Are you encountering data challenges?
Your data may be in silos and scattered across multiple customer touchpoints. When you have a large amount of disparate critical data, it hardly makes sense to you. You don’t gain valuable insights, and this hinders your customer engagement efforts. Your business fails to offer a personalized digital customer experience with a fragmented view of customer profiles.
But have you ever wondered why do you have a fragmented view of customer profiles? They are an offshoot of businesses focusing on multiple lines of business (LOBs). Your LOB managers should primarily concentrate on their lines. A comprehensive customer view and treatment are often excluded, a big pain point for any company’s Chief Information Officer (CIO).
Besides, an organization has multiple sales and service channels for customer interactions, making delivering a delightful, unified digital customer experience more critical. You should thus adopt a practical Master Data Management (MDM) approach. The approach enables you to understand your customers more cohesively.
What is Master Data Management?
Master Data Management is a method employed to define and manage an organization’s critical data, along with data integration, to provide a single point of reference. It refers to the technology, tools, and processes that ensure your master data is coordinated across the enterprise. In simple words, this core process offers unified master data management services to provide an enhanced digital customer experience. It enables you to optimize the sales process and align it with marketing experience to deliver excellent long-term customer service.
Personalizing Digital Customer Experience
Master data management brings in:
Accuracy & Consistency
Personalization is possible only when you have the correct data. Master data management tools help to make data accurate and consistent across the enterprise. As data inconsistency between different business units is reduced, organizations can minimize errors and offer more holistic customer service.
Consistent data leads to a seamless and connected digital customer experience and brings in effective collaboration for a better and more efficient workflow.
As you access a full view of customers, you need the right technologies to gather, validate, and analyze customer interactions. Such interactions include responsiveness to marketing and sales efforts, buying behavior, and outcomes.
Whether we talk about buying journeys or digital customer experiences, context is where master data becomes the most important. Context takes both worlds’ best – the experience of business users and analytics processes basis accurate data.
Customer 360-degree View
The 360-degree customer view implies businesses gaining a complete view of their customers. It enables them to aggregate data from varied touchpoints that a customer uses to contact your business.
This view also involves identifying the extended relationship networks of your customers. It is critical to ascertain the influence a customer may have on other customers, including their associations. Let us understand this better with the help of an example. If the bank learns that a student with a need for a small checking amount belongs to a business family, they treat them differently.
Customer 360-degree view enables businesses even to attach socio-economic data to the customer. They can expand the relationship network this way and offer a more comprehensive customer data view to all business units.
As you develop a true 360-degree, multi-channel view, your business accomplishes the highest level of personalized, consistent, and customized digital customer experience. The goal is to understand your customers better and make them feel that you know them personally.
Golden Record Management
Understanding your data should be the most important for you. Clean data unlocks excellent value for your enterprise, while inaccurate records hit your productivity badly. You thus need the “Golden Record.” It is a fundamental concept within master data management, being defined as the single source of truth.
This well-defined version of all data entities in an organizational ecosystem holds maximum appeal for marketers. They must rely on timely, accurate, and reliable data to enhance digital customer experience. The closer marketers reach the golden record, the better are the chances they must interact with customers.
Through the golden record, organizations can:
- gain better know-how of the customer,
- channels customers use to communicate with the business,
- their most recent interaction,
- last purchase,
- an offer that received their positive reaction, and
- lifetime value.
Maximizing Your Sales & Marketing Efforts
Your MDM strategy and the program should add to your digital customer experience and increase your sales and marketing activities. As you gain a 360-degree customer view, your business can customize product and service information. It can also customize offers, provide for differentiated pricing and product bundles and other personalized services. Doing so leads to increased revenue, improved brand equity, and, most importantly, long-term customer loyalty.
When your data lies in one place with a single, unified view, marketers can offer the right product at the right time. It’s high time to unleash the potential provided by master data management tools. Only then can upsell and cross-sell opportunities be maximized to increase your market share over the competition.
- CIOs should ensure to employ Master Data Management to do away with the data and process silos. Only then can you interact with your customers effectively.
- Ensure to have high quality, centralized data to succeed with customer initiatives and accurate business analytics.
- You can personalize the digital customer experience when you have access to accurate, up-to-date information. This information pertains to products, customers, geography, channels, and other significant data domains.
- Capitalizing on upselling and cross-selling opportunities with customer 360 is another way CIOs can optimize customer engagement, thus boosting return-on-investment (ROI).
- Execute data governance with a master data management program. Doing so is key to achieving an effective and sustainable master data management.
In the next part of this blog series, we will learn how data quality helps in digital transformation.
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