When consumers exchange their data with brands and retailers currency, they want to know that their information is being used to provide a better customer experience. Previously, customers may not have known that their personal information was being collected and stored by their favorite stores. But over the past few years, we’ve seen major changes in the way companies collect, organize, and use customer data. With customers now aware of the transaction taking place around their data, they expect a highly sophisticated experience in return.

Customers want to see relevant and timely content, and they want to know the status of a specific account, shipment, or reservation within seconds of completing a transaction. If a customer has to wait, they feel something might have gone wrong and they will quickly move on to another brand willing to meet their expectations.

When organizations have all this complex customer data, how can they be sure they can deliver instant, personalized experiences? The answer is to make sense of customer data, create accurate profiles, and automate adjustments to downstream systems. Getting it right allows a brand or retailer to deliver near real-time personalization, and the economic stakes to achieve this couldn’t be higher. According recent McKinsey research, “Personalization at scale has the potential to create $1.7 trillion to $3 trillion in new value.” Not a billion, a trillion.

Track data in real time

To meet the demands of today’s customers, brands need to deliver near-instant, contextually relevant content, using the right channel at the right time. This type of personalization can take the form of location-based in-app offers, personalized website offers based on past engagements, or real-time customer service offers from representatives who are already aware of the situation. client. It sounds simple, but providing this up-to-the-minute service can be quite complicated.

Detailed customer data can quickly overwhelm brands. There are millions of interactions every day in an omnichannel organization, from apps to calls to websites to physical stores. Most brands are struggling to keep pace with the tidal wave of data, and sorting it out in real time requires massive computing power, advanced artificial intelligence, and machine learning capabilities. Effective data management is essential to keeping those customer relationships alive and thriving.

Problems on the road to customization

The most common hurdle organizations face is data silos. Treasure troves of valuable customer data are often locked away in disparate systems, unable to be shared across departments, leaving brands with a fragmented view of every customer. Without a complete picture – a 360-degree view – of their customer, brands cannot effectively personalize their day-to-day offerings, let alone in real time.

According to Forster, 90% of companies need for customization to execute an effective business strategy. However, personalization efforts seem to have little effect on customers. A Deloitte report indicates that only 39% of consumers say they receive relevant marketing communications, three out of four said they receive far too many email promotions, and 69% have unfollowed brands on social media, in part due to ineffective communication practices. A brand’s best marketing efforts feel like spam when the personalization isn’t personal. Even loyal customers will buy elsewhere after a bad experience.

Developing a holistic view of the customer is the first step, but the process of adjusting strategies and scaling custom operations is a complicated and long-term process. Too often, brands rely on legacy rules-based systems that are unable to adapt data usage in real time. Brands must have the surrounding infrastructure to integrate new data in real time, adjust the customer profile to reflect new data points, and distribute information to touchpoints where the customer can receive personalized service. This kind of advanced ecosystem keeps pace with a constant deluge of incoming data, constantly improving the customer experience.

Creativity thrives at high speed

Personalization offers brands the opportunity to build intimate relationships with each customer. This deep insight helps anticipate future behaviors, identify issues at any touchpoint in the customer journey, and ultimately increase the lifetime value of every customer. With the power to deliver personalized experiences faster and more efficiently, brands can deliver value to customers without being intrusive, ensuring they have complied with the data transaction agreement to use personalized data to advisedly.

Derek Slager is the co-founder and chief technology officer of amperagean enterprise customer data platform (CDP) designed for customer-centric brands, transforming siled customer data into breakthrough customer experiences.