Auria Moore

In my previous post, I discussed the next evolution of CRM, which involves using master data management as the foundation to provide a comprehensive understanding of your target audiences. I covered data issues present in many CRMs today, including missing, antiquated and inaccurate data, and how master data management can help overcome them. In this post, I reveal the many ways complete, unified customer data improves business outcomes and delivers value to organizations and customers alike. 

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Every day, businesses around the world deploy customer relationship management (CRM) in the hopes of selling faster and smarter, building engaging experiences, delivering personalized messages and more. In fact, the CRM sales software market grew by 10.9% to register an overall revenue of $17.5 billion in 2020, according to Gartner.

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Keeping track of your physical assets: devices, tools, equipment and real estate, to name a few, already requires managing and maintaining large amounts of information. Where are your assets? Who is using them? These are typical questions companies encounter on a daily basis and their answers are critical to maintain efficient operations. Errors in this information and delays in accessing asset data can result in loss of productivity and higher costs. But what happens when your assets start generating data of their own?

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We used to look forward to emails. When we received a “you’ve got mail” alert, we were eager to see who it was trying to communicate with us. Now, outside of work, most of us receive email overload and rarely want to open them. Vendors have it rough. If they want to engage with us, whether it be on the phone, by email or via the ads we see online, it better be worth our while. Consumers of today want personalized messages and offers, and if vendors can’t keep up with those demands, competitors are easily accessible and just a few clicks away.

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Apple’s Steve Jobs famously said, “A lot of times people don’t know what they want until you show it to them,” and this couldn’t be truer when it comes to meeting the expectations of the hyper-connected customer. Today, they increasingly expect a personalized, relevant experience during every interaction with a company, regardless of the channel. This has led to the concept of personalization, or personalized marketing, which is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers.

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Companies are still struggling to find ways to manage massive amounts of data in a way that drives their customer-centric strategic initiatives without becoming a bottleneck to the entire organization. Along the path to success, data quality, governance, and other critical decisions around your master data need to be made that can significantly impact your company’s growth.

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When preparing for Valentine's Day, customers expect to be treated with consistent care as they scroll through flower delivery recommendations, pick out the perfect funny, yet thoughtful valentine card, or simply splurge on a special meal for one. Not only do customers expect their shopping to be quick and easy, they expect an omnichannel experience across every point of access. Whether they put flowers in their virtual shopping cart or order them by phone, customers want to be known and appreciated with each interaction. However, like the unpredictable game of romance, not every customer’s experience always goes exactly as planned. Fortunately, there are steps that you can take now to make sure that your customers truly feel the love.

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If you want to improve your customer experience, you must improve the quality of your data. This post highlights essential information originally presented in this webinar hosted by "The Data Doc," Tom Redman, and Stibo Systems' own, Rob Bruce. The information provides key insights about customers as they relate to your company and the constant collection of new data.

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