Scott Brinker’s iconic “Martech 5000” slide, published every year since 2011, counts the number of martech solutions on the market. The 2020 supergraphic, released in April, lists 8,000 solutions, representing a 13.6 percent increase since 2019, which rises to 24.5 percent when discounting the churn rate. The steep increase is not an outlier; the number of new solutions since just last year (1,575) is almost equivalent to every solution that comprised the 2015 slide (1,876).
For marketing organizations striving to accelerate digital transformation efforts in the wake of unprecedented change, the vast number of vendors presents quite a few challenges, not least of which is the daunting task of having so many options from which to consider and select the right solution. No less important are the integration considerations; how will a new point solution integrate with the existing martech stack and make it easier for marketers to ultimately better understand the customers they’re trying to reach? Because certainly the opposite can also be true; a new solution that does little more than create a new data source and data extraction point may in effect just be creating a new data silo.
To overcome these challenges, data integration and data quality rise to the forefront for organizations that know a single point of operational control is vital for compiling a deep understanding of a customer at the individual level. With customer journeys becoming even more dynamic and unpredictable, there are no valid excuses for failing to deliver a hyper-personalized customer experience. A connected consumer, in other words, will not forgive data siloes and unintegrated processes and technologies that get in the way of such an experience.
What is Data Integration
Seamless data integration and superior data quality are must-haves for any digital transformation. Data veracity allows companies of any industry to establish the foundation that allows them to start executing their visions of the future today, not tomorrow.
A digital experience platform that delivers unfettered data integration must meet a few conditions. First, it must welcome any and all data; data from every source and every type all hold important clues about a customer’s behaviors, preferences and patterns – which paints a complete picture of an individual customer.
Volume alone, however, is not enough to ensure an accurate unified customer profile, which is where automated tasks come into play for managing even the most complex data. Cleansing, matching, advanced identity resolution, persistent keys and enrichment are all vital for returning a single customer view that combines every customer identifier with complete behavioral and transactional data. Finally, a platform that can deliver on digital transformation objectives out of the gate must be able to do all of the above at the speed of the business. To keep pace with a connected consumer throughout an omnichannel journey, this often means milliseconds not hours or days. Data integration loses significant value if marketing is unable to extract actionable insight in the time needed to delight a customer with a personalized offer or otherwise next-best action based on the precise moment of their customer journey.
Data and a Superior CX
Unmatched data integration without data restrictions, and with real-time automation of cleansing, matching and identity resolution capabilities produce several key benefits for data-driven marketers who recognize the importance of having a deep understanding of the customer.
First, automation and ease-of-use allow for an optimal, effective use of resources; operational marketers can automatically connect, normalize and enrich all customer data. Data silo roadblocks that cloud a single customer view are eliminated, freeing marketers to pursue and test innovative customer engagement strategies. Second, low latency guarantees the access of precise, integrated and comprehensive data at the speed of the business, which is vital for delivering a relevant, next-best action in the cadence of a customer journey. Third, peerless data integration and a digital platform that offers a single point of operational control facilitates oversight, making it easier for marketers to define workflows that notify data stewards when they need to approve, reject or discard changes to customer data.
Trust in a Digital Experience Platform
Inaccurate data can undermine business initiatives and decrease productivity across an entire organization. Risks include lost revenue, damage to brand reputation, loss of competitive edge and an inability to make strategic, data-driven decisions.
To mitigate these significant costs, the Redpoint rg1 platform was built from the ground up with unmatched data integration and data quality capabilities, providing marketers with the trust and confidence in customer data that they need to deliver a personalized, contextually relevant customer experience at scale that is always in the cadence of a unique customer journey.