Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

ContactCenterWorld.com

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used

Twitter

Facebook

LinkedIn

Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used

LinkedIn

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties

OK
BECOME
A MEMBER
TODAY TO:
CLICK HERE
[HIDE]

Here are some suggested Connections for you! - Log in to start networking.

Good customer analytics starts with good data - Jewel Tan - ContactCenterWorld.com Blog

Good customer analytics starts with good data

Consumer data helps companies a great deal to improve nearly every aspect of their business. With proper data analytics and a data-driven marketing approach, brands are able to gain actionable customer insights, generate quality leads and increase customer loyalty, among other things.

According to a survey done by Harvard Business Review, 58% of enterprises have experienced a hike in customer retention and loyalty by making the right use of customer analytics. 

Elevating the quality of your customer data can benefit your business in a number of ways and here are a few thoughts on aspects you might want to consider:

The enhanced customer experience (CX): There is evidence to suggest that businesses that are customer-centric tend to be way ahead of their competitors. To follow a customer-driven approach, you need access to comprehensive customer-specific data. The gathered and enhanced customer data can be useful in being able to understanding and predicting customer behaviour which in turn can be used to improve customer experience through customized offerings, messaging, interaction and services. Without the data, it is hard to provide anything more than a generic message or offer which may not resonate.

Precise targeting and lead generation accompanied with a lower CAC: Effective marketing can translate into a shorter sales cycle, greater sales volume, or appeal to a wider customer audience. For a marketing campaign to be effective though, it needs to have good data to support the estimation of the potential target market or market segment. Having good customer data opens up the opportunity to segment based on customer demographics, showing where the customers are, their age group, their gender, education, likely income, potential disposable income, and other critical traits that you might consider for targeting.

Drawing customers in for multiple engagements or appealing to new customers is made more likely with comprehensive and correct customer data that allow your business to focus on customer-characteristic-based marketing strategies to generate quality leads.

According to Thomas Griffin Co-Founder and President of OptinMonster in a piece on Forbes – customer acquisition cost (CAC) can be lowered if you have the right targeted message aimed at the right audience, whether it be PPC or contact-based marketing campaigns. To have that message, you need to know something about your audience, particularly if you’re running contact-based campaigns

Brand Improvement: Customer feedback and reviews form an important part of customer data but for this kind of data to be really useful, it needs to be tied to the best possible customer master data. To run effective customer review and survey data analytics you want to be able to paint a complete picture of respondents. Survey submissions that support uncovering the strengths and weaknesses of your brand and offerings can be effective in isolation by conveying a sense of general measures of customer satisfaction but they ultimately reduce their usefulness without reference to customer data.

Survey responses may impair your ability to derive maximum value from responses by being unable to tie them back to the respondent’s lifetime customer value. The CLV model informs you on whether the commenting customers are actually high-value customers or one-off customers who bought on a deal or opportunistically and that may never buy from you again.

Tools matter: we’ve talked about tools before, principally tools like your Customer Data Platform (CDP) and Customer Relationship Management (CRM) solution where you store large amounts of data and consumer profiles. You may even have an ERP (Enterprise Resource Planning) system or a CDM (Customer Data Management) platform. Your business may in fact have all of these., but the question of whether they are fit for purpose or suitable for all the jobs that your business needs to undertake needs to be carefully considered.

We’ve observed that there is a lot of enthusiasm about using AI for data collection accompanied by scraping tools and social media trawlers and transaction aggregators to increase the volume of data collected.  What we’ve also observed is that some of the fundamentals of knowing your customer remain missing or incomplete. This is partially due to poor data collection, collation, and assessment processes but it is also a function of the nature of the tools. Some tools are better suited to transaction processing, interaction or engagement, etc. Very few of the tools that we’ve mentioned, are suited to mastery of the digital customer and if they are, it is typically in the service of a specific application objective.

Customer data is presently experiencing a revolution in the business world. Data for every kind of business, from B2B sales and eCommerce brands to digital content creators, service and hospitality, healthcare and financial services, and a number of others too. All depend on gaining a source of appropriate and correct customer data to increase their leads, opportunities, and ultimately business., Knowing the audience, creating personalized marketing strategies, generating quality leads, and reaching a wider audience is the brass ring that leads to business success.

There is no exaggeration in saying that in today’s world of digital advancement, your company cannot survive without the best possible proper and relevant customer data.

You can achieve that with a Customer Master Data Management (CMDM) platform like that offered by Pretectum.

 

Publish Date: September 23, 2022 2:05 AM

About us - in 60 seconds!

Submit Event

Upcoming Events

17th Annual NEXT GENERATION BEST PRACTICES CX & CC Conference & Expo aimed at those who operate in North and South Americas, Europe, Middle East & Africa, Asia Pacific will help you with award-winning strategies and tactics from the best in the regio... Read More...
 5934 

Newsletter Registration

Please check to agree to be placed on the eNewsletter mailing list.

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total = 1
session page-view-total = 1
applicaiton blnAwardsClosed = True
session blnCompletedAwardInterestPopup = False
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =