When you shop at your favorite store, do you ever stop to think – how well does this retailer know me? Sure you may get some “personalized” emails or coupons based on your recent purchase history, but how well does that retailer understand your buying behavior, your channel preferences, or your sensitivity to discounts or special pricing?
Recently, the New York Times published a story about a very well-known retailer who asked one of their statisticians to determine when women were in their 2nd trimester of pregnancy. The marketing group wanted this information because during major life events, customers are “vulnerable to intervention by marketers”. They believed that if they could market to the new mom at the onset of her pregnancy, they would have a customer for life. Now to me, as a mother of two, that sounds a little creepy and I am even a big fan of this retailer. But, as a product marketer of data management solutions, I do understand why they would want to use their data to gain insight into specific customer behaviors to better market and sell their products.
Retailers are focusing on the customer now more than ever and are investing in personalized, one-to-one marketing and customer-specific promotions to increase their share of wallet. The problem most retailers face though is that they lack a complete, authoritative view of their customer because customer information is often duplicated or inaccurate across application silos, like POS, e-commerce, or CRM. To solve this problem, leading retailers are turning to Informatica MDM or Master Data Management.
Informatica MDM recognizes, resolves, and relates business-critical data from application silos and social media interactions to provide the complete, authoritative view for the business.
- It first creates a single, golden version of customer data by automatically recognizing and resolving duplicates or conflicts across multiple data sources.
- Then, it creates a 360-degree view of the customer by relating it to other master data such as the products they own and the channels they use most frequently, and identifies other household relationships that are potential prospects.
- And finally, MDM combines transactional and analytical information with interaction information from social media to provide the complete, authoritative view of the customer.
Leading retailers are implementing MDM to understand their customers better in order to increase revenues, boost customer loyalty, and reduce costs. What do you think about retailers getting to know you –justified or creepy?
You can learn more about MDM at our 2012 Informatica World user conference. Register today!