Eliminating Data Wastage to Protect Brand and Boost ROI
An enormous amount of customer information passes through an organization's hands in the course of its day-to-day operations. Much of it can play a vital role in developing marketing and customer relationships to existing clients and prospects, but only if it is pulled together in an accessible form and actually used to gain insight into the consumers being targeted.Data provides valuable insight into customer purchasing patterns, preferences and behavior. Marketing can then be more effectively targeted and personalized. However, for many organizations, such data is collected but never integrated in a functional database. Many firms have a wealth of information on customers that they are failing to utilize. We have dubbed this 'data wastage'.
By eliminating data wastage, businesses could make more efficient use of their budgets and boost ROI. Failure to act on it can have a hugely detrimental effect on a brand or an organization's overall reputation. A company's credibility can be seriously damaged by an apparent lack of institutional memory or acknowledgment of a history of dealings with a customer. The findings clearly show that companies need to improve their efforts at integrating and using the information they have to hand on consumers, as 65% of respondents reported that companies communicating with them were sending them offers for products they would never buy despite the fact they had given these firms details on their personal preferences.
Moreover, a shocking 58% found that some firms did not even know that they were existing customers and were sending them offers aimed at prospects. The research also revealed that more than half of the respondents who had bought a product from a company found that the same organization then repeatedly tried to sell them the same item. Data wastage is clearly a problem. Not only are many companies wasting spend on redundant or poorly targeted offers, but consumers are taking note - and neither of these is good for the long-term health of a brand. What is vital for any company that is under-utilizing the data at its disposal is to pull together all the databases held by different parts of the company, along with any third-party data it is buying, in order to create a central resource that provides the much-sought-after 'single customer view'.
This takes what for too many firms is a liability and turns it into a valuable communication, marketing and operations asset that can help:
*Identify the most valuable customer and focus offers on them
*Build loyalty by using data to inform customer reward programs
*Cross-sell and up-sell (ie. get customers to buy other products and services and move them into higher spending brackets)
*Extend customer service by selling consumers packages that suit them
*Determine event triggers for marketing offers (such as moving house or the birth of a child)
*Create tailored promotions that are similar to those that particular customers have responded to previously
*Improve direct marketing by getting the targeting, personalization and marketing channel for an offer right
*Develop joint activities with partners*Inform product development and the introduction of new services
*Manage customer risk by understanding the creditworthiness of customers and the firm's financial exposure in each case
*Forecast the potential of marketing initiatives and customer revenues
*Enhance existing data with other data from third party sources
*Prospect for new business by creating profiles for the best and most loyal customers and target similar types
Turning data into a manageable and accessible asset that provides a single customer view is not necessarily an easy road for a company to take. But for firms that embark upon the journey, it can pay long-term dividends, strengthening an organization's ability to build on its existing customer base.
For many businesses, the most straightforward solution is to bring in a managed service provider with the knowledge, experience, technology and data resources to turn diverse and often disconnected databases scattered throughout an organization into a unified platform for actionable insight.
With the aid of a specialist printer, firms can determine where their organizations data needs to come from and develop a central store into which all streams from within the company can flow - and that can then be tapped by all the relevant departments or business units that could make use of that data. Businesses can then utilize the full weight of the this available data to improve data quality, enhance insight and develop more effective strategies for expanding customer relationships and attracting new business.
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