Discover the keys to elevating customer experience using context-driven data. The blog will help you learn:
- What is customer experience and why it matters
- How customer data management/analytics and enhanced CX are interconnected
- Expert insights on intelligent data handling with Reltio
When you are a modern business, customer experience (CX) is a critical differentiator. It’s never just about delivering a product or service; it’s about how customers perceive and interact with your business throughout their journey. Forbes Insights Report says that a staggering 83% of business executives face moderate to severe revenue risks due to unimproved CX. A significant 32% of customers are willing to part ways with a brand even after a single bad experience. The question is – how to ensure a stellar CX. Enter intelligent data management. You have access to vast amounts of customer data, and when this data is used and managed efficiently, it fuels your ability to understand and meet customer expectations effectively.
When you have scattered data stored in different places and old, slow systems, it’s like building a house on shaky ground. You can’t get a clear picture of what your customers want. It becomes difficult to predict and meet their needs. Thankfully Reltio – a prominent market player in cloud MDM solutions, steps in to address this challenge. But before we delve deeper into how Reltio powers your data management capabilities, let’s look closely at how data and CX are intertwined.
Understanding the connection between data and exceptional customer experiences
Imagine you own a clothing brand. To provide the best experience to your customers, you need to understand their preferences and buying patterns. This is where data management and analytics come into play. It is essential to collect and study data from various sources such as in-store purchases, online transactions, customer surveys, and more. It helps create a customer profile for each shopper. Let’s say you have a customer ‘X’ who always buys floral print dresses during the summer. When you’re armed with data insights, you can proactively recommend similar dresses when the person visits your store or shops online. This tailored approach will not only delight your customer but will increase the likelihood of his/her making the purchase. Moreover, it allows you to manage your inventory more efficiently, ensuring that you have enough floral print clothes during summer months.
Let’s quickly go over some points that highlight how data management in conjunction with analytics empowers businesses with optimized customer experiences:
1. Audience segmentation
Organized and reliable data allows you to categorize customers into distinct groups based on their demographics, behavior, etc. You can further leverage analytics to comprehend the specific needs and preferences of each segment. It enables you to create targeted marketing campaigns and product/service recommendations that resonate with different customer groups, enhancing customer interactions.
2. Personalized engagement
When you collect and organize customer data from various touchpoints, the data can be analyzed to gain insights into individual preferences, behaviors, and purchase history. With this information, it becomes easier to predict how customers will behave and what they will want at any given moment. This facilitates a highly personalized experience that fosters customer loyalty.
3. Enhanced customer support
Greater customer data accessibility enables support representatives to quickly retrieve relevant information during customer interactions. This helps provide more personalized and efficient assistance to customers.
4. Product/service development
Data-driven insights into customer preferences can support your product/service development efforts. It helps align new offerings align closely with customer requirements.
5. Maximized customer trust
End-to-end data management and governance ensures compliance with data protection regulations. It builds trust with customers, assuring them that their personal information is handled in accordance with legal requirements.
Stay on top of CX with the Reltio Data Platform
Reltio stands at the forefront of the market as a prominent provider of cloud-based Master Data Management solutions. The robust SaaS platform caters to a wide spectrum of sectors such as life sciences, healthcare, financial services, insurance, retail, high tech, and others. Based on the Forrester Total Economic Impact Study, businesses utilizing Reltio realized impressive IT cost savings of $ 4.7 million. Reltio’s cloud native architecture empowers you to construct a unified, highquality data repository by seamlessly integrating structured and unstructured data from both internal and external sources
Let’s take a quick look at some of its advantages:
1. Personalize customer engagement
Reltio’s Connected Customer 360 facilitates a comprehensive understanding of your customers and their intricate relationships. You can efficiently oversee an array of attributes and connections, enabling you to link individuals, products, and locations. This means you can capture and analyze a wealth of information about your customers, and how they relate to your business, ultimately leading to more informed decision-making and the ability to tailor your interactions to their specific preferences.
2. Harness actionable data insights
The Reltio platform provides you with large-scale data when you need it. It integrates essential master data with information from operational and analytical applications, creating an on-demand environment. Automated updates and adaptable data models help stay agile in a constantly evolving business landscape.
3. Win greater customer trust with simplified compliance
Reltio’s built-in compliance support helps adhere to data protection regulations like GDPR and similar laws easily. You can identify PII within your data, manage customer consent, and seamlessly adapt access to data as customer preferences change. This feature ensures that your organization remains compliant with evolving data privacy laws while safeguarding customer information and maximizing trust.
4. Enable quick and intuitive data search
Reltio’s user-interface helps business users facilitate easy data search, segmentation, and export capabilities. Your team can quickly locate the information they need, segment data for targeted analysis, and export data for reporting purposes.
Wrapping up
As a trusted Reltio Implementation Partner, we are committed to helping businesses optimize the full potential of Reltio’s capabilities. Our expert consultants collaborate closely with organizations, customizing Reltio’s features and functionalities to precisely match unique business needs.
Initiate a conversation with us today to discuss how you can leverage Reltio Connected Customer 360 to transform your customer experiences.
Reference links:
- Forbes Insights Report: Proving the Value of CX – Treasure Data
- Top Customer Experience Statistics You Need to Know in 2023 (cmswire.com)
- https://www.pwc.com/us/en/advisory-services/publications/consumer-intelligence-series/pwcconsumer-intelligence-series-customer-experience.pdf
- https://www.reltio.com/products/reltio-connected-customer-360/
- https://www.reltio.com/products/reltio-connected-customer-360/#customer-insights
- https://www.reltio.com/products/reltio-connected-customer-360/#simplified-compliance
Authors:
Shalu Santvana
Content Crafter
Mohd Imran
Senior Consultant
Mohd Imran
Senior Consultant
Shalu Santvana
Content Crafter
