In my previous post, I discussed the next evolution of CRM, which involves using master data management (MDM) as the foundation to provide a comprehensive understanding of your target audiences. I covered data issues present in many CRMs today, including missing, antiquated and inaccurate data, and how MDM can help overcome them. In this post, I reveal the many ways complete, unified customer data improves business outcomes and delivers value to organizations and customers alike.
Enable better outcomes with better data from a unified customer view
Businesses can make the jump to operational and business excellence by mastering customer data to form a single version of truth for your CRM. It improves a host of business drivers, including customer 360° data initiatives, by facilitating the appending of high-quality customer records to reams of transactional, behavioral and social data. And with better CRM data comes better business results across the enterprise.
1. Increased sales
You can improve prospecting, cross-sell and upsell opportunities with precise CRM data at scale, from one-to-many to one-to-one, from the targeted person to the targeted organization. You can know more about your target customer, individual or business organization using master data management. Instead of isolated systems and multiple sources of truth, or a single CRM with incomplete data, you can use complete, reliable data that can be linked to purchase history, job title, organization and other criteria. You equip your sales force with information and reports to make good decisions, to turn leads into customers and reconcile CRM data with data in other systems.
2. Personalized experiences
Better CRM data means you can deliver relevant campaigns based on an individual’s specific interaction data, as well as provide custom content and recommendations. You can also create seamless omnichannel experiences that ensure your website visitor, email recipient and sales call all have that their interactions tracked and accounted for, so you know what’s been delivered and what’s next – and they’ll thank you for it. Most importantly, you equip your sales staff to engage with people on a deeper, more personal level.
3. Regulation compliance
You can meet compliance mandates, such as GDPR, anti-money laundering regulations (AML) and know your customer (KYC) initiatives, to avoid legal, financial and brand risks. Better customer data helps monitor, report and enforce regulatory compliance by understanding identities and consent. You can see where data enters and exits, who uses it and how long it’s valid. You can consolidate customer information across multiple systems to ensure accuracy, uniformity and consistency.
4. Operational efficiencies
When you take advantage of MDM to improve marketing automation, ERP and other systems, you can enhance your downstream CRM processes and initiatives, increasing efficiency and reducing cost. Instead of five versions of a customer profile for each siloed system, with conflicting, incomplete and untrusted customer data, you leverage the most complete, up-to-date and verified customer data available across the enterprise – a single version of the truth. For instance, you can use email verification to ensure your messages reach your intended audience quickly and efficiently and improve overall email marketing performance.
5. Deliver outstanding service
All of your relevant departments can see the same customer information at a glance, and your online chat/telephone support staff discuss the customer’s problem with confidence by viewing this data instantly. In addition, customer support data is automatically shared with departments in sales, marketing and other functions. For instance, if a customer is transferred to another department, they won’t have to answer the same questions again. According to Accenture, knowing a customer’s purchase history makes them 65% more likely to choose you.
CRM 2.0 delivered
The future for CRM is now. Businesses today can take their CRM capabilities to new heights by fueling them with accurate, timely and complete profiles. This enables greater one-to-one and one-to-many communication for everything from account-based marketing and individual sales engagement, as well as customer loyalty programs, service centers and more. You understand target audiences with higher fidelity, ensuring greater conversion, cross-sell and upsell opportunities.