Understanding the Business Value of Customer Master Data Management Solutions

 

Do you have any idea what your customers purchased from you in the previous month through customer master data management solutions? Can you predict what your customers will purchase from you in the current month?

If not then, your company might be missing out on extra profits, as around 93% of companies witness uplift in conversion rates from customization. Your customers want a customized and relevant experience while they communicate with you. Whether you can deliver or not depends completely on how much your company know them.

And how properly your company knows your customers depend on your customer mdm, customizing the customer experience gets tough if your data lives in many disconnected systems and in the departments, which do not or cannot interact with each other immediately.

But that might be the outcome if you live in a commercial world without customer mdm solution. As a customer-centric element of master data management, customer mdm is used for driving new business opportunities through allowing companies to find out, merge and link your customer data all across your company.

But there is no need to forget your CRM or your ERP solutions. Customer mdm solutions easily allow you to link and integrate those systems and provide you a single and centralized view of your customers in a holistic manner.

As companies understand the substantial benefits of connecting the data they hold in a master data management solution, they understand the business value that could be attained from the customer data. Especially, making use of customer master data management tools can assist to harness and boost the CRM functions like sales, marketing, customer service and ecommerce.

Check out the Substantial Benefits of a Holistic Customer View with the Help of Customer MDM Solution:

 

The CRM leaders that avoid customer master data management will obtain flawed results, which upset customers, resulting in a decline of 25% potential income gains.

An integrated CRM strategy enabled by customer master data management links the whole customer journey from sales and marketing to customer service and e-commerce to provide you a 100% overview of your customers’ history and communication with your company and that background.

This gives customized and relevant experiences to the customers. But for having a holistic customer data view, you require integrating all your operational master data, which relates to every customer. The data must then be cleansed, verified for duplications and the top quality data maintained.

The latest customer mdm solutions automate this process via data quality operations, which match and connect the data. Eventually, companies get a set of correct and reliable records.

Marketing team take on the campaigns having a better opportunity of success through targeting contacts on a more personal and relevant level.

Sales team generates offers and promotions on the basis of a historical engagement delivering you better predictability of reply and outcomes. Improve the customer experience through cutting down the time your service teams invested on resolving problems.

Customer mdm solutions make this possible through giving a single point of entry for your data that gets accessible across the company.

How to Simplify the Customer Segmentation Process?

 

A broad view of your company’s customer data makes segmentation process simple and more accurate, as you have the insights achieved from their integrated historical behavior and purchasing patterns. You gain a comprehensive understanding of how your customers are expected to act. Eventually, you can generate products and services your customers actually want that increase the possibilities of them purchasing products and services from you.

As you get a complete and holistic overview of customer activity across your company collected, purchasing patterns will begin to surface. Eventually, companies can correctly cross-sell and up-sell more products through giving incentives to buy products on the basis of previous purchasing patterns. Nearly all customers like it when they receive emails from retailers suggest products to them on the basis of their previous purchases.

Companies can build new products and create more targeted marketing campaigns on the basis of what you currently know about your customers’ behavior. And certainly, you have the insights to deliver a lot more customized service to individuals with centralized offers and promotions. Companies can identify customers that might begin looking somewhere else and hopefully retain them through offering customized incentives to stick by you.

How to Make Effective Use of Your Customer Data in Surprising Places?

 

Take a customer-centric approach to product creation and service delivery enables you fulfill the actual needs of your customers and this is where you add value.

Considering the sources of insight and how this data may have stayed impounded previously to a single system used through marketing team. Now, you can add it to improve your pool of data and help you collect wider insights that let you to make more cost-effective decisions.

Think about customer master data management solutions as not a separate technology, rather more of a complete business approach which provides you the tools and insights required to create a customer-orientated approach, which will definitely outshine always.