The message out of Oracle’s Customer Experience event in Las Vegas last week, is that the company is leveraging its strong database heritage and building a three-pillar strategy; connected data, connected experience and connected intelligence.
Which-50’s invitation to the event was obviously lost in the mail, so we tracked down Derek Bell, the director of customer success and marketing at Marketing Cube, a Sydney based and accredited Oracle Marketing Cloud Gold Partner to give us his key impressions of the show.
Oracle is building on its heritage in databases for the first of its three pillar strategy – Connected Data. Used strategically, data has the ability to be a competitive differentiator for your organisation.
The second pillar is Connected Intelligence – which provides you with the tools and applications you need to turn that data into actionable insights.
The third and final pillar is Connected Experiences, and what it is that you are delivering online or through your connected and aligned channels.
This model serves both B2B and B2C business models, and increasingly it’s the B2Me experience economy.
In the moment
Analysts at Forrester Research argue that the paradigm for customer engagement is shifting from large, monolithic experiences that serve everyone to smaller, more contextual experiences. The end goal is for companies to serve to consumers at just the moment they need them.
In her keynote presentation, Ann Handley, the chief content officer of Marketing Profs referred to these as micro-moments, telling attendees that such moments are becoming critical across the customer lifecycle as we move into the Customer Experience economy.
Of course delivering on such a promise is not without complexity. As Mark Hurd Oracle CEO noted in his day two keynote, his company typically touches its customers 80 times through the sales cycle, and that the first 20 were the hardest.
The system complexity in delivering hyper-personalised digital or personal experiences which is the end state of truly connected experience requires a deep understanding and capacity to execute, something Oracle would regard as a key competitive advantage.
Among some of the other highlights from the event;
Katie Marvell said that B2B marketers have fear of missing out and taking in more information than ever before which is leading to real stress and its corresponding symptoms.
Attendees were told that buyers want clarity from sellers and they want to understand the vision. They want fresh ideas to help advance their businesses. They want us to lead with ideas and not brute force. We need to trust the power of our brands and be strategic.
Carnival Cruises describe how they had created hyper-personalised experiences for their customers using a unique medallion that helped opened their cabin door, enabled them to buy drinks (and have them delivered wherever they were), and even subtly change the music that they were experiencing.
Lufthansa described how they used AI and data science to transform their online booking process. They leveraged data from over 390,000 flights a day and took a deep dive into how people buy online to create an affinity model and how people were buying online. The new approach removed clutter from other services (like insurance and car rental) and added seat selections. They then tested their model with Oracle’s Maxymizer to see what results they got in the real world. It was highly successful and they are now in the process of blending back in additional services with some tree branching.
Finally, Oracle also outlined what it described at four stages of marketing maturity. In the operating level marketers focused on cross channel automation, in the learning level the emphasis shifts to increasing revenues and improved customer retention.
In the optimising level hyper-personalisation is the goal along with more sophisticated experiences while finally, at achieving level, marketers work with actionable intelligence, capture market share, and maximising customers lifetime value.