Customer Experience Is the New Differentiator
Customer Experience Is the New Differentiator
Successful companies will differentiate on the basis of customer experience.
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I had the opportunity to attend Adobe Summit where Shantanu Narayen, Chairman and CEO of Adobe announced the availability of the Adobe Experience Platform that aggregates data from multiple sources across the enterprise, enriching customer profiles by leveraging Adobe Sensei AI/ML for real-time customer experience management (CXM).
For years, businesses have collected data without a clue of what they were going to do with it. And today, data is exploding as multiple sources and devices provide data customer engagement and customer experience (CX). These companies have been spending massive amounts of time and resources trying to build their own infrastructure to manage, sort, and find value from all of the data.
Adobe Experience Platform collects and processes real-time data — tens of millions of events per second — from multiple sources and organizes the data into Experience Data Models (XDM). Companies are able to leverage the platform to obtain insights across all Adobe Experience Cloud solutions (marketing, advertising, analytics, and commerce). In addition, enterprises can integrate data from their enterprise resource planning (ERP), customer relationship management (CRM), and other sources.
Adobe is working to help companies reimagine the entire customer journey, thinking about how to move a prospect from one step to the next by delivering a delightful experience with the following model: Discover > Try > Buy > Use > Renew. The platform combines the narrative of the customer journey with the dashboard serving as the single source of truth.
- "Discover" is the top of the funnel, the customer acquisition phase
- "Try" is the first stage of creating a relationship with the customer — qualified and unqualified free trials
- "Buy" is the critical stage — with the need to deliver the right offer, to the right person, at the right time
- "Use" is about customer engagement and driving active use of the product to achieve value
- "Retention" is the new growth — customer engagement drives to renewal
If the customer is not using and getting value from the product, they will not renew. As such, it is incumbent on every company to know their customer and the value they are, or are not getting from the product, long before it's time to renew.
"Solving today’s data challenges requires a cloud-based, hyper-scale architecture with a rich data pipeline and real-time customer profile powered by AI and machine learning," said Abhay Parasnis, executive vice president and CTO, Adobe. "Adobe Experience Platform is purpose-built for capturing, processing and actioning data in real time, enabling enterprises to deliver rich and relevant experiences to their customers."
The Platform Provides
- Rich data pipeline and semantics: Adobe Experience Platform pulls data from multiple sources across a globally distributed edge network that enriches the real-time customer profile. The data is organized into the Experience Data Model with more than 50 customer experience schemas that use a standard language and data vocabulary. The platform also offers a set of natively integrated tools to ensure compliance with current regulations and policies controlling the management of data such as GDPR. With an open architecture, IT teams can also add data governance of their own to meet all their compliance needs.
- Real-time personalization at scale: The Customer Data Platform (CDP) brings together known and anonymous data to activate real-time customer profiles across multiple channels throughout the customer journey, with intelligent decisions and segmentation. Customers can rationalize these profiles and apply Adobe Sensei AI/ML to identify valuable audiences.
- Intelligent decisions enable real-time actionability: Customer journey intelligence, powered by Adobe Sensei, leverages predefined data-driven operational best practices, AI and business intelligence to enable real-time decisions and actions. Data scientists can stitch together data across the enterprise, powering a real-time customer profile to continuously optimize business processes. Businesses can either access Adobe Sensei models, create their own, or leverage existing models and seamlessly train them — backed by a fully managed, secure and scalable infrastructure.
- Adobe Sensei AI Services: With the availability of Adobe Experience Platform, new AI services (available in beta) provide the intelligence layer to connect data and content — ensuring brands consistently deliver the right message on the right channel at the right time. Adobe Sensei services, now widely accessible to any business, include: Customer AI, which lets brands accurately uncover specific segments of users and target each with the right marketing campaign; Journey AI, which gives brands a means to orchestrate journeys across millions of users, constantly analyze behavioral data and activate brand experiences at the optimal times; and Attribution AI that enables brands to see the conversion impact driven by owned, earned and paid media and make informed resourcing decisions.
- An open platform and robust ecosystem: Adobe Experience Platform is an open platform powered by a common semantic data model to standardize and organize all data, intelligent tools and services to create new experience applications and a broad industry ecosystem to help brands scale. Adobe XDM is being integrated with Microsoft’s CDM and SAP’s CDM into one common data model as part of the Open Data Initiative, announced last September. Adobe Experience Platform supports the framework of the initiative, enabling brands to bring their data from other applications and data sources together to surface new insights.
As enterprise architecture moves to put CX at the core, Adobe Experience Platform is enabling enterprises to reduce time and resources spent trying to create their own infrastructure so that they can focus more on driving their business outcomes.
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