Adobe’s recent announcement of their investment in CDP (customer data platforms) and other experience-led tools have highlighted how close we are to a world where real-time data-driven experiences are not only possible but made accessible to businesses almost out-of-the-box. Some of the features presented during Summit were impressive tools upon which a genuine customer-first approach can be built. However, as is often the case, the success of such tools relies on the quality of the data that can be captured within these systems.
The key challenge in our view is primarily the classic two areas: systems and people. Quality systems are needed to allow the data capture, transformation and, most importantly, joining at the customer level. Removing barriers in this area will drive businesses to the more important tasks; improving marketing and CX.
Quality people are also needed on the integration front. Whilst systems will support and simplify this piece, this is still a complicated task that underlies the success of the entire project.
In addition, there is much already discussed within the marketplace about the future of first-party data and a wider conversation regarding the future of cookies (or more likely, a future without them). Adobe’s own research showed that only 37% of companies are ready to handle the changes caused by privacy changes. These challenges, for the unprepared, make the data collection and connection building much more difficult and the concept of understanding the customer a huge undertaking.
But for those customers who are achieving this level of data sophistication, the opportunities are obvious and multiple. Targeted advertising ensures the best return from every £ spent. Targeted content and CX ensures that the site is optimised and provides exactly what the customer is expecting to see. All of this adds up to more revenues, better ROI and happier customers.
This type of success has already been witnessed by brands like The Home Depot. By better understanding their customers through use of Adobe’s customer experience platform, they saw an increase in online sales of 20%. Additionally, Nvidia saw a five-fold lift in conversions by using AI-driven insights to reallocate media spend.
We’d be interested to hear if your experience throws another attribute in the mix. What has your greatest challenge been in delivering outstanding customer experiences? Let us know at firstname.lastname@example.org.