Customer marketing has seen an influx of new technologies, techniques, and tools, each with their own buzzwords which tend to get miss-used, a lot. So, to help us keep our marketing teams straight on what terms they should be using, we thought it would be useful to put together a straightforward glossary of some of the most miss-used jargon for you to share.
Here it is:
- AI vs. Machine Learning:
Artificial Intelligence is the broad concept of machines being able to carry out tasks we would consider to be smart. Artificial Intelligence is classified in two ways, applied and general. Applied AI is more common. Examples would be — systems designed to intelligently trade stocks and shares, or a self-driving car.
Machine Learning is an application of AI based which gives machines access to data and lets them learn for themselves. Based on the data they have access to, the machine can make statements, decisions, and predictions with a degree of certainty, and modify its approach based on its learning. Basically, we are teaching our machines to think like a human while retaining their speed and agility.
- CRM vs. CX:
Customer Relationship Management (CRM) is the practices, strategies, and technologies we use to manage and analyze customer interactions and data throughout the customer lifecycle. The goals of CRM are to improve our relationship with customers, assisting with customer retention, and driving revenue. CRM systems compile information on, and interactions with, customers across multiple channels and devices.
Customer Experience (CX): Insights gleaned from customer interactions to help meet (or better yet, exceed) customer expectations to drive long term loyalty. And, Forrester claims 86% of customers will pay for a better experience. CX is the sum of all experiences a customer has with us over the duration of their relationship.
- Cross Channel vs. Multi-Channel:
We covered this topic in our recent blog, Cross Channel versus Multi-Channel Marketing. Here is an excerpt from the blog.
Multi-channel is having a presence on more than one channel, platform or device. Multi-channel is a silo-channel approach. Meaning strategy and execution happens in individual channels (a vertical approach).
Cross Channel means we are seamlessly marketing and interacting with our customers irrespective of the channel or device. Cross Channel embraces the whole customer journey. It is Cross Channel capabilities deliver the personalized experiences our customers demand.
- Customer Journey vs. Customer Lifecycle
Customer Journey: The customer journey documents all the touchpoints between the customer and the brand as the customer moves from awareness to engagement and purchase. The intent of customer journey tools is to help develop a seamless experience connecting each touchpoint. The goal is to lead the customer to a successful outcome with our brand.
Customer Lifecycle: Identifies and describes milestones that customers follow as they move through their relationship with a brand. While the Customer Journey helps us move the customer to a successful conclusion (buying something they need or want), Customer Lifecycle tracks the entire relationship between customer and brand from first interaction through repeat purchase, loyalty, and advocacy. The customer lifecycle helps us deliver personalized marketing based on the customer’s lifecycle stage. Additionally, it is essential in evaluating the lifetime value of each customer.
- Single Center of Truth vs. Single Customer Record.
Single Center of Truth: Silo data is the enemy of marketing. We need to engage each, and every, customer wherever they interact and whenever they are in the moment. This means consolidating all customer interaction data from multiple sources (internal and third party), cleanse, transform and centralize it in one single repository. This creates a Single Center of Truth accessible to the whole organization and enables all of us to work with the same view of our customers.
Single Customer Record: A Single Customer Record is the only way to track everything they do in relationship to our brand. When they interact across multiple channels, we need to understand how they are interacting and how they use each channel to browse, shop, purchase, review, and share. A Single Customer Record not only gives us a persistent record of each customer, but stores and analyzes dynamic data, updating itself every time an interaction occurs.
Our latest eBook, The Value of Context, Cross Channel and Real-Time Capabilities: Advancing Marketing’s Productivity, is another tool we have made available. It gives your teams additional information to on how to engage and retain customers by adding context, real-time, and cross channel to marketing programs. It is available to download, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.