Some companies are achieving high customer satisfaction, increasing sales revenue, and reducing business and IT costs related to customer data. Theyâ€™re improving internal productivity for sales, marketing and customer service while minimizing customer churn.
But other companies are not. They suffer high customer churn, poor productivity, and sluggish sales. When it comes to customer centricity, what differentiates best-in-class performers from the laggards?
Itâ€™s a complete customer view that best-in-class companies have realized with master data management (MDM), according to a research brief by the Aberdeen Group, Creating a Complete Customer View: Best Practices in Master Data Management. The evidence isnâ€™t just anecdotalâ€”itâ€™s based on an Aberdeen survey of 422 companies across various industries.
Aberdeenâ€™s independent study is enlightening for companies aiming to achieve customer centricity, featuring both benchmark data and practical strategies for putting MDM to work to build more profitable customer relationships. The report outlines how companies using MDM achieved:
- 88% customer satisfaction vs. 32% for laggard companies
- 91% customer retention vs. 62% for laggards
- 6% increase in net client value vs. a 9% decline for laggards available
The Research Brief also includes a case study about how Kodak is using MDM to attract and retain customers.
The survey results are also discussed in a conversation-style webinar hosted by Information Management, Message to IT: Provide Complete Customer Viewâ€¦Right Away, Please, with Aberdeen Research Director Peter Ostrow and Informaticaâ€™s Ravi Shankar, Senior Director for MDM. During the webinar, Peter shared some additional findings, including:
- Response to customer inquiries is 56% faster at companies using MDM
- Only 36% of companies without MDM can drill into customer data details, compared to 75% of companies with MDM
- Customer-facing staff at companies not using MDM spend 16% of their time manually hunting for customer data, versus 6% at companies using MDM
Itâ€™s easy to see how those better efficiency and productivity metrics would translate into higher customer satisfaction and revenue. For the full survey results and a Kodak case study, download the Aberdeen report and view the webinar on demand.