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What is a unified customer data platform and what does it mean to you?
In order to bring data sources together, you need a system to unify them. In this article, we consider just a few of the capabilities that a unified customer data platform can provide.
A unified data platform combines all of your customer information into a single, centralized view. This means your fragmented data sources become one. Which in turn means no more searching across disparate systems or relying on others to pull information for you. The benefits of a unified customer data platform are twofold:
- Enable a more accurate and holistic picture of customers in real-time.
- Make informed decisions and access accurate business intelligence.
These days we hear a lot about personalization and the power of consumer data. In the right hands, your data can be used to curate pretty much any online experience to your unique tastes. So much so customers now realize this as a given. They are demanding personalized experiences, which means companies must react to this directive by doing two very important things:
- Learning from their behavior.
- Incorporating those learnings into future interactions.
But, that’s only one part of the equation. Businesses must also remove friction and be easy to communicate with on any and every channel. These customer expectations show no signs of slowing, and companies are struggling to deliver a truly unified experience across channels in this regard because they remain siloed.
Although the data is there, too often it’s spliced across different data management systems and applications that don’t speak to one another. This means the insights into and connections with the customer aren’t prioritized. Or even worse they could be lost entirely. A unified customer data platform can help you do two mission-critical things:
- Better understand customer preferences.
- Develop and measure the right KPIs to scale your business
So what’s the holdup? The primary roadblock to meeting customer expectations stems from scattershot data collection and management practices. Such a lack of data integration can translate into missed opportunities and even profit losses. According to research conducted by Harvard Business Review, it’s up to 25 times more expensive to obtain new customers than it is to retain existing ones.
In fact, by increasing retention rates by just 5%, profits can soar an impressive 25 – 95%. Offering personalized experiences is a surefire way to create the kinds of brand evangelists that come back and bring others with them.
Data Helps Power Relevant, Timely Interactions
Anyone can make things complicated, it takes a genius to make them simple. So many analytics and data platforms out there require a graduate degree to master. It shouldn’t be that difficult. The most powerful brands wield simple and elegant unified customer data platforms like the LiveVox [U] Series to inform their customer interactions wisely.
Email address, mobile number, conversation history — all of these data points should tie together to deliver the most relevant experience. They should also help you to make important decisions about your business and enable agents to be more anticipatory.
An all-in-one omnichannel platform stores all key customer attributes and interaction history across all channels and applications in one place. True omnichannel centralizes and standardizes disparate data sources into unified customer profiles. Unified customer data profiles work to enhance the customer journey at every stage by bridging the gap between online and offline touch-points in real-time.
Data Helps You Offer Anticipatory Customer Service
Empowering agents to identify customers right away with the help of data is the linchpin of anticipatory customer service. But agent omnipotence shouldn’t stop there. While webchat and SMS continue to increase in prevalence across the contact center industry, customers still want the ability to escalate to voice.
A well constructed IVR can mean all the difference in that case. A well constructed IVR layered over a solid data repository that offers a 360 customer view can give your agents the foundation they need to expose all of the necessary details to provide comprehensive and intelligent service.
The LiveVox [U] Series offers a practical and incremental path to evolve from primarily voice contact strategies to ROI-driven digital engagement. The [U], or Unified, Series consists of a single engagement platform unifying omnichannel enabled CRM, WFO, and Digital Channels. At the heart of the [U] Series is LiveVox’s omnichannel CRM, called Contact Manager.
Contact Manager centralizes and standardizes customer attributes and interactions across all channels and applications in one place — creating a true omnichannel customer profile. By automatically centralizing and standardizing data from disparate applications, you turn your biggest challenge into your greatest asset.
LiveVox is a leading provider of enterprise cloud contact center solutions, managing more than 14+ billion interactions a year across a multichannel environment. With over 15 years of pure cloud expertise, we empower contact center leaders to drive effective engagement strategies on the consumer’s channel of choice. Our leading-edge risk mitigation and security capabilities help clients quickly adapt to a changing business environment. With new features released quarterly, LiveVox remains at the forefront of cloud contact center innovation. Supported by over 450 employees and rapidly growing, we are headquartered in San Francisco with offices in Atlanta, Denver, Bangalore, and Colombia. To learn more, schedule a demo today.