Customer experience (CX) today is as valuable as a product itself, often more so. Many small businesses have adopted this philosophy and it's a key reason why large business disruption occurs. You don’t have to make the best razor blades in the world, but if your customer experience is superior because you’ve solved the consumer problem, you too can build a small fortune.
So how do small- to medium-businesses (SMBs) achieve supreme customer intelligence? How do they scale the ability to walk in the shoes of their customers and truly understand the nuances of every individual customer journey to then position products or services at the right moment – all on a bootstrap budget?
Consider the following approach:
1. Dissolve operational silos and organize your team around the overall customer journey. Group functional team members (marketing, sales, service, etc.) by customer journey stages. So rather than having a marketing department own customer awareness, you now focus on the customer awareness objective across a core team of customer experience professionals comprised of marketers, sales, and service reps.
2. Empower your customer journey teams with intelligent, connected CX technologies. You just dissolved operational siloes and it’s time to do the same with customer data. Is Eloqua integrated with content marketing and your CRM? Do you have a single source of customer data across all your CX systems?
We believe SMBs will benefit if they have connected data driving connected experiences to ultimately deliver connected intelligence. We focus on simplifying technology decisions and usage so SMBs can focus on innovation and disrupt their larger rivals.
1. Oracle CX Cloud Suite is the most complete, connected, and configurable technology suite available.
The implications of a complete, integrated suite of cloud-based CX technologies is that SMBs will immediately save more money and accelerate revenue growth all while empowering their customer journey teams to develop preferred customer experiences.
Forrester states current market activity well:
“The digital experience platform market matters because companies are looking to provide digital customer experiences across every step of a customer's journey. And that requires software that spans marketing, commerce, service, analytics, and more … Oracle has one of the broadest portfolios — including, content, commerce, marketing, data, analytics, and customer care — of any vendor we evaluated. As one reference told us: ‘No one else has the length and breadth of integration and future development dollars. I think Oracle is in this for the long haul.’"
2. Artificial Intelligence is transforming customer engagements. Oracle offers practical and immediately useful Adaptive Intelligent Apps across our CX applications.
Customer behaviors are difficult to predict. No two customer journeys are alike. Customer journey mapping and behavioral analysis are favorite techniques for understanding general customer behavior. But these human-driven methods fall short in scale and personalization. It's implausible to expect manual approaches to provide the perfect, individualized experiences customers will come to expect. Artificial Intelligence (AI) technology solves this CX challenge.
Embedding AI into applications has several far-reaching benefits.
3. Oracle AI technology is fueled by Oracle Data Cloud – the world’s largest third-party data marketplace that delivers improved customer understanding for consumers and businesses.
Oracle Data Cloud provides more than 5 billion global consumer and business IDs. Data can be segmented and selected from more than 60,000 data segments sourced from 1,500 data sources and 15 million websites. It has behavioral data gleaned from $3Trillion in annual observed consumer spending.
Oracle’s Adaptive Intelligent Apps uses Oracle Data Cloud information and your own first-party customer information to generate real-time customer insight and uses those insights to power personalized, connected and relevant customer experiences.
So the combination of AI and Oracle Data Cloud become a valuable competitive advantage for SMB leaders, as it provides the enhanced insight on customers that can help close sales faster, resolve service issues faster and improve digital conversion rates across your business.
4. Oracle Cloud expertise helps businesses simplify complex operations, maximize budget, and reduce costs.
Oracle offers the only cloud needed to run an entire organization – cloud applications for the front and back office, platform as a service (PaaS) for integrating and extending applications, and infrastructure as a service (IaaS) for leveraging Oracle’s cloud compute power. And our newly announced autonomous databases and automated software offerings allow any business to develop any preferred IT operation and reallocate human labor and associated costs out of database setup and management.
The choices of Oracle's deployment models reflect this as well. You can use Oracle’s public cloud to access our IaaS, PaaS, SaaS, and DaaS (Data as a Service) capabilities. We also offer Oracle Cloud at Customer, which enables customers to run Oracle Cloud services on-premise in their own datacenter. It's hard to find this level of integration, completeness, flexibility, and autonomy from any other technology vendor.
5. Industry analysts list Oracle CX applications in market-leading positions in over 29 individual reports.
These individual analyst reports prove Oracle offers best-in-class technology with over 20 individual CX applications across sales, marketing, service, and commerce lines of business. Oracle understands that the creation of an integrated CX technology suite may be an iterative process, addressing functional CX needs across the organization. Therefore, Oracle’s applications are modular, scalable, and highly configurable, seamlessly fitting together to serve ever-changing business requirements.
"At Oracle, we feel any organization looking at CX in a more strategic and considered manner is going to favor the completeness, integration, and depth of the CX Cloud Suite to help in their business transformation by incorporating innovations, applications, and services from Oracle to help them deliver better customer experiences." --Des Cahill, Oracle Head of CX
As SMBs look to accelerate revenue, they must keep the focus on customer journeys and connected intelligence. It’s the best way to position their products in a buyer’s market. Walker states it well in their recent Customer’s 2020 report, when companies adopt a silo view of customer experience, it’s impossible for employees or teams to see the full picture from the customer’s perspective.
Begin by organizing the team around customer journeys and empower them with connected and complete CX technology.