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Article : Eliminating Data Wastage to Protect Brand and Boost ROI

An enormous amount of customer information passes through an organisation's hands in the course of its day-to-day operations. Much of it can play a vital role in developing customer relationships and marketing to existing clients and prospects, but only if it is pulled together in an accessible form and actually used to gain insight into the consumers being targeted.

Data provides valuable insight into customer purchasing patterns, preferences and behaviour. Marketing can then be more effectively targeted and personalised. However, for many organisations, such data is collected but never integrated in a functional database. Many firms have a wealth of information on customers that they are failing to utilise. We have dubbed this 'data wastage'.

By eliminating data wastage, businesses could make more efficient use of their budgets and boost ROI. Failure to act on it can have a hugely detrimental effect on a brand or an organisation's overall reputation. A company's credibility can be seriously damaged by an apparent lack of institutional memory or acknowledgement of a history of dealings with a customer.

To look at just what impact data wastage is having on customers we conducted a survey across the UK to examine whether consumers were in fact taking note of whether companies were failing to keep track of their interactions with their customers and prospects.

The findings clearly show that companies need to improve their efforts at integrating and using the information they have to hand on consumers, as 65% of respondents reported that companies communicating with them were sending them offers for products they would never buy despite the fact they had given these firms details on their personal preferences.

Moreover, a shocking 58% found that some firms did not even know that they were existing customers and were sending them offers aimed at prospects. The research also revealed that more than half of the respondents who had bought a product from a company found that the same organisation then repeatedly tried to sell them the same item.

Data wastage is clearly a problem. Not only are many companies wasting spend on redundant or poorly targeted offers, but consumers are taking note - and neither of these is good for the long-term health of a brand.

What is vital for any company that is underutilising the data at its disposal is to pull together all the databases held by different parts of the company, along with any third-party data it is buying, in order to create a central resource that provides the much-sought-after 'single customer view'.

This takes what for too many firms is a liability and turns it into a valuable communication, marketing and operations asset that can help:

  • Identify the most valuable customer and focus offers on them
  • Build loyalty by using data to inform customer reward programmes
  • Cross-sell and up-sell (ie. get customers to buy other products and services and move them into higher spending brackets)
  • Extend customer service by selling consumers packages that suit them
  • Determine event triggers for marketing offers (such as moving house or the birth of a child)
  • Create tailored promotions that are similar to those that particular customers have responded to previously
  • Improve direct marketing by getting the targeting, personalisation and marketing channel for an offer right
  • Develop joint activities with partners
  • Inform product development and the introduction of new services
  • Manage customer risk by understanding the creditworthiness of customers and the firm's financial exposure in each case
  • Forecast the potential of marketing initiatives and customer revenues
  • Enhance existing data with other data from third party sources
  • Prospect for new business by creating profiles for the best and most loyal customers and target similar types

Turning data into a manageable and accessible asset that provides a single customer view is not necessarily an easy road for a company to take. But for firms that embark upon the journey, it can pay long-term dividends, strengthening an organistion's ability to build on its existing customer base.

For many businesses, the most straightforward solution is to bring in a managed service provider with the knowledge, experience, technology and data resources to turn diverse and often disconnected databases scattered trhoughout an organisation into a unified platform for actionable insight.

With the aid of a specialist printer, firms can determine where their organisations data needs to come from and develop a central store into which all streams from within the company can flow - and that can then be tapped by all the relevant departments or business units that could make use of that data.

Businesses can then utilise the full weight of the this available data to improve data quality, enhance insight and develop more effective strategies for expanding customer relationships and attracting new business.


Today's Tip of the Day - Utilize Time & Money Saving Tools

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More Editorial From Transactis

Published: Wednesday, July 28, 2010

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2024 Buyers Guide IVR

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
Computer Data Services, LLC

VIRTUAL PBX
Get the benefits of an expensive, on-premise telephone system without the high price tag and annoying maintenance.

- Never miss another phone call
- No more busy signals
- Feature rich
- Answer your calls from anywhere

3.) 
eGain Corporation

eGain SmartIVR
eGain SmartIVR is an over-the-top solution to modernize IVR systems. Businesses can offer smartphone callers an easy choice to resolve queries via digital messaging and intelligent self-service. And they can optimize the IVR experience with end-to-end analytics.

4.) 
PEC Telecom

Virtual Phone Numbers (DID) and Business VoIP Phone Service
Whether a customer is running a Call Center business, an IVR system to take phone orders or a voice mail service bureau, he still needs inbound lines and access numbers (DIDs). These lines and DIDs give customers the ability to call in and use the service. Traditionally, these lines and DIDs were obtained through the local telephone company (i.e. Verizon, AT&T or Time Warner) and a company could only purchase numbers with area codes in the region the system resided. With VoIP, this has changed.

DID Live is an IP DID service that allows you to accept incoming calls via VoIP as an alternative to standard digital or analog lines. The service provides the same quality of sound you expect from...
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5.) 
Pointel

Voice Self Service
Voice self-service can reduce cost and improve customer satisfaction. As with every system implementation, it is not the software, but the implementation that will define the success of the project. This also holds true for self-service implementations. Pointel follows a unique and proven process to implement voice self service. This process has been fine-tuned through years of experience implementing contact center and self-service applications. Pointel can design and develop solutions that will meet and exceed our client’s voice application needs. With several years of experience in Genesys GVP(Genesys Voice Platform) implementation and integration, Pointel can provide an integrated voice...
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6.) 
Teckinfo Solutions Pvt. Ltd.

IVR Edge
IVR Edge is a high performance, robust and scalable ivr system that works on various leading hardware such as Dialogic, Keygoe and Synway etc. It can handle the simplest of simple to the most complex of requirements to when it come to creating an IVR. Integration with any 3rd party database, be it for banking, telecom, insurance, travel, payment gateway etc can be handled with ease. Ideally suited to create Hosted IVR and virtual patching solutions with scalabilities that can range from 4 to 128 E1’s per setup with voice recording and CDR functionality. Integration with leading text to speech (TTS) and speech recognition ASR engines add to the flexibility and functionality.
 

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