Category Archives: Customers

Total Customer Relationship: Better Targeting with Marketing Automation

shutterstock_141262150

Better Targeting with Marketing Automation

Marketers, why don’t you make your marketing offers more relevant?

I am a runner. For motivation, I track the majority of my runs on my iPhone. I use an arm band from a leading sports apparel company to carry my iPhone. I’m a great supporter of this brand. I love their style so I shop frequently. Sometimes, when I travel the US, I shop at their outlet stores. Primarily, however, I shop on their official web-store using my iPad or mobile phone. Because I have a passion for fashion, it is not easy for me to remember all the channels, shops and websites I have used to buy this brand’s products.

Why am I telling you all this? For the past few weeks, I’ve repeatedly received marketing offers from this brand, promoting apparel that doesn’t match my style or size. (Mostly they send offers featuring women’s apparel, rather than men’s.) As a repeat customer, this lack of promotional accuracy frustrates me. I have purchased many items from this brand. I’ve even shared their logo on twitter and Facebook. Despite my commitment to the brand, the brand still does not know which products I need or which styles I prefer.

While today’s customers expect a seamless, integrated and consistent experience, most businesses cannot meet that expectation. With inaccurate, inconsistent and disconnected customer information spread across channels and touch points, and no centralized place to manage product information across channels, not only are they challenged to deliver a consistent customer experience, they don’t have the information they need to make informed business decisions.

The good news is, you can optimize the performance of your marketing programs and boost response rates if you segment customers based on a rich customer profile and understand which products they prefer based on transactions and interests.

Informatica addresses this challenge with “Total Customer Relationship”, transforming data from siloed, fragmented and channel-centric, to integrated, connected and customer-centric.

This article explains how companies can achieve Total Customer Relationship, with a 360 view of your customers and a 360 view of your products can take marketing automation (like Marketo) to the next level of personalization.

Where is all the data?

As everybody can imagine, for such a holistic approach there is a need to have and to access a couple of data. Customer data, transactional data, product data, product reference data, marketing data. The impressive thing is that most of today’s enterprises have all the information about product and customer data available, but in separate data silos and therefore cannot use that kind of data in a productive manner.

The key question is how to connect all your data pieces in order to tease out the maximum value of the data you already own.

What is Total Customer Relationship?

In order to make your marketing offers more relevant you need to have great data about your customers and your products. You need to start with an understanding of the Total Customer Relationship across the business. If you don’t, you could start out on the wrong foot. It’s not a good idea to send a marketing offer when a customer is in the process of resolving an issue with customer service. It’s probably not a good idea to send an offer for a product that the customer already has or a completely irrelevant product. But companies do this all the time.

The problem is, they don’t start with a foundation of great customer data that provides a view into the total customer relationship across the business. This trusted customer profile includes:

  • accurate and complete information,
  • the members of a customer’s household or corporate hierarchy,
  • the products they’ve purchased across lines of business and channels,
  • their channel and location preferences,
  • their relationships with employees and channel partners,
  • their validated contact information, and
  • other important information that you gain from 3rd party sources

Total Customer Relationship enables marketing, sales, and customer service to bridge silos of customer information and gets direct access to clean, consistent and connected customer and prospect profiles within the applications they use every day. More valuable than a single customer view across channels and touch points, Total Customer Relationship connects the dots between customers, their households and influencer networks. It’s this combination of having access to the total customer relationship and making offers using great product information which can help our customers get a competitive edge.

What you need to put this into action?

Three things are needed to put this scenario into action: Informatica MDM: Master Data Management (MDM) empowers you to build and manage rich customer profiles and product catalogs on an ongoing basis. Informatica Data as a Service: Informatica Data as a Service (DaaS) is integrated directly into Marketo and helps our customers confidently connect with their customers and prospects using accurate and valid data.  Informatica Data Quality as a foundational piece of the puzzle to ensure clean, standardized, trusted data is fed into marketing apps. Business processe integrity is the result of leveraging Data Quality tools to enable governance and combine it with workflw capabilitites to get the right information to the people in the right way. And finally a Marketing Automation tool like Marketo: Marketing automation software is designed for marketing departments.

Process Data Flow along the Customer Journey

Customer is buying item 1. Customer data is linked to item 1 via MDM. MDM checks if customer has relatives or friends. In case of potential target persons the system checks gender and obtains possible upsell / cross sell items. MDM pushes information of source customer, item 1, item 2, and reference type to target person to the marketing automation tool. The Marketing automation tool generates promotion email and send this email to the target person.

How to market one product to two buyer personas?

Assuming we have a well maintained product catalog with referencing data and our company has a shop called ‘Tech&Stuff’. Jo Seven and Kitty Seven are two different target customers we try to sell to. In this example we sell a Television ‘Multivision Isio 32’ which has a cross sell reference to a digital sat receiver.

This is typical information of a MDM system, which products are having which meaningful references. The new topic is that this is not only used for output channels but also now for Real-Time-Marketing. In our example a cross selling recommendation to that digital sat receiver ‘TechniBox S1+’ is stored.

When the customer ‘Jo Seven’ has bought the television in our online shop system the shop order interface to Informatica MDM automatically pushes a data set mapping from ‘Jo Seven’ to the Television ‘Multivision Isio 32’.

The benefit of having customer data inside of MDM is not only that you have the control about possible campaign targets as well as a visualization of regions where your products are selling well or where you have to focus next commercial campaigns.

An automated process triggers now a database check whether the customer ‘Jo Seven’ has relatives or friends. In our example ‘Jo Seven’s” we know that is lives in one household with his wife ‘Kitty Seven’. Since the cross sell product is not gender specific it is relevant for both target persons, ‘Kitty Seven’ and ‘Jo Seven’.

The process pushes now two information blocks to the marketing automation tool. These blocks contain all relevant information in order that the marketing automation tool can create the email to the customers. An appropriate email template is stored in the marketing automation tool with the purpose ‘real-time’.
With different information blocks the marketing automation tool can generate two emails to promote the upsell product. The first email targets ‘Jo Seven’, the second email targets ‘Kitty Seven’.

Before emailing ‘Jo Seven’ and ‘Kitty Seven’, Informatica Email Verification is run to ensure that the email address that is on file is accurate and safe to send to. Once it is verified, the emails to Kitty and Jo can be sent.

Since in Informatica MDM all digital assets are stored on the product site also with gender specific images the marketing mail can render gender specific images in the promotion emails.

These are the example of the personalized cross-selling promotion email sent to ‘Kitty Seven’ and ‘Jo Seven’:

persona email targeting_Informatica

Upon reading this email, ‘Kitty Seven’ talks with her husband about the good idea to buy a digital satellite receiver to use the full capacity of their new flat television.

‘Kitty Seven’ and ‘Jo Seven’ go online and order their new digital satellite receiver. When entering their shipping address, the data is verified with Informatica Address Verification directly within the Marketo form. This ensures that their package will be delivered to the correct address the first time.

‘Kitty’ and ‘Jo’ also enter their phone number into the Marketo form and select that they would like to opt in to SMS communications regarding their purchase. The number is verified for accuracy with Informatica Phone Validation and identified as a mobile number. As soon as the new digital satellite receiver ships, the Informatica SMS Mobile Messaging service automatically sends out an SMS message to the mobile number for ‘Kitty Seven’ to alert her that her package is on its way along with a tracking number so that ‘Kitty’ knows when to expect her delivery.

Conclusion

With a combination of a powerful marketing automation application like Marketo and a Total Customer Relationship approach you can build more meaningful customer segments based on a rich customer profile and make more personalized cross-sell and up-sell offers to your existing customers, as well as their relatives or friends. This helps unleash your hidden marketing potential and delivers great customer experiences with great data.

I end, by thanking my great colleagues Thomas Brence and Achim Grosshans for their support on this use case!

Share
Posted in CMO, Customers, DaaS, Master Data Management, PiM, Product Information Management, Retail, Total Customer Relationship | Tagged , | Leave a comment

The Secrets about Email Marketing No One Tells You

Secrets about Email Marketing

The Secrets about Email Marketing No One Tells You

Great email marketing has the best ROI in the business, most marketers know. The return on investment can be nearly $40 for every $1 spent, according to Adobe Systems.

Despite an onslaught of new marketing technologies, including the growth of social media marketing and mobile applications, the big news from a just-released report is that the importance of email marketing continues to grow.

60% of marketers in a new survey said that email is a critical enabler of products and services, and 20% said it was the primary revenue source for their business. These findings come from the 2015 State of Marketing report from Salesforce Marketing Cloud.

In the same survey, nearly 3 out of 4 marketers agreed that email marketing is core to their business. However, as any data-driven marketer knows, the real proof is in the measurement of performance.

An example of measured email marketing success is the astonishing revenue growth at global women’s apparel retailer BCBG. In the last year, the major global brand re-focused its email marketing efforts with tactics that improve the customer experience both on digital platforms and in-store.

By putting the customer at the center of its strategy, BCBG’s revenue from email marketing grew 20% in just one quarter, according to Direct Marketing News.

Email marketers can be eager to build templates, opted-in contact lists, establish campaigns, content, frequency, timing, and metrics goals. All of these are important to an email marketer.

BCBG does all of this too – but they also know the value of being customer-ready in their engagement and communication.

What email marketers may not know is that the customer journey begins with great contact data. If you aren’t measuring the quality of your contact data, your email campaigns will not reach their potential.

Here are a few ‘secrets’ about email marketing and contact data that you don’t hear about often, but every data-driven marketer should know.

Up to 30 percent of your contacts’ email addresses change each year.  What’s that hissing noise? That’s the air being let out of your email marketing plan. Everyone talks about the best practices for acquiring new contacts for your email lists, but what about taking care of the lists you have? It’s essential for marketers to validate their lists on a regular basis.

This can be done via email verification software and asking your list to opt back in on a regular basis. Asking for an opt-in after someone has been on your list for as long as a year (or more, depending on your audience) helps you know your message is welcome (reducing the chance it will be marked as spam) and re-establishes you in your customers’ minds.

Poor sender reputation can affect anyone and everyone who sends emails in bulk. Having a low sender reputation is similar to having a low credit score. If your credit score is low, you will be limited on what you can do in the financial world. In the same way, a low sender reputation limits what you can do with your email marketing campaigns.

This is a threat that you want to deal with before it happens. Many marketers only learn about the consequences after it happens – and they can no longer reach their audiences. Sales and customer satisfaction suffer as a result, and it can be a costly and time-consuming process to repair your sender reputation.

What are some of the things that affect sender reputation the most?

  • Sending to email addresses that are no longer in use.
  • Complaint rates (being marked as spam).
  • Spam traps (email addresses created specifically to catch spammers). As Return Path has found, sending to even one spam trap can destroy your sender reputation.

You can check email lists before you send to them – in fact, that is the best time to do that. But it’s not enough to verify a list once. Verify email addresses more than once over time, as email addresses that previously were fine one day can become invalid or malicious.

Urgent changes are ahead for email marketers. A major new prediction from Gartner is that companies in all industries will have to primarily compete on customer experience by 2016.

Email marketing holds great potential as a revenue driver, and will continue to be an important channel for providing a great customer experience. 33% of customers surveyed said that email is the best method for building brand loyalty, according to Salesforce Marketing Cloud.

Read more about how customer experience is becoming a bigger part of marketers’ jobs in this new white paper, “The Secret to a Successful Customer Journey.

Share
Posted in 5 Sales Plays, Customers, DaaS, Data Services, Retail, Total Customer Relationship | Tagged , , , | Leave a comment

What are Incorrect Addresses Costing your Company?

I live in a small town in Maine. Between my town and the surrounding three towns, there are seven Main Streets and three Annis Roads or Lanes (and don’t get me started on the number of Moose Trails). If your insurance company wants to market to or communicate with someone in my town or one of the surrounding towns, how can you ensure that the address that you are sending material to is correct? What is the cost if material is sent to an incorrect or outdated address? What is the cost to your insurance company if a provider sends the bill out to the wrong ?

How much is poor address quality costing your business? It doesn’t just impact marketing where inaccurate address data translates into missed opportunity – it also means significant waste in materials, labor, time and postage . Bills may be delivered late or returned with sender unknown, meaning additional handling times, possible repackaging, additional postage costs (Address Correction Penalties) and the risk of customer service issues. When mail or packages don’t arrive, pressure on your customer support team can increase and your company’s reputation can be negatively impacted. Bills and payments may arrive late or not at all directly impacting your cash flow. The cost of bad address data causes inefficiencies and raises costs across your entire organization.

The best method for handling address correction is through a validation and correction process:

Address+Doctor

What are Incorrect Addresses Costing your Company? There are Steps to Follow

When trying to standardize member or provider information one of the first places to look is address data. If you can determine that John Q Smith that lives at 134 Main St in Northport, Maine 04843 is the same John Q Smith that lives at 134 Maine Street in Lincolnville, Maine 04849, you have provided a link between two members that are probably considered distinct in your systems. Once you can validate that there is no 134 Main St in Northport according to the postal service, and then can validate that 04849 is a valid zip code for Lincolnville – you can then standardize your address format to something along the lines of: 134 MAIN ST LINCOLNVILLE,ME 04849. Now you have a consistent layout for all of your addresses that follows postal service standards. Each member now has a consistent address which is going to make the next step of creating a golden record for each member that much simpler.

Think about your current method of managing addresses. Likely, there are several different systems that capture addresses with different standards for what data is allowed into each field – and quite possibly these independent applications are not checking or validating against country postal standards.  By improving the quality of address data, you are one step closer to creating high quality data that can provide the up-to-the minute accurate reporting your organization needs to succeed.

Share
Posted in 5 Sales Plays, B2B, Big Data, Business Impact / Benefits, Customer Acquisition & Retention, Customer Services, Customers, Data Quality, Data Synchronization, Healthcare, Master Data Management, Total Customer Relationship | Tagged , , , , | Leave a comment

You Can’t Improve What You Don’t Measure

omni-channel

Register for the Webinar on 19th March, 2015

80% of companies surveyed said that they offer superior customer service, but only 8% of their customers agreed with them. (Source: Bain & Company)

With numbers like that there is plenty of room to improve.  But improve what?

Traditionally retailers have measured themselves against year over year increase in sales for like-stores, increased margins and lower operating costs. But, retailing has changed, customers can interact and transact with you across multiple touch points along their path to purchase and beyond. Poor performance at any one of these interaction points could lose you a customer and damage your brand.

A better measure is to calculate the customer experience across the omni-channel landscape. This will provide better insight into how you are attracting and retaining customers, and how well you are serving them. However, many retailers lack the technology and processes to deliver on a plan to improve the omni-channel customer experience.

Once you have decided to do something, what are you going to measure? Is it time spent on website versus sales? Speed to resolve problems in contact center versus number of repeat transactions from customer? Number of touch points before purchase? But what about the softer measures like how well your staff interact with customers in-store or social channels? How many “Pins” you have, or how do you assign value to them?

Organizations need to account for (CHURN, ATTRITION, LOYALTY and LIFETIME VALUE) to be able to evaluate their performance from a holistic view of their customer, not just in the confines of their own operational silo.

In an up and coming webinar Arkady Kleyner, from Intricity will break apart key components of the Omni-Channel Customer Experience calculation. Additionally, Arkady will identify the upstream components that keep this measure accurate and current.

Attend this webinar to learn:

  • The foundational calculations of Omni-Channel Customer Experience
  • Common customizations to fit different scenarios
  • Upstream components to keep the calculation current and accurate
  • Register here to receive a calendar invitation with the webinar details.
  • Join us for a 1 hour webinar and Q/A session. The event will occur March 19th at 2:00PM EST.
Share
Posted in Customer Acquisition & Retention, Customers, Retail | Tagged , , , , | Leave a comment

Retail Business Technology Expo Trend Blog – The Fantastic Five

Retail friends – sorry to say it was not a surprise that reinventing the store and making it more digital impacted the Retail Business Technology Expo (RBTE) in London this week. I saw a similar trend at the National Retail Federation Big Show back in January, which I discussed in this blog post.

With that being said, I was not shy finding the fantastic five that thrilled me in the Olympia Hammersmith center hall.

Here they are:

Engaging Spaces: Their booth was making the most noise with interactive touchable wooden walls, which emphasize interaction with sound and lights. No booth was inspiring more people taking pictures than this one. I took the liberty to record this short clip

Engaging Spaces was surrounded by lots of fancy digital signage vendors to display products in-store. Some demos did not work, or did not come with comprehensive product details and are still not personalized.

Panel: Optimizing the supply chain and omnichannel experience are twins. Moderated by Spencer Izard and completed by Craig Sears-Black from Manhattan Associates and Tom Enright from Gartner, showed that the lines between retailers and CPG companies are blurring. Retailers become eTailers and brands act like retailers.

We learned that consumers don’t care where they buy from, but they always expect trust! The experts see co-existence, overlap and changes for partnering between vendors and retailers. Analysts said that retail organizations are still siloed on the internal structure, which prevents omnichannel execution. We expect that a balance of power will take place between brands and retailers.

panel

Orderella: Let the phone do the queuing. This app is perfect for people like me who hate waiting in line for lunch.. The app connects with PayPal, soI was able to order my snack and drink from my phone, and to my table. It was delivered in 1 minute, and I was able to monitor the process within the app. In addition, they also delivered to each both with localizing your phone and offered a 6 bucks voucher for each new deal. Great combination of location, real-time, product and customer data.

orderella

Red Ant: The seamless in-store experience. The app sits on top of ecommerce tools like Demandware, hybris, Intershop, Magento, Oxid, Oracle ATG or IBM WebSphere Commerce, which are used by many of our customers tosupport barcode scanning and flexibility in the checkout process. It also supports the in-store assistant to complete the transaction. Red Ant is very easy to use for our eCommerce clients, who already fuel their commerce with perfect product information.

IMG_6011

Iconeme: Again for digital in-store experience. The app uses iBeacon to help users see where the product is in the store, share it, view looks (product bundles), a virtual dressing room, and of course, check out payment. Definitely something to take a look at.

in store app

Share
Posted in B2B, Customers, Data Governance, Master Data Management, PiM, Product Information Management, Real-Time, Retail | Tagged | Leave a comment

Data Driven Retail: The Path to Maximize Shopper Experience

Retail

Data Driven Retail: The Path to Maximize Shopper Experience

On our recent webinar with Omer Minkara from Aberdeen Group , we learnt that“94% of companies are not satisfied with their use of customer data”, yet retailers still want more data to gain valuable customer insights to drive improvements in the shopper experience. But the top challenge they face when managing customer data as part of their business activities is the quality of the data.  Data-Driven retailers are characterized by their ability to balance quantity and quality of data effectively.

Shoppers expect consistency in their interactions with you, whether it’s the same price across channels, accurate shipping information or when they are calling a contact center. However, one of the top frustrations for consumers is the need to provide the same information over and over as they interact with the retailer. This data is already captured in multiple systems but is not connected or clean. Fragmented views of customer data across multiple systems makes it harder to personalize shopper interaction and enhance the overall customer experience.

Bring your data management to today’s omni-channel world

By standardizing customer data across the organization and having a centralized repository of product and service information available to all customer facing roles, data- driven retailers have enjoyed increased margins, higher returns on marketing investments, shorter delivery times and improved time to market for products and services.

Data-driven retailers are not just meeting customer expectations, they are exceeding them.

In my next blog I will look at some of the questions we did not get to answer during this session. In the meantime, why not register for our next webinar “Calculating Omni-Channel Customer Experience – March 19 Webinar” with Arkady Kleyner, Solution Architect, Intricity.

Don’t to follow us on twitter @INFARetail.

Share
Posted in CMO, Customer Acquisition & Retention, Customer Services, Customers, Retail | Tagged , , , | Leave a comment

Four Ways Retailers Turn Away Customers

retailers

Four Ways Retailers Turn Away Customers

If you take a company that is already delivering a great customer experience and add time to the equation, what do you get?

For the answer, take a look at this observation from Shoebuy’s SVP of Customer Experience and Retention, Kavita Baball (published in this new article):

“Customer expectations change over time, so even though you may deliver a good experience now, you have to always consider the customer and their changing needs and expectations.”

In all areas of their business, Shoebuy’s MVP is their customers. One more interesting thing about Shoebuy: They offer over 1 million products on their website.

A study reported in Multichannel Merchant magazine analyzed numerous products sold online by retailers. It found that when a new product is added to an ecommerce website, it directly contributes to growth in gross merchandise value. Today, more products (and more unique selections for the customer to choose from) create more revenue overall.

The rules of inventory, selection, price, and placement are bent and broken by changing customer preferences and innovations from the rise of online retailing. It wasn’t so long ago that retailers started creating niche options in their stores and online to appeal to changing consumer preferences. In retail, the unique, personalized, special option is highly valued by consumers today.

Limitless options are available online, so a consumer can find nearly anything he or she wants from a variety of sources. What can retailers do when customers want something unique, just for them, and can get it anywhere?

The only answer is adding value by providing a great customer experience. An amazing thing to note here: Gartner predicts that by 2016, companies in all industries will be competing on customer experience alone.

Until then, retailers should assess how they lose customers over time because of a poor experience. As Shoebuy knows, customer preferences continue to change. What works now may not always be a solid strategy. Fewer than 50% of companies in a Gartner survey said their customer service was exceptional today. If you aren’t putting customers at the center of everything, throughout your business, Gartner’s prediction shows that you are essentially turning away customers. Here are four ways this can happen:

1. Not being able to contact customers. If your contact data is invalid, including email addresses, phone numbers, and postal addresses, it can be really tough to call yourself customer-centric. Bounced emails, returned packages, and wrong numbers hurt the customer experience. When e-receipts aren’t received, or a customer service call isn’t successfully made, or an order is sent to the wrong address, customers are unlikely to be loyal and come back for what they believe will be the same experience.

2. Not providing a single experience across channels. When customers contact you for service or support in your call center, the representative should be able to pull up a full contact record, including past buying histories and other contextual information that helps make the interaction a success. The same applies to your ecommerce site, in-store at point-of-sale, and any other channel. According to Forrester Research, 42% of customer service representatives said they were not able to resolve customer issues effectively due to disconnected systems across multiple applications with outdated interfaces.

3. Offer no additional value. Part of a great customer experience is adding stand-out services, conveniences, and speed to every interaction. Customization options, online support and knowledge centers, and membership for exclusive perks are just a few ways to help your customers while building your authority in the market. Loyalty memberships are a great way in particular for marketers to use, as they provide great perks to customers while giving retailers insight into who their customers are. Add-ons may be perceived as expensive to provide, but 86% of buyers said that they would pay more for a better customer experience, according to survey results from Harris Interactive.

4. Not increasing investments in your marketing technology. More and more, improving every customer interaction throughout all channels is becoming part of the job description for marketers. According to eMarketer, the top reason marketers said they needed new technology investments was to improve customer service and satisfaction. See more on steps you can take to avoid wasting your marketing budget in 2015 in this blog post.

—-

Being faster, more reliable, innovative, and being there for your customers are all going to be important for retailers in 2015. For more on this topic for retailers, check out this new infographic, “4 Ways Retailers Can Improve Customer Centricity” on the Retail TouchPoints website.

Share
Posted in Customers, DaaS, Retail | Tagged , , | Leave a comment

Guiding Your Way to Master Data Management Nirvana

Achieving and maintaining a single, semantically consistent version of master data is crucial for every organization. As many companies are moving from an account or product-centric approach to a customer-centric model, master data management is becoming an important part of their enterprise data management strategy. MDM provides the clean, consistent and connected information your organizations need for you to –

  1. Empower customer facing teams to capitalize on cross-sell and up-sell opportunities
  2. Create trusted information to improve employee productivity
  3. Be agile with data management so you can make confident decisions in a fast changing business landscape
  4. Improve information governance and be compliant with regulations

Master Data ManagementBut there are challenges ahead for the organizations. As Andrew White of Gartner very aptly wrote in a blog post, we are only half pregnant with Master Data Management. Andrew in his blog post talked about increasing number of inquiries he gets from organizations that are making some pretty simple mistakes in their approach to MDM without realizing the impact of those decisions on a long run.

Over last 10 years, I have seen many organizations struggle to implement MDM in a right way. Few MDM implementations have failed and many have taken more time and incurred cost before showing value.

So, what is the secret sauce?

A key factor for a successful MDM implementation lays in mapping your business objectives to features and functionalities offered by the product you are selecting. It is a phase where you ask right questions and get them answered. There are few great ways in which organizations can get this done and talking to analysts is one of them. The other option is to attend MDM focused events that allow you to talk to experts, learn from other customer’s experience and hear about best practices.

We at Informatica have been working hard to deliver you a flexible MDM platform that provides complete capabilities out of the box. But MDM journey is more than just technology and product features as we have learnt over the years. To ensure our customer success, we are sharing knowledge and best practices we have gained with hundreds of successful MDM and PIM implementations. The Informatica MDM Day, is a great opportunity for organizations where we will –

  • Share best practices and demonstrate our latest features and functionality
  • Show our product capabilities which will address your current and future master data challenges
  • Provide you opportunity to learn from other customer’s MDM and PIM journeys.
  • Share knowledge about MDM powered applications that can help you realize early benefits
  • Share our product roadmap and our vision
  • Provide you an opportunity to network with other like-minded MDM, PIM experts and practitioners

So, join us by registering today for our MDM Day event in New York on 24th February. We are excited to see you all there and walk with you towards MDM Nirvana.

~Prash
@MDMGeek
www.mdmgeek.com

Share
Posted in Big Data, Customers, DaaS, Data Governance, Master Data Management, PiM, Product Information Management | Tagged , , , , , , | Leave a comment

A True Love Quiz: Is Your Marketing Data Right For You?

questionnaire and computer mouseValentine’s Day is such a strange holiday.  It always seems to bring up more questions than answers.  And the internet always seems to have a quiz to find out the answer!  There’s the “Does he have a crush on you too – 10 simple ways to find out” quiz.  There’s the “What special gift should I get her this Valentine’s Day?” quiz.  And the ever popular “Why am I still single on Valentine’s Day?” quiz.

Well Marketers, it’s your lucky Valentine’s Day!  We have a quiz for you too!  It’s about your relationship with data.  Where do you stand?  Are you ready to take the next step?


Question 1:  Do you connect – I mean, really connect – with your data?
Connect My Data□ (A) Not really.  We just can’t seem to get it together and really connect.
□ (B) Sometimes.  We connect on some levels, but there are big gaps.
□ (C) Most of the time.  We usually connect, but we miss out on some things.
□ (D) We are a perfect match!  We connect about everything, no matter where, no matter when.

Translation:  Data ready marketers have access to the best possible data, no matter what form it is in, no matter what system it is in.  They are able to make decisions based everything the entire organization “knows” about their customer/partner/product – with a complete 360 degree view. And they are also able to connect to and integrate with data outside the bounds of their organization to achieve the sought-after 720 degree view.  They can integrate and react to social media comments, trends, and feedback – in real time – and to match it with an existing record whenever possible. And they can quickly and easily bring together any third party data sources they may need.


Question 2:  How good looking & clean is you data?
My Data is So Good Looking□ (A) Yikes, not very. But it’s what’s on the inside that counts right?
□ (B) It’s ok.  We’ve both let ourselves go a bit.
□ (C) It’s pretty cute.  Not supermodel hot, but definitely girl or boy next door cute.
□ (D) My data is HOT!  It’s perfect in every way!

Translation: Marketers need data that is reliable and clean. According to a recent Experian study, American companies believe that 25% of their data is inaccurate, the rest of the world isn’t much more confident. 90% of respondents said they suffer from common data errors, and 78% have problems with the quality of the data they gather from disparate channels.  Making marketing decisions based upon data that is inaccurate leads to poor decisions.  And what’s worse, many marketers have no idea how good or bad their data is, so they have no idea what impact it is having on their marketing programs and analysis.  The data ready marketer understands this and has a top tier data quality solution in place to make sure their data is in the best shape possible.


Question 3:  Do you feel safe when you’re with your data?
I Heart Safe Data□ (A) No, my data is pretty scary.  911 is on speed dial.
□ (B) I’m not sure actually. I think so?
□ (C) My date is mostly safe, but it’s got a little “bad boy” or “bad girl” streak.
□ (D) I protect my data, and it protects me back.  We keep each other safe and secure.

Translation: Marketers need to be able to trust the quality of their data, but they also need to trust the security of their data.  Is it protected or is it susceptible to theft and nefarious attacks like the ones that have been all over the news lately?  Nothing keeps a CMO and their PR team up at night like worrying they are going to be the next brand on the cover of a magazine for losing millions of personal customer records. But beyond a high profile data breach, marketers need to be concerned over data privacy.  Are you treating customer data in the way that is expected and demanded?  Are you using protected data in your marketing practices that you really shouldn’t be?  Are you marketing to people on excluded lists


Question 4:  Is your data adventurous and well-traveled, or is it more of a “home-body”?
Home is where my data is□ (A) My data is all over the place and it’s impossible to find.
□ (B) My data is all in one place.  I know we’re missing out on fun and exciting options, but it’s just easier this way.
□ (C) My data is in a few places and I keep fairly good tabs on it. We can find each other when we need to, but it takes some effort.
□ (D) My data is everywhere, but I have complete faith that I can get ahold of any source I might need, when and where I need it.

Translation: Marketing data is everywhere. Your marketing data warehouse, your CRM system, your marketing automation system.  It’s throughout your organization in finance, customer support, and sale systems. It’s in third party systems like social media and data aggregators. That means it’s in the cloud, it’s on premise, and everywhere in between.  Marketers need to be able to get to and integrate data no matter where it “lives”.


Question 5:  Does your data take forever to get ready when it’s time to go do so something together?
My data is ready on time□ (A) It takes forever to prepare my data for each new outing.  It’s definitely not “ready to go”.
□ (B) My data takes it’s time to get ready, but it’s worth the wait… usually!
□ (C) My data is fairly quick to get ready, but it does take a little time and effort.
□ (D) My data is always ready to go, whenever we need to go somewhere or do something.

Translation:  One of the reasons many marketers end up in marketing is because it is fast paced and every day is different. Nothing is the same from day-to-day, so you need to be ready to act at a moment’s notice, and change course on a dime.  Data ready marketers have a foundation of great data that they can point at any given problem, at any given time, without a lot of work to prepare it.  If it is taking you weeks or even days to pull data together to analyze something new or test out a new hunch, it’s too late – your competitors have already done it!


Question 6:  Can you believe the stories your data is telling you?
My data tells the truth□ (A) My data is wrong a lot.  It stretches the truth a lot, and I cannot rely on it.
□ (B) I really don’t know.  I question these stories – dare I say excused – but haven’t been able to prove it one way or the other.
□ (C) I believe what my data says most of the time. It rarely lets me down.
□ (D) My data is very trustworthy.  I believe it implicitly because we’ve earned each other’s trust.

Translation:  If your data is dirty, inaccurate, and/or incomplete, it is essentially “lying” to you. And if you cannot get to all of the data sources you need, your data is telling you “white lies”!  All of the work you’re putting into analysis and optimization is based on questionable data, and is giving you questionable results.  Data ready marketers understand this and ensure their data is clean, safe, and connected at all times.


Question 7:  Does your data help you around the house with your daily chores?
My data helps me out□ (A) My data just sits around on the couch watching TV.
□ (B) When I nag my data will help out occasionally.
□ (C) My data is pretty good about helping out. It doesn’t take imitative, but it helps out whenever I ask.
□ (D) My data is amazing.  It helps out whenever it can, however it can, even without being asked.

Translation:  Your marketing data can do so much. It should enable you be “customer ready” – helping you to understand everything there is to know about your customers so you can design amazing personalized campaigns that speak directly to them.  It should enable you to be “decision ready” – powering your analytics capabilities with great data so you can make great decisions and optimize your processes.  But it should also enable you to be “showcase ready” – giving you the proof points to demonstrate marketing’s actual impact on the bottom line.


Now for the fun part… It’s time to rate your  data relationship status
If you answered mostly (A):  You have a rocky relationship with your data.  You may need some data counseling!

If you answered mostly (B):  It’s time to decide if you want this data relationship to work.  There’s hope, but you’ve got some work to do.

If you answered mostly (C):  You and your data are at the beginning of a beautiful love affair.  Keep working at it because you’re getting close!

If you answered mostly (D): Congratulations, you have a strong data marriage that is based on clean, safe, and connected data.  You are making great business decisions because you are a data ready marketer!


Do You Love Your Data?
Learn to love your dataNo matter what your data relationship status, we’d love to hear from you.  Please take our survey about your use of data and technology.  The results are coming out soon so don’t miss your chance to be a part.  https://www.surveymonkey.com/s/DataMktg

Also, follow me on twitter – The Data Ready Marketer – for some of the latest & greatest news and insights on the world of data ready marketing.  And stay tuned because we have several new Data Ready Marketing pieces coming out soon – InfoGraphics, eBooks, SlideShares, and more!

Share
Posted in 5 Sales Plays, Business Impact / Benefits, CMO, Customers, Data First, Data Integration, Data masking, Data Privacy, Data Quality, Data Security, Intelligent Data Platform, Master Data Management, Operational Efficiency, Total Customer Relationship | Tagged , , , , , , , , | Leave a comment