Data is the currency that fuels innovation, drives decision-making, and enhances consumer experiences. But the best data in the world is useless if you can't fully utilize it due to connectivity gaps. Let’s look at the significance of connectivity gaps and how they impact various industries. From travel to banking, we'll examine two real-life scenarios where connectivity plays a pivotal role in bridging experiences and driving conversions.
Travel & Hospitality: In travel and hospitality, many brands are often in play — whether sister properties or complementary brands. Imagine this common scenario: A visitor is browsing flights, comparing prices, and looking at travel options on a travel brand’s website. They’re not logged in, not authenticated, so essentially they’re an anonymous visitor to the brand. But it turns out they’re actually a customer, and a member of the travel loyalty program. While searching for flights they realize they may have points they could use for their travel. They jump over to the loyalty site and log in to check their points balance. It’s a new domain so the travel company doesn’t know this person went to their loyalty site (at least not until later), they only see it as a visitor abandoning the search. The brand may start sending emails saying, “Hi, we noticed you abandoned your flight search, here’s an offer you might like,” because that’s the only option based on the limited data they have. The different domains aren’t connected, creating a gap and limiting the effectiveness of any marketing efforts. They lose valuable insight that can be gained from connecting the full journey together across domains in live time. It’s much more effective to present a relevant offer in live-time — for example, a large banner within the loyalty site offering a 10% discount voucher that takes the customer right back to the flight booking page. Much better, right?
Now, imagine the travel business has all their brands connected to create and persist a single identity across all domains, whether the visitor is anonymous or known. Let’s say the customer doesn’t have enough points. The travel company can now present a personalized offer— during the same session —for a new credit card that has a sign-up bonus of X number of points. That offer could say, “Hi Jo, we noticed you were looking at flights to London, and although you don’t have enough loyalty points just yet, we’ve got a special offer for ABC credit card that will give you enough points to get that flight free!” This is a hyper-personalized offer that directly engages the customer and ties all their behaviors and interests together, delivering a highly relevant message exactly in the moment the customer is engaged. This is what marketing dreams are made of! Without that connectivity (which most vendors don’t offer, at least not in live time) that level of personalized experience isn’t possible.
Banking & Finance: In banking, a smooth and seamless customer experience is crucial for building trust and satisfaction. However, connectivity gaps often undermine these efforts thanks to the complexity and scope of financial products. When customers are accessing information on different devices, or looking at different products such as bank accounts, investments, mortgages, etc., there’s a LOT of data being generated. But most data solutions can’t connect those different journeys into one comprehensive identity profile in live time — forcing organizations to miss out on valuable opportunities and possibly deliver a poor customer experience. Imagine a customer coming to your site to look at mortgage options. They don’t bother logging in because they’re just doing research. They browse the site, look at different rates, maybe even try out the mortgage calculator. They like what they see and decide to start an application, so they log in to simplify the process. There are some tips about using retirement funds for a downpayment, and they’re intrigued so they pull out their mobile phone to look up their investment balance. With most data solutions, this would create three separate identities for that same individual, not connected to one another, because the login page uses a subdomain and the mobile is a different device.
To overcome this challenge, cross-device identity stitching and real-time connectivity come to the rescue. With a modern identity resolution platform, those journeys are all connected and stitched together instantly to create a full picture of the individual and enable live-time personalization. Picture a special mortgage offer for existing clients to get a bonus for using their retirement account to help pay for the downpayment. Now that’s a compelling reason to convert!
Even better, a representative from the mortgage department could proactively reach out to offer assistance with various downpayment options and guidance on using retirement funds to purchase a home. This seamless transition between devices and domains not only improves conversions, it also demonstrates a deep understanding of the customer's needs, leading to higher brand loyalty.
The examples mentioned above illustrate the significance of connectivity in bridging experiences and driving conversions. In an increasingly digital world, consumers expect personalized and streamlined interactions across various touchpoints. Connectivity acts as the critical link that enables businesses to deliver on these expectations, fostering better experiences and ultimately boosting revenue.
Beyond the specific scenarios outlined above, connectivity also has a significant impact on "phygital" experiences. Phygital refers to the integration of physical and digital elements, creating a cohesive and immersive customer journey. Whether it's in hospitality, retail, banking, or any other industry, the phygital experience relies heavily on connectivity to seamlessly blend digital convenience with in-person engagement.
Connectivity not only facilitates data flow, it enables businesses to act in real-time and respond promptly to consumer needs and preferences. By harnessing the power of compliant connectivity, organizations ensure data isn’t only accessible but also secure, protecting customer privacy while enhancing their experiences.
In the modern business landscape, connectivity gaps can be detrimental to success. The best data and most innovative technologies are only valuable when they can be effectively used to deliver seamless experiences for consumers. By addressing connectivity gaps, organizations can bridge the divide between digital and physical interactions, as well as multiple brands and domains, to deliver personalized experiences that drive conversions and build long-term customer loyalty. Connectivity isn’t just about data flow; it's about leveraging technology to build meaningful connections and empower businesses to thrive in their digital transformation.