Consumers today desire an experience that is tailored to their unique interests and experience with brands. As companies better understand customer preferences, they can dedicate resources towards more profitable transactions that also increase brand loyalty. RedPoint Global offers a customer engagement hub that offers a single point of control over data and customer journeys to deliver seamless, hyper-personalized interactions.
I recently had the opportunity to speak with Patrick Tripp, the VP of Product Strategy for RedPoint Global. He shares how RedPoint Global provides business tools that increase loyalty and engagement while respecting a consumer’s right to privacy.
The Genesis of RedPoint Global
RedPoint Global was founded in 2006 by industry executives that came from Accenture’s CRM practice –Dale Renner, George Corugedo, and Lewis Clemmens.
These gentlemen understood that you need to first and foremost be able to know your customer. These insights allow you to deliver a better customer experience at every touchpoint with the consumer. Those additional interactions create even more guidance for future interaction. The virtuous cycle between data insights and action and has been the foundation of RedPoint Global.
How RedPoint Global Optimizes Customer Engagement Strategies
RedPoint helps some the world’s most sophisticated brands optimize their customer engagement strategies through three concepts. First, the foundation of every effort is about connecting and organizing data to create a single customer view. Second is implementing analytics to uncover trends and make it actionable. Third, enabling employees and systems to deliver personalized experiences through omnichannel marketing.
Connecting and Organizing Data
Many companies have multiple systems that are not integrated adequately to allow a complete picture of a customer. The RedPoint Global customer engagement hub provides clients with a single view of every customer. Every interaction builds upon the last to drive engagement and increase satisfaction.
Analytics Drive Insights
As the data creates a clearer picture of every customer, what insights does this provide? By analyzing customer profiles, trends emerge that allow for personalization like never before.
Delivering Personalized Experiences
Companies are able to deliver a more meaningful customer experience with personalization. Whether a customer is in a store, on the phone, or on the website or app, a single client view provides a better experience. For example, it allows for smoother cross-sell efforts that complement existing purchases. Or the business can provide relevant content that offers greater utility and satisfaction from a potential purchase.
The balance is offering personalization without overstepping privacy concerns.
Respecting the Privacy of Individuals
In today’s climate, respective individual privacy is paramount to ensure customer satisfaction and to avoid breaking any laws.
Europe has the General Data Protection Regulation (GDPR) and California passed the California Privacy Act. Both of these laws hold companies accountable for consumer privacy. Additionally, emerging privacy compliance regulations are being discussed across the United States.
It is more important than ever right to have a strong understanding of what you can and can’t do with consumer personally identifiable information. RedPoint Global assists its clients with delivering appropriate personalization based on preferences and privacy choices.
Can a Small Business Benefit from RedPoint Global’s Services?
RedPoint Global works with both enterprise-level companies with over $1 billion in revenue and emerging companies that are on a growth trajectory. Most of their energy is focused on the enterprise space. They tend to have gathered more complex data and have the resources to dedicate to solving their B2C challenges.
Aspirational growth-oriented companies can also benefit from RedPoint Global’s solutions. They serve many emerging companies in the retail and banking markets. Solutions are available for resource-constrained companies.
RedPoint Global and the Travel Industry
RedPoint Global helps companies in travel hospitality have a better view of what’s going on with each of their members. Then it can tailor those messages to provide a tremendous value both for the organization as well as for the end user.
The travel and hospitality industry offers an excellent opportunity to deliver a more cohesive and complete experience. As mentioned above, the data provide insights which allow for personalized recommendations. The customer feedback enriches the dataset immediately with real-time interaction management. This provides an even better experience while the customer is still on their vacation.
For example, one RedPoint Global travel client emails reminders of a customer’s upcoming stay. In that reminder are personalized offers and recommendations based on the client’s profile. Post-experience feedback surveys enrich the customer profile and enable better suggestions for the next adventure.
How does this Technology Impact the Bottom Line?
Each clients results will vary. However, increased engagement and deeper loyalty will lead to more profitable customers.
RedPoint Global’s travel client mentioned above transformed their email marketing efforts from “batch and blast” to a segmented approach based on personas. Their revised approach increased revenue per email from 10 to 20 cents to over one dollar in revenue. This was a huge lift for the company!
Not every client will receive as remarkable of a return on investment. However, the possibilities are endless when you can engage on a deeper level with your customers. The right personalization approach can convert an occasional customer into a brand ambassador amongst their circle of influence.
What is the Implementation Time of RedPoint Global’s Solutions?
Implementation times vary based on the scope of the project and the condition of the client’s data. Many emerging companies can be on-boarded within four to six weeks using the RedPoint Accelerator package. This package solution is designed for retailers and banks.
Enterprise level organizations often implement RedPoint Global in phases. Their operations can be global and have tremendous complexity. That being said, data must be integrated, reviewed for cleanliness, and molded into the proper structure. This effort can often be accomplished within six to eight weeks.
It is important to note that every client situation is different and the timeline will vary based on the project scope.
Introducing RedPoint Global AI Studio
The AI Studio from RedPoint Global was released in October 2018. The RedPoint AI Studio humanizes access to advanced analytics for marketers. It offers a library of models that allows users to get up and running quickly with automated and guided personalization.
Marketers can leverage predictive analytics to score customers and deliver a dynamic customer journey. This technology allows for the creation of next-best actions. These actions deliver based on a customer’s perceived needs, preferences, and likely intent.
By offering personalized messages along the path to purchase this will increase conversion and customer lifetime profitability.