Every digital business knows the potential value of customer data. They also know that, as with any raw material, there is a process that must occur between collecting this data and being able to use it.
While the ability to use data to improve customer experience has always been a competitive advantage, the pandemic has clearly drawn a line between companies that could effectively leverage their data and those that couldn’t. A McKinsey & Co. report showed that between mid-2020 and late 2021, around 75% of consumers tried a new shopping method, product or store and 80% of them liked the new way of doing things and intend to continue. .
Simply put: if a business can’t deliver the level of customer experience that connected consumers expect, it will lose out to the competition. However, reaching the levels of personalization provided by companies, such as e-commerce giant Amazon.com Inc., streaming platform Spotify Technology SA and global retailer Walmart Inc., is not easy.
“A lot of companies start and build [a marketing data platform] from scratch, and problems seem very easy to fix at first,” said Chee Chew (pictured), product manager of mParticle Inc. “But then, as new laws come out, as the platform shape changes…it puts you on this treadmill of always reinventing and reinvesting in data collection.
Chew sat down with theCUBE industry analyst John Furrier in a chat ahead of the upcoming AWS Startup Showcase “MarTech Emerging Cloud-Scale Customer Experiences” event, an exclusive broadcast on theCUBE, the live streaming studio of SiliconANGLE Media. They discussed how customer data platforms enable companies to create value from real-time customer data. (*Disclosure below.)
Modern data challenges require new approaches to data management
A modern customer data platform should not only provide real-time customer personalization, but also adhere to all relevant data governance policies, integrate securely with third-party data sources, and ensure that data is always High quality. This is a difficult bar to reach.
Previously working as vice president of consumer engagement at Amazon, Chew oversaw a team of several hundred engineers, all of whom focused on collecting, cleaning and analyzing data. It is impossible to employ such a large team, except for the largest companies, which makes real-time data analysis out of reach. Also, whether the team is large or small, “they spend 80% or 90% of their time cleaning the data, accessing the data, like getting the right permissions. And they spend 10-20% of the time building models and doing the really cool things that you want your data science to do,” according to Chew.
It is this gap that prevents companies from taking advantage of their real-time data. Skipping processes means inaccurate information, customers heading elsewhere, and data privacy breaches that can lead to security breaches and loss of brand reputation.
That’s why companies like mParticle offer a way to simplify the customer data pipeline.
“Our core business is taking that tedious work and things that might be less exciting and tailor-made for your business,” Chew said. “That’s what excites us.”
Real-time personalization drives consumer choices
Partnering with a customer data platform provider allows machine learning scientists and data engineers to offload tedious data management tasks. They can then focus on building templates that will deliver the real-time personalization experiences their customers want.
“The notion of when you go to a page or screen on your mobile device and then the next page, that next page should be personalized with the things you did seconds ago on the previous one,” Chew said. “It’s not enough to just collect the data, use it, do a bunch of similar calculations, and then tomorrow figure out how to customize it. This must be in the time of interaction with our customers.
An example of this would be an online outlet offering a newer version of a product that a customer has placed in their checkout cart or a restaurant sending out a coupon if a consumer searches for “places to eat lunch ” in his region. According to Chew, mParticle’s ability to do this for any industry across all verticals stems from the fact that there is a core set of issues that affect all businesses striving to maximize value from their transformation. digital.
“If you look at what your engineers do…you’ll probably find that a minority of the work is really unique to your company and the majority are common problems that other companies face,” he said. Remove these issues and businesses are free to focus on the bespoke, unique and innovative aspects of their business.
The mParticle Customer Data Platform is based on a real-time streaming architecture, enabling integration between multiple vendors to provide a holistic view of a customer’s data. And secure access through APIs and SDKs allows engineers to easily plug existing tools into the platform, reducing the time it takes to manage third-party code.
“We work really hard to empower our customers,” Chew said. “We have a great reputation with our customers for truly focusing on unlocking them and enabling whatever the heart desires.”
Here is the full video interview. For more information on the latest innovations in marketing technology, be sure to sign up for SiliconANGLE and theCUBE’s coverage of the AWS Startup Showcase Event “MarTech Emerging Cloud-Scale Customer Experiences”:
(*Disclosure: mParticle Inc. sponsored this segment of theCUBE. Neither mParticle nor other sponsors have editorial control over the content of theCUBE or SiliconANGLE.)