“In a service-oriented world, we must continuously deliver exceptional experiences and stay ahead of ever-changing expectations,” Doug Kehring, executive vice president of Corporate Operations at Oracle OpenWorld said.
Last week I attended Oracle OpenWorld. I was continuously brought back to a significant theme: the importance of creating customer connections to deliver exceptional experiences.
The present-day customer journey is unpredictable and full of blind spots. It takes one bad experience to lose a valued customer. The concept of one-to-one personalization when attracting potential customers isn’t new, but it’s still difficult for marketers to execute this well. Today’s marketers face many challenges including disparate data, poor data quality, and data latency, which makes understanding customers an arduous process. Marketers need data available the moment they want to target a consumer. This is where Customer Data Platforms (CDPs) bring value to businesses.
Oracle and Deloitte Digital are teaming up to launch Oracle CX Unity. This partnership will bridge enterprise-level CDP capabilities and business expertise to help brands combine data and decision making. This translates to more personalized and contextual experiences across the customer journey.
CX Unity is a customer intelligence platform that uses real-time CX to help brands identify and act on their customers’ micro-movements. According to Accenture’s 2018 Personalization Pulse Check, consumers don’t want brands to define their journeys, they want brands to offer experiences that help them carve their own paths. Real-time CX is self-driving, self-learning, always-on, and continuously optimizes the customer experience at every touchpoint, creating hyper-personalization that cultivates brand loyalty. Oracle CX Unity, part of Oracle’s Customer Experience (CX) Cloud, was launched in Oct. 2018, but now integrates with Oracle’s Data Management Platform (DMP) and ID Graph to bring together marketing and advertising data, including online, offline, and third-party customer data sources. CX Unity can help companies move beyond issue resolution to issue avoidance, reducing customer churn.
According to a Jan. 2019 report from the Customer Data Platform Institute, the CDP market is growing fast. The report shows that in 2019, industry revenue reached $740 million (an increase of more than 50%); revenue for 2019 will likely exceed $1 billion. As the CDP market continues to grow, we can expect to see more software options incorporate artificial intelligence (AI) and machine learning. This new technology will help marketers determine a customer’s lifetime value and which products customers are most likely to buy. Oracle CX Unity has built-in AI and machine learning that spots patterns in customer behavior that humans can’t. This software enables marketers to invest in marketing strategies that yield the greatest ROI.
According to Rob Tarkoff, executive vice president and general manager of Oracle CX Cloud, "Our industry often talks about the idea of a 360-degree view of the customer, but in reality, it is very difficult to get a comprehensive view into customer interactions across channels and applications.”
Technologies are permeating every way we interact with the world around us. To stay relevant, companies need to create an energized focus on the entire customer journey at each and every touchpoint. Consumers are overloaded with choices, which can cause them to make poor purchasing decisions. It’s in the hands of companies to choose the right CDPs that will help customers solve problems they didn’t even know they had.
Emily is the market research manager for the applications squad as well as G2's research principal focused on marketing and digital advertising software. She earned her Bachelor of Science in business administration and Master's of Business Administration degree with a concentration in marketing and business analytics from the Georgia Institute of Technology. She's worked in various industries, including media consulting, information technology, employee wellness, and finance and accounting. Over the past several years, her main focus areas have included brand marketing, demand generation, customer marketing, content marketing, and digital marketing. She enjoys coaching and volunteering for Girls on the Run, attending concerts and music festivals, running half marathons, and hiking.