Companies are continually researching innovative methods to gain new customers and sell more products, all while keeping the marketing budget in check. Marketers today are becoming much more adept in social media usage and targeted prospecting. However, the fundamentals are often overlooked – mining a clean customer information file to create a sophisticated view of the household.
“BIG Data” - Is this just another trendy buzzword over the past few years? We’ve certainly heard this phrase tossed around often enough. Marketers discuss the importance of capturing information from big data while database engineers struggle to implement the tools to clean and capture all this big data.
One of the biggest challenges marketers have today is sifting through and making sense of the enormous amounts of data in customer databases. Multiple touch points with customers result in masses of data being accumulated from different channels.
Today’s consumers expect you to sort through this information and know who they are. They are not just individuals we sell to – they are informed buyers who are actively researching purchases and expect to have relationships with the companies they buy from.
Email marketing is one of the most successful and cost effective methods to market your business. As a marketer, you compete for a scarce resource – your customers’ and prospects’ attention. Have you ever wondered why one email campaign gets a 25% open rate, and the next tanks? Many possible variables determine the success of your email marketing. However, four keys for all campaigns should include the following:
As manufacturers seek better ways to target their customers, many are finding that their marketing databases are less than accurate. Incomplete and inaccurate data will severely impact the ability to clearly define and understand end-users and sales channels. Additionally, manufacturers generally deal with huge quantities of information from multiple, disparate sources. Many of these sources are often stored in legacy systems, further limiting the ability to integrate and analyze for comprehensive customer intelligence.
Consumers expect to be able to easily interact with their favorite brands according to their preferences. Whether they are in your store, shopping online or calling customer service, your customers want personalized and consistent experiences through each of these channels. Positive customer experiences create happy customers and when customers are happy, huge opportunities open to increase revenues and grow your business. In fact, research shows that multi-channel consumers spend 82% more per transaction than a customer who only shops in store.
There’s only one problem.
Customers are a treasure that should not be treated as a commodity. Most corporations recognize this and go to great lengths to acquire and retain their customers. Since the number of potential customers is finite, competition among corporations is extremely fierce and companies continually look for the edge that will give them the upper hand. In particular, they continue to invest heavily in Customer Relationship Management (CRM) solutions to enhance customer loyalty and reduce churn.
Did you know that the number one reason for CRM failure is bad data? On average, every 30 minutes 120 business addresses change, 75 phone numbers change, 20 CEOs leave their jobs, and 30 new businesses are formed.
Inaccurate data also has a direct impact on the bottom line of 88% of companies, with the average company losing 12% of its revenue.