We talk a lot about Customer DNA at NGDATA; it’s a critical part of what we do here. When we say Customer DNA, we’re referring to a collection of thousands of predefined metrics based on individual customers’ profiles, behaviors and preferences. These are calculated in real-time and organized for each individual customer. The metrics are the key component to improve customer service and experience, and even increase up-sell opportunities, which increases customer lifetime value.
Customer DNA, on the surface, appears to be a simple, common-sense idea. But there’s a lot that goes on behind the scenes that organizations really need to focus on if they are going to become a customer-centric organization with the help of Customer DNA.
We’re able to collect customer data from more channels than ever before, which in theory would make an organization smarter about its customers. However, slow feedback loops between the different customer touch points and the customer data warehouse prevents organizations from building an always-up-to-date customer profile. For example, a customer who runs a car loan simulation at 9:30 am and later that day runs a second car loan simulation for a slightly larger amount might still be contacted that evening by the call center with an up-sell credit card offer based on a monthly updated credit card upsell score. Since the company’s web interaction data upload is only scheduled for once a day at midnight, and the company only scores the customers once a month, the customer’s upsell propensity moves slowly too. Result: the company reaches out with a less relevant credit card upsell offer while the customer clearly signals an interest in a car loan. By the time the customer’s propensity to get a car loan is updated, the customer’s interest might have declined or he might have secured a car loan from a competitor.
Customer DNA done right means continuously updating the customer’s profile in real-time at a granular level and in context. This implies four major shifts:
Customer DNA done right also means closely monitoring the customer’s evolution. A fast (acceleration) increase (trend) in the number of product X web page consultations signals a fast increasing customer’s interest in product X leaving little time to respond. Understanding how the customer evolved to the current customer DNA through the metrics’ trend and acceleration allows making the right offer at the right time.
Finally, customer DNA done right also means learning the customer’s true DNA from customer feedback. Lily learns about the customer’s true channel and marketing preferences through a continuous real-time marketing action feedback loop allowing making the right offer with the right format and design elements through the right channel.
Empowered with customer DNA done right (real-time, continuously updated DNA at a granular level in addition to context), making the right offer to the right customer at the right time through the right channel becomes easy.
What could you do with Customer DNA in your organization?
Anita further discusses this very topic over at PreInvented Wheel’s expert roundup on Customer Facing Data.
NGDATA helps brands in data-driven industries, such as financial services, telecom, utilities and hospitality, to drive connected experiences. Our Next Generation Customer Data Platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences for companies, such as Belfius Bank, Innogy and Telenet. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific.Learn More...