2. The holy grail of a one-to-one view of every human close to
your brand is the central pursuit of marketers everywhere.
But research has found that brands are failing to use
customer data to deliver relevant and personalised
customer experiences.
“98% of consumers believe
bad personalisation exists,
and 66% believe brands are
using out-of-date
customer data”
Sitecore and Vanson Bourne
So what does ‘good personalisation’ look like?
Our consultation with 20 of Australia’s top-tier
organisations reveals the successful delivery of single
customer view and personalisation relies on putting the
customer first, driving data culture and meaningful
strategic vision.
Overwhelmingly, companies are finding consumers are
willing to let them use their data depending on what they
get out of it, with personalisation leading to more durable
customer relationships, better service through better
customer understanding and more genuine engagement
on social media.
But the modern marketer still walks a fine line, with the
challenge of delivering relevance that side steps the creep
factor and new legislation regulating the usage of
customer data weighing heavily on many minds.
3 KEY THEMES
As a result of consultation with leaders from Banking,
Retail, Entertainment, Sport and Financial Services
throughout Q4 2017, this report outlines the key actions
organisations are taking to deliver personalisation and
single customer view in 2018.
CUSTOMER EXPERIENCE
> Put the customer first, not the tech
> Absorb the right data
> Make data accessible
DATA CULTURE
> Achieve a cross-channel view
> Prioritise Analytics Talent
> Galvanise advocates
STRATEGIC VISION
> Leverage partners
> Stay up to date with GDPR
> Incrementally build your stack
ACHIEVING PERSONALISATION
& SINGLE CUSTOMER VIEW
TREND REPORT AND INDUSTRY CONSULTATION
3. PUT THE CUSTOMER FIRST, NOT THE TECH
Many organisations are focussing too much on the
technology or data at hand, not the customer need they’re
trying to solve and the everyday value they’re looking to
add.
As a result, a key focus for 2018 involves stepping away
from what the business or government wants and
thinking about what the customer expects instead.
Only do things that deliver incremental value to the
business by solving a specific customer need, don’t fall
into the trap of doing personalisation, “just for the sake of
it”.
“A true 360 view drives
personal, emotional
connections and adds
value at every step of
the journey.”
Amanda Nazar, Optus
ABSORB THE RIGHT DATA
Hunger for data means organisations aren’t being
strategic enough about the relevance or appropriateness
of the sources they’re using.
For example, Health Insurers may have access to data
such as Medical Records, but should they really be used
to power a campaign targeting people with certain
conditions?
To mitigate the risk of personalisation getting too close
for comfort, companies are focussing in on being more
strategic about the type of data absorbed and casting a
human eye over the output to QA the creep factor.
Companies also report that personalisation may not
always be the best option for the use case, with
“trending” or “recent” content often a more effective way
to solve customer need.
MAKE DATA ACCESSIBLE
A study by McKinsey on high performing organisations
rates the availability of data to a whole company as a key
driver of success.
Almost every company we spoke to said that making data
accessible to front-line customer experience and
marketing teams was still a key challenge to solve.
For companies on the journey, the process has begun by
building out SaaS stack with vendors who can help them
translate data into a language, format and presentation
everyone can understand and put to work.
Supportive and ongoing training from vendors has also
been an important factor in making data accessible, with
many companies grappling with the challenge of having
the tech and not knowing how to use it to drive value.
CUSTOMER EXPERIENCE
For companies looking to drive incremental value through personalisation,
success involves solving a clear and well-defined customer need, selecting
the right data and making data accessible to the teams who can actually use
it.
4. CONNECT DATA TO ACHIEVE A CROSS-
CHANNEL VIEW
Linking multiple sources to drive intelligence and insight
was a key priority, with many companies still struggling
to connect up the dots due to the size and scale of the
data assets at their disposal, and the array of competing
departments, budgets and KPIs in the mix.
Some organisations report having up to 21 different
sources of email data alone.
The antidote for 2018 involves investing in a CDP that
provides a structured, clean database with a single
record for each customer enhanced by linking multiple
sources to drive intelligence and insight.
PRIORITISE ANALYTICS TALENT
Many companies we spoke with don’t have a dedicated
team to gather insight from data, but are looking toward
making a business case for additional headcount in 2018
and seeing if data scientists from other areas can lend
their skills to other departments.
At the other end of the data transformation spectrum,
organisations who have achieved success with
personalisation have created a Skunkworks-esque team
empowered to test and iterate campaigns, and fail until
they win.
In a similar vein, some companies are also considering
creating a team to operationalise vendor tech and act as
advocates when buy in is needed from other
departments.
“Only 12% of data
collected by businesses
is currently analysed.”
Econsultancy
IDENTIFY DETRACTORS EARLY
Getting buy in for data transformation projects from
gatekeepers in IT and at Executive level was a key barrier
for many organisations looking to deliver personalisation
and single customer view.
Companies who have achieved success say developing a
holistic understanding of the current appetite for change
and anticipating the drivers of potential detractors has
been crucial in developing meaningful business cases
that speak the language of the competing priorities of
each business unit.
DATA CULTURE
For many companies, success in the personalisation space depends on
making data part of the day to day pace of their organisation; mobilising data,
advocacy and resources to serve relevance and create better brand
experiences for the people behind the data points.
5. USE DATA TO BUILD RELATIONSHIPS WITH
PARTNERS
Exploring data partnerships is a key priority for 2018, but
it’s a mission plagued by a couple of challenges for the
companies we spoke to.
The first is a lack of understanding of the data asset at
their disposal: attempting to monetise data without
knowing the value it can truly provide.
This is where many companies see a CDP as a worthy
investment, a solution that provides a comprehensive
view of the opportunity data presents to both their
business and others’.
The next hurdle lies in “letting go”: the leap of faith that
comes with sharing data with others at the risk of
competitive compromise.
Here the recommendation is to partner with a CDP
vendor that offers human help in data architecture and
can securely perform data washes of client and partner
data “in house”.
STAY UP TO DATE WITH GDPR
General Data Protection Regulation (GDPR) was a hot
topic for companies with a global presence.
Enforceable from May 2018, the EU regulation is designed
to give consumers greater control over the usage of their
personal data, imposing a range of operational
requirements on global businesses who handle it.
The sanctions for non-compliance are broad and
potentially very expensive, ranging from warnings, to
audits, to fines of up to EUR 20m or 4% of global
turnover.
The actions organisations are taking to comply include:
> Investing in a CDP that can classify data types and
delete data on request
> Partnering with a vendor with transparent and up to
date practices around location storage
> Scoping out a workflow for customers to request the
deletion of their data
“Instead of choosing
suite or best-of-breed,
many marketers are
now taking a suite and
best-of-breed
approach.”
Martech 5000
BUILD INCREMENTALLY
Companies are finding the range of vendors out there can
be pretty overwhelming, especially in US markets.
As a result, many companies are choosing the best of
both worlds: combining a suite with a best-of-breed
option and building incrementally.
Investing in vendors who can “play nice” together is also
a key priority, so companies can keep adding, iterating
and integrating as business requirements and customer
needs change.
STRATEGIC DIRECTION
The 2018 roadmap for data-savvy companies sees them exploring
monetisation opportunities, staying up to date with compliance and data
storage legislation and honing in on vendors that can grow with their business
requirements.