Stephen Brobst, CTO at Teradata
Today, customers do not just drive past a billboard or watch television. They share their opinion through multiple social media platforms and stream videos online, and therefore marketers need to be there where customers are. This is where multichannel marketing or the concept of interacting with customers through various indirect and direct communication channels takes center stage.
While the benefits of multichannel marketing are enormous—the improvement of connections, leads, and conversions—businesses are often found struggling to rightly organize their campaigns. They need to design and coordinate highly orchestrated micro-campaigns that flow through multiple channels to attract customers in a meaningful and trustworthy way. It is also essential for them to easily assess marketing efforts to recognize the channels that triggered response and plan their future moves. To this end, data analytics plays a vital role. To elucidate, organizations can collect a huge amount of data leveraging different tools, but tapping valuable insight from large data sets is a task easier said than done. For this, marketers require the right tools and resources that can not only analyze the data but present information in a way that everyone can understand and use these insights to build a connection with consumers.
Helping businesses better connect with clients is Teradata. Delivering real-time, intelligent answers, leveraging relevant data, the company transforms the way businesses work with the power of data. The company does it on-premises, in the cloud, and anywhere in between. They call it Pervasive Data Intelligence. "Whereas traditional reporting tools were providing answers to pre-defined questions, today's analytical environments offer opportunities to think out of the box and help to find new questions to develop cutting edge business strategies," asserts Stephen Brobst, CTO at Teradata.
Accurate Targeting and Customer Segmentation
Teradata offers a cloud-based data analytics platform, Vantage, that integrates everything from data lakes, data warehouses to analytics and new data sources and types. The platform delivers immense intelligence to help clients build the future of their business by managing customer engagement and individualized interactions across paid, earned, and owned channels. Its approach integrates agile marketing processes with connected interactions that allow companies to build trust with individual customers. Consequently, businesses can engage customers better by building more personalized experiences on preferred channels consistently and dynamically. Truly, Teradata empowers organizations to create and execute intelligent marketing campaigns that speak to an individual on their own terms.
He goes on to mention that Teradata, for years is driven by the mission of making marketing easier, productive, cost-effective, and more manageable for everyone. By combining content management with an intuitive user experience, Vantage allows marketers to manage their workload from a centralized location. They can quickly check the status of their projects on desktop or mobile devices as per convenience.
Its data filtering and task adjustment feature enable marketers to understand their work by scanning through it quickly. The platform also permits users to make forecasts more granular and include a large amount of data. It provides marketers with the ability to experiment with new ideas and balance innovation and governance for an efficient and enhanced user experience. The platform only presents information on each individual when it is required, delivering a better user experience. This simple feature streamlines marketing processes and helps marketers complete marketing projects with fewer resources in a shorter timeframe.
Just collecting and storing 'big data' doesn't drive a cent of value to an organization's bottom-line
Built on a powerful content management system, this flexible platform offers every tool, including web landing pages, micro-location targeting, email, mobile, app marketing or push notifications, and social media advertising, to execute powerful integrated digital campaigns. It provides marketers with faster, easier, and cost-effective means to design digital messages without technical skills or coding requirements. Businesses can readily create customer segmentation from multiple selection criteria that ensure better conversion rates with accurate targeting—ultimately improving ROI. This allows them to be more productive as marketers do not have to spend hours creating new customer segments.
Extracting the Full Value Out of Data
The marketing efforts can further be strengthened with a Customer data platform (CDP) that creates a persistent and unified customer database, enabling organizations to build better relationships with consumers. One of the components of Teradata's Vantage platform is Vantage CX. It offers a 360-degree customer data view and turns data into insights—and insights into actions. Businesses can utilize these insights to plan and design their next strategies and campaigns, targeting specific customers and prospects via suitable channels. Vantage CX ingests, consolidates, and normalizes customer data from various online and offline channels and centralizes it for analytics, campaigns, and other business needs. It also eliminates the inconsistency of data—collected from different offline and online media—by creating a reliable and unified single customer view. With Vantage CX, anyone can organize data for immediate use with minimal effort without any technical expertise. This easy accessibility to customer data enables companies to gain business intelligence and serve customers better. Additionally, with real-time data insights, marketers can identify high-value segments and predict a customer's behavior and future steps. Vantage CX provides visibility into the customer journey and helps businesses quickly personalize customer interactions and ensure customer retention.
Personalizing Every Stage of Customer Journey
Clients from various industries utilize Vantage for tailoring customer interactions, be it the financial, airline, or e-commerce sector. One such example is Air France-KLM Group, an award-winning airline that strives to provide its customers a high-quality service by adapting to changing needs of customers and using pervasive data intelligence to connect with passengers smoothly.
The client is dedicated to providing a pleasant and stress-free travel experience in every situation. In the airline sector, customer experience starts with booking tickets, check-in, departures, flight disruption management, arrivals, baggage claim, and ends with customer feedback. Teradata's Vantage captures all the information, including web searches, booking, post-travel communication, and unstructured social media data. Air France-KLM obtains the necessary insights from structured customer data on Vantage and utilizes it to enhance customer experience and customer satisfaction at every touchpoint. The platform enables them to quickly identify critical triggers where customer complaints frequently occur. Vantage further enables them to quickly identify pricing and promotion opportunities, minimize and manage churn, and optimize web and call center experiences by providing better insights on consumer behavior.
We built the industry's first massively parallel 'shared nothing' database computer to enable our customers to ask 'any question, any time' of their data, no matter how much data they have
In another example, Teradata helped a provider of financial services, Lloyds Banking Group, in streamlining their customer experience. The Group helps businesses and communities address their economic issues via its offerings, including retail and commercial banking, long-term savings, general insurance, protection, and investments. It understands the importance of a positive customer experience and utilizes data as an asset for the same. Vantage CX allowed the client to transform customer experience and strengthen its customer relationships by tailoring engagement based on customers' digital interactions while understanding the behavior pattern throughout the customer journey. Capturing customer behaviors across digital touchpoints and forecasting customer needs accordingly, the bank delivers highly personalized communications in real-time via websites or mobile apps. Additionally, the client could connect data from previously disparate silos. This enabled them to identify, visualize, and quantify the points of friction, failure, and leakage, allowing the bank to figure out the stages with high interactions.
Teradata has helped many such clients drive customer interactions and enhance customer experience with valuable insights and business intelligence. With its wide range of solutions, the company helps marketers systematically plan, manage, and execute marketing operations efficiently and effectively. The company believes that for a successful marketing strategy (for online and offline media), extracting valuable insight from large data volumes is crucial to making informed decisions, addressing issues, predicting the future, and innovating faster.
By predicting customer's latest preferences, businesses can gain a competitive advantage over their competitors. "Just collecting and storing 'big data' doesn't drive a cent of value to an organization's bottom-line. We built the industry's first massively parallel 'shared nothing' database computer to enable our customers to ask 'any question, any time' of their data, no matter how much data they have. That's why we have invested in the advanced R&D to build out the industry's leading cost-based optimizer to deliver the best performance on ad hoc queries without the use of hints, optimizer directives, or pre-joined table structures," concludes Brobst.