Personalized Customer Experience Becoming The Norm
In the digital era, as more and more customers are demanding highly personalized offerings, customer experience (CX) has become an even more important area in business. In an exclusive interaction with CXOtoday, Niraj Kaushik, Vice President - Applications Business, Oracle discusses the importance of personalized customer experience and how Oracle is planning to lead this space in the coming years.
Digital has transformed CX
Kaushik states that marketing was always there but it traditionally focused on advertising and events for reaching out to consumers. But digital marketing has changed all that. “The digital media has given customers more information and options for their purchase decisions than ever before. Instead of turning to salespeople, consumers have review sites, social media and online forums. More importantly, they can also access the seller’s website, driving online transactions - which has led to today’s e-commerce boom.”
He explains that within all those interactions, there is rich data about the consumer decision-making process, which can help a company derive value and win more business.
Customer Experience (CX), which is the sum of experiences that people have during the whole relationship with a given product or service, can help businesses win trust and retain customers if done in a positive way, even driving sales and profit. According to a Forrester study on tech trends, 75% of the organizations surveyed in India indicated that customer experience is becoming a top priority for their business.
Taking personalization one step up
Kaushik believes, innovative brands are leading the way in defining the next generation of customer experience with personalization, delivering more accurate, relevant information both in store and online. These companies are incorporating strategies like optimizing customer interactions over mobile devices, building brand loyalty and creating unique customer experiences as part of a customized journey to increase engagement and drive sales.
This is where Kaushik believes Oracle CX solutions come into the picture. “We are taking personalization one step further to deliver personalized communications to customers based on real-time behavior, interests, preferences, and customer data.”
Read more: CMOs Must Lead Customer Experience
“We’ve integrated best in class marketing technology into Oracle Marketing Cloud, including Cross-Channel Marketing, Marketing Automation, Data Management, Content Marketing and Social Marketing. Our technology is designed for businesses to empower both B2C and B2B marketers to orchestrate world-class customer experiences,” he says.
Our Data Management Platform enables marketers to tap into a pool of third-party data at their fingertips, and leverage hundreds of pre-integrated paid media providers to deliver relevant digital ads to new customers. Our lead-to-revenue management capabilities and cross-channel marketing in our B2B and B2C offerings allow marketers to orchestate an experience that enriches engagement throughout the entire lifecycle, helping marketers not only create loyalty, but also drive advocacy, he informs.
Importance of domain expertise
Kaushik believes one very important aspect of this business is specialization. “When I start talking to the lineup business user, if I am not specialized and I don’t talk that person’s language, then I am not effective in my sales job nor in my understanding with my customer’s requirement. So, that’s a very important element of our go to market strategy,” he explains.
We have developed specialized team and we are making sure that they build up the expertise over a period of time. Specialized people from marketing, specialized for sales, specialized for service across the CX space and then of course specialized for HCM and ERP and financial reporting budgeting etc. So, that’s a very important corner stone of go to a market. And we expect our partners also to do the same.
One area where Oracle is particularly bullish on is hiring customer success managers whose job is to ensure that once the customer buys a SaaS solution it is actually implemented. “In other words, these managers ensure that the solution goes live and then they use it productively to the time that a customer renews this service - a sort of post sales cycle,” he says.
The winning streak
Asked him about other tech powerhouses such as IBM, SAP, Adobe and Salesforce coming up with similar offering Kaushik smiles. “While many of them can have nice individual offerings, integration is still a concern. ”Putting all of those pieces together is something we excel at,” he says.
Kaushik sees India as a very interesting market because of its high internet and mobile population, coupled with a large number of young tech-savvy users and entrepreneurs, who are willing to explore ‘digital’ including cloud, social and mobile. The government is also highly upbeat on Digital India, which is going to drive infrastructure changes.
Oracle has been working tirelessly in the Indian public sector over the last two decades and is looking forward for more exciting opportunities. “These signs are encouraging and is helping us to tap the right market at the right time,” he concludes.
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