Teradata updates ‘Customer Journey’ analytics solution
Teradata, the leading data and analytics company, today announced several enhancements to the Teradata Customer Journey solution that will give marketers easier access to analytics, dynamic visualizations, machine learning and predictive simulations. Most companies struggle to understand their customers’ journeys, much less actively manage them.
This upgrade, which combines Teradata’s expertise in data integration, advanced analytics and multi-channel interaction management, boosts marketers’ ability to treat every customer as an individual, increasing response rates, reducing churn and ensuring greater customer satisfaction. Customers have come to expect a personalized and relevant experience in every channel - be it digital, mobile or in-store. A study by Gartner indicates that “by 2018, companies that have fully invested in online personalization will outsell companies that have not by more than 30%.”
Improving customer satisfaction
However, with channel complexity increasing at an unprecedented rate and customers interacting in more ways, and through multiple devices, it is difficult for companies to understand, and then drive and optimize, customer journeys that often involve billions of interactions for millions of customers. Teradata provides businesses with a flexible and scalable platform for advanced multi-genre analytics and real-time, multi-channel interaction management.
“We want businesses to grow by delivering more sales, reducing churn and improving customer satisfaction. In this release of Customer Journey we are putting more analytics into the hands of marketing, so they can build a deeper understanding of customer experiences and then proactively optimize related journeys,” said Dan Harrington, Executive Vice President, Consulting & Support Services at Teradata.” Our solution brings together all the required technology, plus the consulting expertise to achieve faster time to market. With Teradata, organizations can have a complete customer journey hub, without the implementation challenges of cobbling together a solution from multiple vendors.”
“Customer engagement has become more complex, costly and problematic with the multiplicity of channels, technologies, analytic applications and new competitive pressures,” said Suzanne Smith, Director Enterprise Analytics at Lowe’s Companies, Inc. “However, we are making good progress with the broad expertise of Teradata consultants who are helping us discover, drive and optimize customer journeys to increase return on marketing.”
Teradata’s Customer Journey solution helps companies understand and optimize each customer’s experience over time, across all channels and touch points, in real time. Providing marketers with this holistic view, the right analytical insights and built-in automation enables them to execute thousands of concurrent, individualized, multi-channel campaigns without adding headcount.
The new capabilities deliver faster business outcomes, ease solution deployment and improve user experience.
Integrated customer path analytics offer better understanding of the customer journeys, as well as ideal points of entry to engage with them. Marketers can use this capability to target customers on a specific path, such as churn, with personalized offers to influence decisions for desired business outcomes.
Communication journey visualizations show how customers actually flow through a multi-step campaign, so marketers can evaluate factors driving offer acceptance and decline decisions. Parameters can then be refined for improved marketing performance.
Visualizations for self-learning models show the relationship between customer attributes (age, income, life stage, life event, etc.) and response rates. This helps marketers understand the profile of customers most likely to respond to an offer and plan communications. Exposing the model to the marketer also enables confidence, thus increasing adoption.
Real-time offer simulation gives marketers a predictive ability to see the impact of a new message, offer or strategy on existing campaigns. By understanding the impact on the number of targeted customers, and ultimately response potential, marketers can run more effective campaigns, and optimize their offer strategy.
“Bring your own model score” allows marketers to inject third party or internally generated model scores into the arbitration logic of self-learning models to optimize the message for any given customer, ensuring no previous work goes to waste.
In addition to industry-leading technology, Teradata also offers consulting resources to ensure companies realize these capabilities, quickly and at the right price, to achieve higher business value. Teradata consultants include advanced analytics professionals and marketing experts who have held executive positions with prominent companies across multiple industries. Business capability-focused and technology agnostic, our team delivers solutions specific to a client’s organizational needs, data and tools. Teradata’s Customer Journey solution is available immediately, worldwide. New features will begin to become available in Q2, 2017 with all features implemented by June 2017.