In my previous post, I discussed the challenges of being a chief marketing officer (CMO) today. Whether your organization targets consumers or other businesses, your current and prospective customers are bombarded with more information from more numerous sources than ever before. And, I covered the first two of five top challenges that CMOs face (content and clarity) and how customer master data management (CMDM) can help overcome them. In this post, I cover the remaining three challenges.

 

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Being a chief marketing officer (CMO) today is one of the most challenging roles in the C-suite. Whether your organization targets consumers or other businesses, your current and prospective customers are bombarded with more information than ever before. And, the sources of information available to research their options are more numerous than at any time in history. Consequently, breaking through the noise to win customers, and then maintain their continued loyalty, can seem an impossibly daunting task.

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For any business initiative to be a success, it’s important that initial preparations and considerations are in place. That, of course, also applies to your master data management implementation. These are the initial steps you as a business should focus on to create the foundation for a successful master data management journey.

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Apple’s Steve Jobs famously said, “A lot of times people don’t know what they want until you show it to them,” and this couldn’t be truer when it comes to meeting the expectations of the hyper-connected customer. Today, they increasingly expect a personalized, relevant experience during every interaction with a company, regardless of the channel. This has led to the concept of personalization, or personalized marketing, which is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers.

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A colleague recently bought a new car. He was thrilled and anxious to have it delivered within a couple of weeks. Not long after delivery, he received an email from the car manufacturer, featuring a promotion for the exact same car, only at a drastically reduced price.

Within a matter of seconds, the manufacturer had turned my colleague from a brand advocate to a dissatisfied customer.

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“A goal without a plan is just a wish.” - Antoine de Saint-Exupéry

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In the global marketplace, where data is a critical business asset, industry leaders struggle to maximize back-end IT, including CRM, ERP, e-commerce, marketing automation, and point of sale. Organizations deploy these IT systems to meet customer expectations, differentiate on digital experiences, streamline operations and achieve regulatory compliance while still delivering growth strategies and competing, in many cases, in a global market.

The challenge facing companies is how to get the most out of back-end systems, which often operate in silos and result in impartial or duplicate data that is low quality and costly. In fact, the cost of inadequately performing enterprise systems is significant, with the Harvard Business Review reporting that poor-quality data in the U.S. alone cost businesses $3.1 trillion annually.

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Your organization, and organizations of any size, depends on the accuracy of its data to gain financial insights and improve marketing, sales and customer service. In fact, pretty much every department within your company will rely on data in some way. 

And if that data is inaccurate, hard to access or only tells part of the story, it can severely hamper operations across the business. Data errors can seriously impact relationships with customers, suppliers and business partners and result in significant financial loss.

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The goals and expectations of a merger and acquisition (M&A) are almost always the same: cut costs, increase efficiency, shorten time to value, automate manual processes, enhance business intelligence and more. Ultimately, an M&A is supposed to provide value to shareholders, who expect quick wins.

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If, like me, you have worked in the technology industry for many years, you’ve likely heard more times than you can remember that islands of information are major obstacles to business productivity. Siloed data is to be avoided like LA traffic and convenience store sushi; and “sharing is caring,” especially when it comes to empowering enterprise-wide processes and workflows.

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