The market faces unprecedented pressures due to inflation and supply chain constraints. Businesses are compelled to innovate on offers and entice customers to fulfill fluctuating demand. As a result, companies need to be precise in their customer experience, including marketing, price, product, promotion, and place and investments to maximize customer value while reducing expenses. Further, with customers re-evaluating their priorities and demands, businesses are forced to provide more end-to-end personalized experiences because of these changing customer signals, value systems, and behaviors. Detecting these changing value systems necessitates a continuous understanding of customers' needs throughout the journey. This includes the adoption of a customer-centric mentality by several business functions.
360-degree Customer Platform
Using Customer Cosmos' powerful data transformation, proprietary machine learning algorithms, and third-party data partnerships, organizations across industries now receive 300+ verticalized and relevant KPIs (key performance indicators). Tredence's Customer Cosmos is a 360-degree customer platform designed to unlock customer insights and proactively solve personalization challenges. The platform captures deep customer characteristics from 1st, and 3rd-party data, which lays the foundation for building analytical applications like real-time web personalization, personalized promotion, e-commerce conversion optimization, improved customer satisfaction (CSAT), first-call resolution, and new product introduction, etc.
Cosmos' comprehensive feature set employs proprietary machine learning models, third-party data partnerships, and data transformation accelerators to better understand customers. The harmonization of these customer touchpoints, across the wide variety of data sources, from transactional to online activity, allows for the creation of customer features that will enable new learnings, segmentation, and the opportunity to optimize customer experiences.
How Cosmo can drive personalization and enhance customer experience
Customer Cosmos is defined as a customer data 'platform' because the enriched customer feature store, encompassing the 1st party and 3rd party data, serves as a vital source for developing enterprise customer applications. Cosmos is designed to maximize value realization and provide new revenue opportunities. Below are the ten ways Customer Cosmos’ can enable deep personalization strategies and an optimal customer experience.
- Identify and reach untapped segments: Dated segmentations prioritize already engaged customers and limit visibility to high potential and at-risk customers that need more attention and nurturing. Driving incrementality is a true north star for marketers and tapping into high opportunity segments is critical. Using a combination of proprietary headroom, customer lifetime value (CLTV), the share of wallet, and key customer profile attributes, you can now select and detect untapped market segments and build compelling strategies. For cross-sell and up-sell opportunities, objective-based customer segmentation is required. Cosmos feature store provides a unique way to segment customers in real-time.
- Drive customer retention through personalized marketing: Cosmos can power cognitive recommendation systems and identify and map the right audience to products/categories/brands based on predicted customer behavior. Personalizing marketing content to consumers based on their buying and behavior preferences can help you establish a stronger customer engagement and retention strategy. For example, a company can contextually market a new organic and gluten-free assortment to their buyers, who shop in the health-conscious category and frequently enjoy trying new products.
- Media monetization strategy: Now, more than ever, brand marketers are looking to connect with their customers 1:1 and measure the impact of their efforts. For retailers, Customer Cosmos can become the foundation for this strategy. Once the segments for trial and retention have been identified, companies can measure the value-driven and continue building the relationship with the customer in an omnichannel environment, meeting the customer at the right time and place along their path to purchase. Take a new mom, for instance. While an offsite personalized ad may have enticed her to visit a specific website for diapers, the sponsored onsite ads or sponsored search placements that are unique to her may educate her on complimentary products such as baby wipes or baby lotion. Furthermore, she may then be able to receive a coupon that provides a benefit if she purchases all three.
- Influence customer behavior through the next best action: The next best action will vary across customer segments and life cycle stages. Tredence Customer Cosmos helps develop an appropriate next best action strategy that influences customers across life cycle stages leading to customer loyalty. Using headroom opportunity potential or CLTV as your objective function, you can now optimize and sequence omnichannel touchpoints to influence the customers' actions.
- Drive omnichannel customer experience: Perform journey analytics and identify frictions across the journey. Value systems for each customer vary, and the drivers of experiences cannot be generalized without a contextual understanding. A time-sensitive busy mom may be more frustrated about the delayed package. For enterprises to think about customer value and impact, it's essential to represent each customer's voice across multiple business units. Understand CSAT (customer satisfaction) drivers and use CX (Customer Experience) signals to provide real-time feedback to the team launching a new product or channel.
- Improve first call resolution (FCR) and agent Customer Satisfaction (CSAT): Empower agents with a view of customer engagement, predicted behavior, and personality to tailor solutions to the peculiarities of individual customers to avoid escalation. Cosmos empowers agents with real-time customer highlights, reducing average handling time and improving FCR (First Call Resolution). Empowering agents with deep customer insights can turn call centers from cost to revenue.
- Increase e-commerce conversion: Utilize returns, clickstreams, purchases, and customer service data to rank item page quality and take proactive steps to fix it, reduce returns, and drive conversions. Customer Cosmos helps brands customize websites, app layouts, and placements tailored to individual customer personas to drive customer conversion. Risk-averse customers need more visibility of reviews and ratings, while time-sensitive customers need delivery times upfront. Customization of these layouts impacts conversion and drives a seamless online experience.
- Optimize product recommendations on Web/App: The recommendations can be tailored based on product affinity and consumer preferences to drive digital engagement. Personalized product recommendations help customers discover new styles and assortment that they would not have typically searched for otherwise.
- Enhanced category assortment: By leveraging category and customer preferences, companies can understand gaps and opportunities in assortment to fulfill their various customer needs and wants. Identifying patterns in price sensitivity or upcoming trends allows merchandising teams to incorporate those changes in their assortment plans. Take, for instance, the rise in focus on sustainability or the impacts of inflation; by understanding what influences various customer groups, one can assess the opportunity size and make impactful changes based on the preferences of customers who shop at that store.
- Reduced marketing spends by holistic campaign Health measurement: Measure the campaign's short- and long-term impact using a holistic suite of shopper behavior, engagement, customer lifecycle, audience target, and lifetime value measures to pinpoint the campaign's true impact and ROI (Return on Investment). Derive customer-specific insights and optimize future spending using the Holistic measurement system powered by Cosmos.
Customer Cosmos is a powerful tool for unlocking the value of vast, unused, and disjointed customer data by providing structured insights necessary for developing customer-centric organizational strategies and solutions. By leveraging 1st party customer data, data partnerships, and our proprietary ML models/algorithms, you can now accelerate the value of Customer data and develop a truly differentiated customer-centric strategy.
Talk to us and schedule a demo to reboot your personalization strategies and start unlocking the value of your customer data.