Take off your professional hat for a moment and remind yourself of your most pleasant digital experience. Did it have something to do with easy integration of your information? Easy checkout and a holistic summary of your actions?
This experience surely reinforced the brand you were interacting with and that brand surely knew that would be your response! Customer journeys are not an afterthought for brands operating in today's competitive environment. But why do brands sometimes cut the journey short, leaving you to want more in your experience? The most successful brands know the power of putting the customer first, even if this means moving beyond their own brands into the “total experience”. Many great examples can be found in the travel and tourism industry but what about other industries?
The insurance market, for example, is characterized by margin pressure and profitability, and a constant battle to gain and keep insurance customers - often won from competing providers. As digitalization opens up new possibilities and pushes consumer expectations, the competition is also starting to come from digital players in other verticals embedding insurance products into their customer journeys.
Much like insurance, a primary driver in retail is the growth and expansion of sales. Customers can be very sensitive - to pricing, to sharing data and to broken experiences. To add to the challenge, compliance and tracking regulations are making the opportunity to fully understand your customer even more complex. On the positive side, customers do show an interest in sharing when something is being offered in return, providing an enormous opportunity for upsell and cross-sell across brands and networks.
To fuel growth and stay competitive with experience, prices and offerings, both industries need to uncover insights about their customers, their risk profile, their buying behavior and their buying potential - but never at the expense of the trust in the brand.
Building an ecosystem for growth requires trusted data sharing
As ecosystem partners become a natural part of a provider’s universe of services and experiences, some customer data needs to be shared between group subsidiaries in order to create friction-free experiences across multiple digital services or applications. Building a trusted, transparent and seamless workflow for data sharing is crucial in enabling this, and can also drive digital trust with your end-users.
It's happening in the real world!
There are many excellent examples of end to end customer journeys that can be shared from travel and tourism but perhaps it is hard to imagine the possibilities that are available in retail. One clever example comes from an organization that operates many brands and retail formats including grocery stores, parking structures, fuel stations and charging networks. Each business operates as a separate entity and has its own application, however they desire to extend the customer experience across brands. This organization wants to provide services such as free parking at their parking structures if loyalty members are grocery shopping at nearby stores as well as special sales at nearby stores when customers are charging their vehicles. To make this goal a reality, the organization is challenged with finding the right tools and technology to safely share data across their network to unlock opportunities for their customers.
Trusted Data Sharing is the mechanism to make ecosystem growth a reality
The sharing and use of customer data can seem like a daunting task for your organization but It is possible to unlock new opportunities for customer experience and new product creation without compromising security. To solve this challenge and unlock new channels and experiences for your brand, we launched Trusted Data Sharing. Trusted Data Sharing gives businesses the tools to interact with their customers and networks with full privacy & transparency, provides industry-compliant data collection and unlocks real-time insights about your customers behavior across brands and partner networks.
Learn more about Trusted Data Sharing.
