Have you ever received an offer from a company for a product you already own? How about two identical offers for the same product… or even three offers? It’s not uncommon. With all the great applications for campaign management and customer relationship management (CRM) that companies have implemented, how do these costly mistakes keep happening?
The problem isn’t the applications—it’s the customer data they use. In many organizations, customer data is contradictory and incomplete across multiple systems. One reason is that when you made a purchase, you might have entered the name “John” for shipping information, and “Jonathan” for billing.
Customers change their personal and professional addresses, phone numbers, email addresses and other identifying data that companies use to make cross-sell and up-sell offers. Customer data inconsistency can become a nightmare for the company, and most organizations lack the processes and technology needed to empower customer-facing teams such as marketing, sales and customer service with a complete and trusted customer view, which is an essential ingredient to attracting and retaining customers.
This lack of customer data integration means that marketing doesn’t have an accurate customer list for segmentation. They’re unable to send the right offer to the right person at the right time because they can’t be sure which customers have purchased which products and services. They end up wasting time, budget and opportunities.
There’s another cost that’s much harder to measure. If you receive two identical offers for a product or service you already purchased, you probably think the company doesn’t have its act together. You might be tempted to look at an alternative provider. A company that doesn’t have its customer data in order risks damage to its brand reputation and credibility (especially with the increased use of social media to share bad experiences).
Add in the high costs to sales and customer service, and bad customer data amounts to a huge impediment that hinders a company’s ability to attract and retain customers and puts a drag on the top and bottom line.
As Ravi Shankar points out in his recent blog post, to improve customer acquisition and retention, CIOs are asked to take control of customer data across the enterprise and empower customer-facing teams with the elusive 360-degree customer view, and now the complete customer view, which helps harness the power of social media data and other customer interaction data.
We’ve been exploring this topic about the impact of bad customer data at a series of Customer Data Forums that have attracted more than 1000 business and IT professionals across North America, Europe and Asia Pacific. If inaccurate customer data is holding your customer-facing teams back, I’d encourage you to sign up for a complimentary Customer Data Forum. Next up—June 8th in New York City, June 9th in Boston and June 14th in Seoul, Korea.
Featuring independent analysts, Informatica partners, Informatica executives, as well as a demonstration illustrating how you can deliver complete and trusted data to your customer-facing teams’ application of choice, these sessions offer a pragmatic look at how companies are using master data management (MDM), data quality and other Informatica technologies to solve customer data issues. Learn more and register for a Customer Data Forum.