Why Should Brands Use a Customer Engagement Platform?

Customer Engagement

Customer Service and Customer Satisfaction is a thing of the past. Now, even the concept of Customer Delight has come a long way in up-scaling vibrant business systems all over the world. While customer acquisition and retention art & science continue to take new avatars, the emergence and rapid growth of the Customer Engagement Platform (CEP) is the buzz of every business model in recent times. Like it or not, CEP is here to stay for long and every brand will have to adopt it, much sooner than later.

Customer Data Platform (CDP), as CEP is also known as, is all about intelligent processing of humongous customer data in a business cycle. While achieving Unified Customer Data using traditional approaches is not effective, powerful CEP systems are extremely efficient and result in business improvement and continuity. It is worthwhile to note that merely having a database of millions of customers without a robust CEP in place, is as futile as having it in the dustbin.

Predictive Customer Data-Processing Intelligence is the key to the CEP ecosystem. Think about it, and we are talking about a mature version of the baseline CRM capsule. This new paradigm of old-age CRM provides always-on and omnichannel intelligence with a holistic customer blueprint that is highly relevant, contextual, and predictive at every crucial juncture of the business life cycle.

Customer Engagement Platform

One should not be surprised by the fact that the CEP market is expected to grow at Compound Annual Growth Rate (CAGR) of 34.0% by 2025. The non-linear customer distribution across various online, as well as offline channels, is what makes CEP a much-needed solution for efficient business processing. The ever-growing multi-faceted customer journey from window shopping to repeat buying and other complex behaviors are what compelling various brands across the world to adopt CEP business models.

The most vital capability of the CEP approach is that it offers a complete overview of the customer journey. Right from the initial transaction and traversing through brand perception, buying experience, competitor’s brand inclination, future transactions, and so on – CEP offers a highly predictive business processing intelligence. Moreover, it offers great flexibility and seamless adaptability to quickly switch over to alternative solutions. Further, it provides a strong foundation for success strategies – without disturbing the underlying business fabric.

A typical Customer Engagement Platform offers innumerable capabilities for efficient customer tracking and heightened customer experience. Some of the prominent features are:
Customer Segmentation:

This is the basic, but the most important feature of any CEP solution offering. Customers can be categorized into predefined segments and mapped to various channels and business events covering the entire life cycle. This granular segmentation capability of CEP empowers controlled actions and decision making on the go.

Event-based Customer Interaction:

Within the segments, or otherwise, event-based customer interaction provides much needed customer connect. For example, special offers or tailored products and services can be extended to customers on personal events like birthdays, anniversaries, customer onboarding anniversaries, and thousands of such events can be planned. Such targeted and personalized customer interactions result in enhanced customer retention.

Hybrid Customer Data Mapping:

Customers mapped to identical segments (say, within the same age group) may have characteristic behavior towards a wide variety of company’s products. For example, a certain segment of customers may be keen about trying out the latest gaming console in the market. In such cases, offering real-time and hands-on experience of new arrivals to these segments of customers can result in unparalleled brand and loyalty building.

One step further, a certain segment of customers might prefer mobile-based gaming experience over the desktop versions. In such a scenario, tapping them with mobile phone experience can create an everlasting customer delight!

Unified Customer Dashboard:

A robust CEP provides unified customer datapoints across various segments. Also, every segment may be further categorized to map required business attributes with the customers. This way, a unified and microscopic customer dashboard can be analyzed to target specific segment customers from the entire lot of the database. Activity or campaign based dashboards can also be designed to study customer responses. This empowers the decision-makers to devise new business strategies without hampering the established ones.

Armour Of Marketing Functions:

Traditionally, the marketing department is overly dependent on product development teams. This at times, hinders basic activities related to simple events like customer inquiry or market analysis. Once CEP is implemented, the marketing team can try-out and perform various activities independently. It also fuels cross-functional interactions within the organization.

Data Analytics:

In the real world, customer data is dynamic. The associated data and consumer behavior alter over a period of time. Based on omnichannel system integration, round-the-clock tracking, and other attributes, customer data can be monitored and sanitized at regular intervals. This eliminates the risk of intrinsic data adulteration which can propagate across the segments. Timely data cleansing features can prevent irreparable losses like unpleasant customer experience or even losing loyal customers due to system errors.

We at LivePinch, provide an integrated Customer Engagement Platform that suits brands of any size – Big or Small, Large or Medium. Our expertise in providing system solutions at every stage helps companies benefit at various levels, across business units. Write to us with your queries and our support team will get in touch to provide the necessary information. Do not hesitate to ask for a demo on how LivePinch can revolutionize your business.

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Mandeep

Good post.

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