One of the most interesting areas of digital infrastructure that companies are putting in place today are ‘Digital Experience Platforms’ (DXPs). Digital disruption is the flip side of digital opportunity and it’s an unstoppable force. Businesses large and small are enlisting new technologies in the battle to dislodge incumbents, protect entrenched positions, or re-invent entire industries and business activities with processes, only made possible through digital change and innovation. For every HMV or Blockbusters story of digital disruption missed, there is an Uber or Dollar Shave Club mirror story of digital opportunity taken.
For brands to make sure they are on the opportunity side rather than the side of disruption, they are increasingly turning to DXPs to build, deploy and continually improve websites, portals, mobile and other digital experiences. Many DXP offerings derive from web content management (WCM) systems, or content and collaboration systems as they evolve to support individualized digital experiences. It’s no surprise that the leaders in the DXP space are Sitecore, Adobe and IBM – according to Gartner’s latest Magic Quadrant.
Perhaps unsurprisingly, given the multifarious nature of a platform consisting of Content, Commerce, Engagement, Process and Analytics functionality feeding into a universal Data Hub, most buyers in the report survey claimed they were taking a heterogenous approach across multiple vendors to make sure they got best of breed for each area:
The Importance of Agility
Whether you are thinking of taking a best of breed approach to your DXP strategy, or going with a single vendor, one of the challenges that buyers of DXPs face is time to value. Complex projects with multiple capabilities, touching all areas of digital experience for customers, employees and partners are inherently difficult. Agility has to be the number one priority in any DXP strategy if you are to be on the right side of digital opportunity.
Data is The Centre of The DXP Universe
The most important observation from The Digital Clarity Group’s report was just how much data was the linchpin for DXP strategies.
“Without comprehensive, accessible customer data, it’s impossible to deliver on the DX promises of personalization, predictive analytics and machine learning.” Digital Clarity Group
As the traditional web content management industry is disrupted by the evolution of Digital Experience Platforms (DXPs) it is easy to see why Wayin has built great relationships with the leading DXP vendors in Sitecore, IBM and Adobe. DXPs are focused on helping customers build impactful, personalized experiences that go beyond web to support true omni-channel engagement, a shared vision with Wayin.
DXP Data Strategy
Many of the smartest digital strategists are coming round to the fact that DXPs will only really succeed if they have the tools to make it easy for non-technical marketers to quickly and easily create interactive experiences that collect first-party data across the customer lifecycle at speed and scale.
The ‘new age of privacy’ that we have firmly entered into with the fallout of the Cambridge Analytica scandal and increasing regulation such as the EU’s GDPR enforcement, means that marketers can’t just ‘buy in’ third-party data sets to personalize their marketing like they used to. Instead, they are going to have to connect directly to consumers and gather the data and permissions they need to power personalized marketing across all stages of the customer lifecycle.
The Data Hub in a DXP strategy needs to be the central repository for the data you have on customers and prospects, from things like your commerce platform and CRM, but this becomes quite ineffectual unless you also have a strategy to continually collect first-party data around people’s desires, characteristics, motivations and interests.
Every interaction with a customer or prospect from your first engagement, all the way through to the Selection, Loyalty and Advocacy stages of the customer lifecycle are opportunities to get feedback to personalize your marketing. Not just by inference, but by explicit interaction where you ask for that data within the confines of engaging, interactive experiences that connect with your audiences on paid, earned and owned channels.
Take a look at this video from Outdoor brand Bowtech, where they have managed to massively reduce market research costs, fill their CRM with rich first-party data and personalize marketing so successfully that they beat the market by 20%. This was all done using the power of Wayin’s platform which allowed their small marketing team to create interactive, data collecting experiences to bring them closer to their customers across the customer lifecycle.
From Digital Disruption to Digital Opportunity
Bowtech and over 150 other Wayin clients, including some of the most innovative companies on the planet like AT&T, Reckitt Benckiser, AB InBev and Bauer Media understand these two core principles to staying on the right side of digital opportunity:
- Data is the centre of your DXP strategy. Just pooling the data sources you have into a data lake isn’t a long term strategy on its own. You need a strategy to connect directly to consumers to gather explicit first party-data (or declared data) that allows you to personalize your marketing more successfully.
81% of marketers obtain the highest ROI from data-driven initiatives when using first-party data*
- Agility will define the winners and losers of digital disruption. Digital opportunity can only be taken if your DXP strategy involves onboarding the tools that allow your team to quickly and easily build experiences that allow you to collect the gold data that DXPs rely on: first-party data.
The Common Sense Conclusion
Our customers have the agility to collect first-party data at speed and scale. We have collected over 300M PII data records for our customers so far this year alone. Wayin is used to launch interactive ads that collect data through engaging experiences with a value exchange for people’s data.
Our customers publish activations such as promotions, quizzes, meme generators and product pickers on their websites which allow their site visitors to tell the brand about themselves. Users of our platform deliver surveys and feedback loops to their customers throughout the customer lifecycle, some of our customers even publish interactive apps within their venues and stores that support the physical experience. On every touch-point, across every channel, they are collecting data through Wayin experiences that give them a critical advantage to turn digital disruption into digital opportunity.
Are there any quicker wins in implementing a DXP strategy? We could have you collecting great data next week through experiences quickly launched via our platform that will lift your marketing results. It’s not rocket science, but it is common sense.
Get Digital Clarity Group’s full report here: http://www.digitalclaritygroup.com/digital-experience-platforms-buyer-trends-preferences-and-strategies/
*Google/EConsultancy: “An Audience of Individuals” 2017
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