With technology and increasing globalization making the world smaller and smaller, leads are supposedly easier to find than ever before. However, the way that we can approach and manage our customers is constantly changing. Only a few years ago, the idea of a customer database may have seemed a little unorthodox. However, to keep our customer journeys clear and to deliver the best service, these tools are crucial.
As big data builds, visibility becomes more and more critical. Customers expect businesses and brands to deliver exceptional standards of service. Without the ability to manage each point of the journey, this becomes increasingly difficult. Keep in mind, too, that around 91% of consumers prefer businesses that remember their preferences.
Let’s tap into a few ways in which a consumer database could help you grow your business.
1. Clearer customer targeting
Precise customer targeting means an overall better customer experience. That’s not just from your perspective in terms of revenue, but also in terms of the consumer’s journey. By investing more time and money in customer experience, you’ll likely see a revenue increase of 70%.
An ideal way to improve your customers’ experiences is to show a deeper understanding of their needs. A data management platform can effectively map out each element of these needs, the journey, into tangible parts. For example, a well-maintained database can identify shopping behaviors, age and location factors, and more.
A clear database of customer records removes the need for assumptions. Uninformed assumptions in marketing and outreach ultimately lead to journeys going nowhere.
2. Improved quality leads
High-quality data collation can only ever improve your lead management. Even better, a database dealing in segmentation can help you drill down into how each lead operates. Segmentation, crucially, is the art of dividing your customers into categories. Rather than being a negative process, this can actively help you see the bigger picture.
Reports show that segmentation in a sales database could increase sales by 5%. This is because users have the opportunity to compare disparate sets of data in clearly defined parameters. It becomes easier to group different leads based on specific channels they share in common.
Ultimately, as with the above point, this leads to a deeper understanding of customer behavior. Lead building and customer outreach is the majority of the time, a game of estimation. However, the more database segmentation you practice, the more likely you’ll find appealing correlations to work with.
3. Personal service enhancements
As mentioned in our introduction, around nine out of ten customers appreciate brands working to precedent. That means we’re seeing the dawn of personalization in marketing, outreach and sales. It also applies to customer service standards and aftercare - as you may expect.
Insight shows that at least 80% of adult shoppers in the US demand a personal approach from their brands. This is the process of, for example, tailoring email marketing to products shoppers may be interested in.
Personalization is, as a broader concept, sometimes complex to balance. However, with a wide-reaching database, it’s possible to apply the detail you need. Once again, this ties in with the idea of segments as explored above.
That means you need to be data-driven but also conscious about business data quality. Failure to keep relevant or up-to-date records may result in lead disinterest. Making assumptions runs the risk of either insulting, condescending or disenchanting the customer. With a comprehensive data platform, your insights are sharp and relevant.
4. Easier omnichannel management
The rise of the omnichannel concept is fascinating. By blending physical in-store channels with ecommerce, brands can help enhance customer journeys. Finding the best items becomes more efficient, and it provides businesses with greater upselling opportunities.
It’s thought that as many as eight out of ten shoppers already use omnichannel paths to some extent. Not only that, but tying omnichannel together could help to boost physical store interaction by up to 80%.
Once again, a firm omnichannel approach relies on a clear, concise and actionable database. With a workable customer data repository, brands can carefully enhance email and SMS outreach. This allows them to check open rates, analyze browsing behaviors, and carefully plan for each lead.
Customers targeted through a CMS, for example, could receive tailored offers and benefits. They may receive an exclusive SMS coupon if they’re regular buyers. Alternatively, they may receive offers in-store if they have unprocessed baskets online.
It all starts with that clear overview from a data perspective. Without this precise data topography, you’re again working in the dark and risking lead degeneration.
5. Easy obligation oversight
A concise, workable database will help brands and businesses keep in line with compliance demands. Recent leaps in data protection such as the GDPR and the CCPA mean brand managers need to take stock. There’s a greater requirement now, more than ever, for businesses to monitor the customer data they hold. Not only that, but consumers need to know about how you intend to use their information.
A clean database keeps all this information in clear sight. This ensures that any company has access to instant answers to auditing queries. What’s more, it also ensures that a business is ready to respond to customer requests. For example, should consumers exercise their right to know the client data you hold on them, you can comply.
Obligations are sometimes challenging to manage. Data siloing only compounds this effort further – it’s all the more essential to get information in order.
All businesses need a customer database
As big data expands, the requirement for all brands to maintain a clear repository grows all the more critical. It’s easy to assume that you have a workable system with a few data lakes and disorganized silos. However, dirty data is costing the US trillions in lost revenue.
Fortunately there are data quality solutions that can help to arrange a customer database for the better. High-quality data will only improve your insight and customer journeys. For clarity and purpose - it’s time to start getting things in order.