Data readiness isn’t just a technical challenge, it’s a competitive advantage. Businesses that harness real-time, high-quality data drive faster decision-making, better personalization, and measurable revenue growth. In the latest installment of “Data: The Defining Difference,” we explore how leading brands across industries have transformed their data into an asset with Redpoint technology.
Data that is ready for business use – at the time that it is needed – supports unlimited use cases at the enterprise level across in any industry. (See Figure 1). It starts with building a unified profile for whatever asset the business needs to understand, whether that’s a customer or household (retail, hospitality, travel, financial services, etc.) a member of a health plan (healthcare payer), a patient (healthcare provider), acreage (agribusiness), a vehicle fleet (transportation), a product, a supply chain, or another entity.
Figure 1: Digital advertising, email marketing, journey orchestration and AI are among the business use cases supported by data readiness.
Activating a complete and contextual understanding of a customer through a next best action, and managing the processes around it – all in real time – are the keys to extracting optimal value from enterprise data. No-code software with pre-built functions for all data quality processes allow enterprise users to build their own data pipelines for their business’s specific use cases.
Diminished Data Prep Time
Using Redpoint technology, a Fortune 100 global financial services company reduced the time to build and execute marketing campaigns by 80 percent. It had struggled to create a relevant customer experience largely because of siloed data, with separate databases for international and specialty customers. This led to timely and cumbersome data extracts that resulted in a limited data model that lacked the speed and efficiency needed to deliver new segmented campaigns and offers, or to guide multichannel customer journeys.
With Redpoint, the financial services organization now collects and stores customer data from multiple sources to create a unified customer profile. Data quality processes and advanced identity resolution steps are completed in real time as data is ingested. And with Redpoint software providing dynamic segmentation capabilities in a no-code environment, segments can be created once and used everywhere, giving the company the ability to provide contextually relevant experiences aligned with individual customer journeys. It is truly customer centric: customers move in and out of segments in real time based on the pre-set metrics, e.g., reduced churn, lifetime value, etc.
Improving the Member Experience
Beyond financial services, healthcare payers have also leveraged data readiness to streamline operations and enhance customer experiences. One payer was challenged with providing relevant experiences for members largely because each member’s multi-phased journey (shopping, buying, onboarding, risk assessment, renewal, etc.) was handled by different departments (marketing, sales, clinical vendors), each with its own member data and its own view of the member.
“Having all customer data available to us in one place, with the confidence that it is accurate, timely and comprehensive, has been the biggest asset of partnering with Redpoint”
– CEO, family-owned hardware store.
Using Redpoint technology, the payer lowered costs by 20 percent and improved engagement rates by 20 percent, driven in large part by vastly improving the member experience through consolidating the experience around a single member view. The payer attributed Redpoint with helping it reduce their tech stack expenses, establish more transparent relationships, and optimize channels by member preference. By creating a single member view, the payer established a multi-channel integrated approach, with personalized and staged messages delivered in the context of each member’s individual multi-phased journey.
A Revenue Boost Through Personalization
The benefits of data readiness also extend to retail. An independent, family-owned hardware store achieved a 20 percent lift in market basket size with a personalized buy online, pick-up in-store (BOPIS) initiative using Redpoint technology. Opting to transition from marketing flyers, the company leveraged Redpoint to create a Golden Record for each individual customer, using it to develop segments around the wants and needs of a customer vs. based on products. It now personalizes replenishment program emails timed to coincide with a customer’s known depletion rate (e.g., dog food, AC filters, etc.) leading to increased open rates and higher sales. Customers who take advantage of the BOPIS program now see relevant product recommendations and offers based on their purchases, leading to the lift in market basket size as well as a 68 percent higher average spend than customers who strictly shop in-store.
“Having all customer data available to us in one place, with the confidence that it is accurate, timely and comprehensive, has been the biggest asset of partnering with Redpoint,” said the CEO of the family-owned hardware store.
Tackling Data Management Complexity
A Golden Record, as we’ve seen throughout this series, is not just to create a single view of a customer. DTN insights help fuel decisions for fast-moving industries worldwide, and a DTN business line uses Redpoint technology to provide market intelligence to the US agriculture industry. Redpoint has been indispensable with developing a single view of millions of acres of farmland – more than 800 million acres of fields mapped with geospatial coordinates and linked to the farmers, the soils, weather, satellite imagery, water tables, irrigation, and yield data. To integrate and process this data, DTN needed a platform that had the integration, automation, and processing power to manage big data at scale.
Redpoint’s data management capabilities were proven to be up to 20X faster than competitors with processing structured and unstructured data for address hygiene, giving the company the ability to integrate all types of data to deliver new insights to customers, such as determining crop identity based on infrared signatures from satellites.
The depth of information it now provides its precision agriculture customers includes tornado tracking and the integration of elevation data, all with unparalleled processing speed and scalability that includes an 80 percent reduction in data prep time.
“When you have many different files of this magnitude to bring together, process and harness, you are talking numbers in the quintillions and beyond. There really was no other platform that had both the capability, processing and scale to handle what we need to do,” said the business unit’s president.
Liberating Existing Customer Data
A travel and hospitality company that owns and operates an enormous portfolio of properties, resorts, national park concessions and specialized adventure tours (cruises, bicycle tours, etc.) leveraged Redpoint to develop a single customer view across its many different brands.
Redpoint’s data management processes handle all cleaning, standardization and enrichment with more than 300 third-party appended attributes, providing the company for the first time with actionable unified customer profiles – without having to rip and replace its existing technology stack.
“Redpoint engineered a data intake solution that allowed us to keep basically all our existing IT infrastructure 100 percent intact,” said the company’s marketing director. “We didn’t have to standardize systems or data entry processes across all of our businesses, or address inconsistencies, or overcome a lack of connections across our enterprise. Instead, by leveraging Redpoint’s data management strengths, we quickly got a 360-degree view of our customers.”
The 360-degree view was critical for generating insights across the complete customer lifecycle, that the company then leveraged to automate multi-wave trigger campaigns that connect at key lifecycle stages, and capture data to refine personalization. Redpoint integrates data, decisions and interactions – including content, digital assets, creative assignments, rules, A/B testing, and outcome monitoring – in real time, acting as the single point of control to orchestrate engagement across all touchpoints.
This is the key to omnichannel personalization, including a 97 percent growth in revenue from email marketing using personalization techniques such as unique and targeted imagery, content and subject lines hyper-relevant to an individual customer’s journey.
Coming Next: The Data-Driven Personalization Maturity Roadmap
Is your data ready to drive personalized CX? Join us in the next series installment as we look at how companies are progressing along the personalization maturity roadmap, starting small with isolated use cases before building out their personalization capabilities. As this series continues, we will also periodically explore some of the innovative ways our customers are using Redpoint technology to stand out from the crowd, as the customers mentioned here by no means belong to an exclusive club.
Want to see how your organization can accelerate data readiness and unlock new growth? Contact us today for a demo: https://bit.ly/4jh57bB
