In the case of this one, what I found interesting is that allows users to rank the likelihood of the different projects that exist under the AI moniker will be successful in the organization, then prioritizes those with higher degree of success (build on minor success to arrive to a major initiative being approved, non?) and return value.
The reason I found this one interesting is twofold:
- The items we would assume return the highest value faster are not the ones that show at the forefront (agent scheduling and predictive loads, for example, are in the top five, but not the first ones recommended)
- Because the ones I don’t think we quite got right are the ones that have the highest return (sentiment analysis, e.g.).
Of course, your mileage will vary – as always – and the proof is left for the reader, etc. but – but, I have a hard time advocating for sentiment analysis as the number one project for AI success in customer service use cases.
What do you think?
Wrapping up, many thanks to the many of you that commented, reached out, or something similar about the post last week on our purpose and direction. I got a lot of play internally as well, and it’s a prime example of what we can do with evangelism – drive the right conversations forward. I think that we’re headed in the right direction (as biased as I am) and you will see more and more from us on this topic coming soon.
Meanwhile, email me, linked-in me, or find a way to connect and tell me what you think. This is beginning to feel like a good cadence and rhythm and is a comfortable pace to share information and have conversations. Please continue to engage, and I’ll continue to publish.
