Data and analytics company Teradata has announced several improvements to the Teradata Customer Journey solution that will give ease of access for marketers to analytics, machine learning, and predictive simulations.
This upgrade, which combines Teradata’s “expertise in data integration, advanced analytics and multi-channel interaction management,” provides marketers with the ability to treat every customer as an individual which should result in faster response rates and an increase in customer satisfaction.
A study by Gartner shows that “by 2018, companies that have fully invested in online personalization will outsell companies that have not by more than 30%”. Dan Harrington, VP of consulting and support services at Teradata says that they provide businesses with a flexible and scalable platform for advanced multi-genre analytics and real-time, multi-channel interaction management.
“We want businesses to grow by delivering more sales, reducing churn and improving customer satisfaction. In this release of Customer Journey we are putting more analytics into the hands of marketing, so they can build a deeper understanding of customer experiences and then proactively optimize related journeys,” he says.
“Our solution brings together all the required technology, plus the consulting expertise to achieve faster time to market. With Teradata, organizations can have a complete customer journey hub, without the implementation challenges of cobbling together a solution from multiple vendors.”
Suzanne Smith, director of enterprise analytics at Lowe’s Companies, Inc. agrees.
“Customer engagement has become more complex, costly and problematic with the multiplicity of channels, technologies, analytic applications and new competitive pressures,” she says.
“However, we are making good progress with the broad expertise of Teradata consultants who are helping us discover, drive and optimize customer journeys to increase return on marketing.”
The new capabilities of Customer Journey are as follows:
Integrated customer path analytics that offer better understanding of customer journeys, as well as ideal engagement points. Marketers can use this to target customers on a specific path, with personalised offers to influence decisions for positive business outcomes.
Communication journey visualizations show how customers flow through a multi-step campaign, so marketers can evaluate factors driving acceptance and decision making.
Visualizations for self-learning models show the relationship between customer attributes (age, income, life stage, life event, etc.) and their rate of response. Marketers can use this to understand the which customers are most likely to respond to an offer.
Real-time offer simulation gives marketers a predictive ability to see the impact of a new message, offer or strategy on campaigns that already exist. By understanding the impact on the number of targeted customers, marketers can run more effective campaigns and adjust strategy for the best results.
Teradata’s Customer Journey solution is available worldwide, with new features becoming available in later in 2017.