Great Customer Experiences Start with Great Customer Data
On Saturday, I got a call from my broadband company on my mobile phone. The sales rep pitched a great limited-time offer for new customers. I asked him whether I could take advantage of this great offer as well, even though I am an existing customer. He was surprised. “Oh, you’re an existing customer,” he said, dismissively. “No, this offer doesn’t apply to you. It’s for new customers only. Sorry.” You can imagine my annoyance.
If this company had built a solid foundation of customer data, the sales rep would have had a customer profile rich with clean, consistent, and connected information as reference. If he had visibility into my total customer relationship with his company, he’d know that I’m a loyal customer with two current service subscriptions. He’d know that my husband and I have been customers for 10 years at our current address. On top of that, he’d know we both subscribed to their services while live at separate addresses before we were married.
Unfortunately, his company didn’t arm him with the great customer data he needs to be successful. If they had, he could have taken the opportunity to offer me one of the four services I currently don’t subscribe to—or even a bundle of services. And I could have shared a very different customer experience.
Every customer interaction counts
Executives at companies of all sizes talk about being customer-centric, but it’s difficult to execute on that vision if you don’t manage your customer data like a strategic asset. If delivering seamless, integrated, and consistent customer experiences across channels and touch points is one of your top priorities, every customer interaction counts. But without knowing exactly who your customers are, you cannot begin to deliver the types of experiences that retain existing customers, grow customer relationships and spend, and attract new customers.
How would you rate your current ability to identify your customers across lines of business, channels and touch points?
Many businesses, however, have anything but an integrated and connected customer-centric view—they have a siloed and fragmented channel-centric view. In fact, sales, marketing, and call center teams often identify siloed and fragmented customer data as key obstacles preventing them from delivering great customer experiences.
According to Retail Systems Research, creating a consistent customer experience remains the most valued capability for retailers, but 55 % of those surveyed indicated their biggest inhibitor was not having a single view of the customer across channels.
Retailers are not alone. An SVP of marketing at a mortgage company admitted in an Argyle CMO Journal article that, now that his team needs to deliver consistent customer experiences across channels and touch points, they realize they are not as customer-centric as they thought they were.
Customer complexity knows no bounds
The fact is, businesses are complicated, with customer information fragmented across divisions, business units, channels, and functions.
Citrix, for instance, is bringing together valuable customer information from 4 systems. At Hyatt Hotels & Resorts, it’s about 25 systems. At MetLife, it’s 70 systems.
How many applications and systems would you estimate contain valuable customer information at your company?
Based on our experience working with customers across many industries, we know the total customer relationship allows:
- Marketing to boost response rates by better segmenting their database of contacts for personalized marketing offers.
- Sales to more efficiently and effectively cross-sell and up-sell the most relevant offers.
- Customer service teams to resolve customers’ issues immediately, instead of placing them on hold to hunt for information in a separate system.
If your marketing, sales, and customer service teams are struggling with inaccurate, inconsistent, and disconnected customer information, it is costing your company revenue, growth, and success.
Transforming customer data into total customer relationships
Informatica’s Total Customer Relationship Solution fuels business and analytical applications with clean, consistent and connected customer information, giving your marketing, sales, e-commerce and call center teams access to that elusive total customer relationship. It not only brings all the pieces of fragmented customer information together in one place where it’s centrally managed on an ongoing basis, but also:
- Reconciles customer data: Your customer information should be the same across systems, but often isn’t. Assess its accuracy, fixing and completing it as needed—for instance, in my case merging duplicate profiles under “Jakki” and “Jacqueline.”
- Reveals valuable relationships between customers: Map critical connections—Are individuals members of the same household or influencer network? Are two companies part of the same corporate hierarchy? Even link customers to personal shoppers or insurance brokers or to sales people or channel partners.
- Tracks thorough customer histories: Identify customers’ preferred locations; channels, such as stores, e-commerce, and catalogs; or channel partners.
- Validates contact information: Ensure email addresses, phone numbers, and physical addresses are complete and accurate so invoices, offers, or messages actually reach customers.
This is just the beginning. From here, imagine enriching your customer profiles with third-party data. What types of information help you better understand, sell to, and serve your customers? What are your plans for incorporating social media insights into your customer profiles? What could you do with this additional customer information that you can’t do today?
We’ve helped hundreds of companies across numerous industries build a total customer relationship view. Merrill Lynch boosted marketing campaign effectiveness by 30 percent. Citrix boosted conversion rates by 20%. A $60 billion global manufacturer improved cross-sell and up-sell success by 5%. A hospitality company boosted cross-sell and up-sell success by 60%. And Logitech increased sales across channels, including their online site, retail stores, and distributors.
Informatica’s Total Customer Relationship Solution empowers your people with confidence, knowing that they have access to the kind of great customer data that allows them to surpass customer acquisition and retention goals by providing consistent, integrated, and seamless customer experiences across channels. The end result? Great experiences that customers are inspired to share with their family and friends at dinner parties and on social media.
Are you customer ready? Check out our Customer Ready website for more valuable resources, including an eBook to help you master the chaos of customer experience.