Implementing a digital experience platform (DXP) for your organization can be a significant financial commitment. But it’s also an investment that can pay considerable dividends. If you’re a marketing executive or CMO going to your CFO for DXP funds, you’ll likely need to explain what DXP is and what it can deliver for your organization. This blog post and associated executive brief are here to make your job easier.
What is a Digital Experience Platform (DXP)?
In layman’s terms, a digital experience platform is an integrated set of tools that enable an enterprise to deliver much deeper personalization at scale, with a lower total cost of ownership. It facilitates more interactive, personalized and targeted experiences for customers across your organization’s public presence. A DXP brings unified, powerful messaging and functionality to websites, email, SMS texts, ecommerce and more…even brick-and-mortar locations. These solutions cover creation, approval and distribution, allowing teams to work effectively across departments for a more efficient, seamless experience.
Personalize to thrive
Key to delivering digital customer experiences is personalization. This means making sure your customer has an experience that fits their expectations—pre-purchase, post-purchase and throughout their ongoing relationship with your organization. Personalization has been shown to significantly increase customer satisfaction and retention.
Switching providers has never been easier. Consumers today are more willing than ever to jump ship after a bad experience, or with the right incentives. And companies today devote tremendous amounts of time and resources trying to lure customers away from their competitors.
Personalization is an essential tool for building and keeping your customer base. It makes them feel like you understand them better than anyone else.
Not all DXPs are equal
The DXP is an emerging technology, and not every option is created equal. It’s essential to understand what each platform brings to the table to ensure your organization gets the best value for money. Here’s a short guide to get your CFO started, including insights from leading analysts like Gartner and Omdia: