Welcome to the weekly roundup: a culmination of news, ideas and learnings from the SessionM world.
Quote of the week:
“It’s meaningless to market to segments, millennials versus boomers, single white women in New York or soccer moms in California. To differentiate your brand and create that engagement, you have to get to Rachel versus Mark. The only way to do that is to get into and really start understanding the use cases around AI and machine learning, how that can help you as a brand and help your marketing stack make that happen.” – Sherif Mityas. Chief Experience Officer at TGI Fridays.
AI and customer data are having a big impact at TGI Fridays
A new article by VentureBeat mentions that TGI Fridays has grown overall engagement by more than 500% over the past 14 months. According to Chief Experience Officer Sherif Mityas, their ability to connect data from disparate sources and use that to dynamically tailor their engagement strategy towards individual behavior in real time, enables them to create more personalized messages that lead to improved marketing performance. We’re thrilled to be working with a company at the cutting edge of AI and personalization innovation!
What are the benefits of a CDP?
The CDP has many benefits. Chief among those is the ability to take in multiple forms and formats of data from several sources to give marketers a unified, real-time view into, and access of, their customers’ data. All of this unified data gives marketers a much better understanding of customer behavior, allowing them to create a deeper level of personalization. Not convinced that you need a deeper level of personalization? According to research by BCG personalization will push a revenue shift of some $800 billion to the 15% of companies that get it right. For more on what a CDP can do for your company, check out this great article from CMSWire. Want to learn more about how combining a CDP with an engagement platform gives marketers the magic touch? Click here.
Personalization is becoming a theme this week
eMarketer Retail published an interesting article on how personalization levels vary across sales channels, and noted that personalization has become top of mind for nearly every retailer. What’s intriguing to note is that many are failing to implement this strategy across all channels, with the majority mainly focused on their email channels. Sounds like more retailers need to take a closer look at the Customer Data Platform industry.
Who’s the real hero behind the single customer view?
According to the good people at Wise Marketer, that hero is holistic data. Data-driven loyalty programs thrive off omnichannel efforts because more touchpoints feeds more data (paying attention retailers?) as more data on consumers is acquired, the reality of these consumers is clarified. The best data-driven programs use data from across the entire omnichannel ecosystem to create a Single Customer View that truly satisfies the shopper’s needs and wants.