Do you really know your customer?

With the global digital transformation, businesses are constantly looking for ways to improve the efficiency of their brand positioning and marketing strategies.

Consumers are now much more demanding in their expectations. Brands can no longer get away with generic promotions that cater to the masses. They are expected to roll out personalised communication that speaks to each customer personally.

Knowing whom you're dealing with online is essential for secure business, transactions, and interactions; this applies to companies as well as individuals.

If you implement the proper digital identity framework for your organisation, it will lead to:

• Increased efficiency
• More revenue
• Cutting-edge user experience
• Evolved digital journey

Customer profiling and its limitations.

The idea of customer profiling has been around for a while, which has proven helpful in targeting specific market segments and in promoting brands/products. A more sophisticated form of profiling has revolved around loyalty programs to execute targeted promotions. It is now prevalent to see merchants, both brick-and-mortar and online, record activities of individual customers to fuel profiling based marketing initiatives.

Various channels acquire customer data for profiling, and these data sets are often incomplete or incorrect. While Customer Master Data Management solutions provide a data matching service, they often lack robustness and secure data sharing credentials.

It limits the ability to build one unified, trusted version of data that captures all the necessary and accurate information needed to be known about a customer, member, resource, entity, item, or asset of value to a business or an enterprise. As the single source of truth, Customer Golden Record.

Information Segmentation

Much value has customer profiling proven to targeted marketing. The modern methodologies associated with customer profiling also conceive the challenge of Information Segmentation, which hinders the effectiveness, impacting brand promotions and sales.

Segmentation may arise out of the following circumstances:

• Systems may record the activities of one person under multiple customer identities. The customer-identifying attributes such as an address, email or phone number are rarely unique in identifying a person, especially when the records have accumulated over time.
• A business division generally only records part of customers' multifaceted information related to its designated functionality.
• The phenomenon of multifaceted information segmentation is common across domains financial institutions, retail, travel, healthcare, legal, and government entities.
• Ideally, the data residing in each merchant should join forces in developing the Customer Golden Record.

Creating a digital profile in the data-driven world.

Our team at HorizonX has built a platform offering services to unleash the power of customer profiling and overcome the segmentation of information. The platform enables data acquisition at scale, enrich, augment and aggregate the data for sharing:

• Granular - to help cultivate personalised experience and to forge customer affinity
• Anonymity - PII data is not compromised throughout processing and sharing, even to the aggregation system*
• Scalable - supporting millions of customers
• Extensible - additional information sources can be readily incorporated should they become available

Prospecting into the customer behaviours (past transactions, customer service records, browsing history, comments on social media) in temporal, product and consumer perspectives aims to obtain statistically significant insights on the individual level. Information Aggregation

The 100% anonymity offered by the platform is essential to thriving through the next evolution of data privacy,