Advanced analytics have become the most critical tool in crafting personalized customer experiences at scale. However, relying solely on data collected by traditional CRM systems is a thing of the past. Consumers are increasingly interacting and transacting across more online and offline channels — and to provide truly helpful experiences, marketers need to action on those different data sources in real-time.
There is plenty of evidence that personalization generates lifts of 10% to 25% in business performance. This is reflected in the phenomenon that has been dubbed the ‘Experience Gap’ — the fact that the cost of customer acquisition is by 25% per year, while customer lifetime value (LTV) has remained largely unchanged.
