To grow and retain customers in today’s highly competitive business environment, companies must produce relevant, timely, and personalized marketing tailored to their customer’s needs, as well as exceptional customer service and seamless interactions across multiple devices and channels.
Businesses must be able to activate segments and engage with customers on their preferred channels. High-quality data management practices allow organizations to do this, offering solutions that unify customer data across all platforms and provide deep insights about behaviors and preferences to create a strong foundation for customer growth and retention. Data management capabilities enable AI and machine learning to guide market segmentation and produce prescriptive analytics to heighten business intelligence about customers. With Infoverity as your data management partner, organizations can tackle these problems head-on and get more out of their data than ever before.
Businesses struggle to identify the optimal markets to target and the correct product fit across these customer segments. Organizations often lack the ability to centralize segmentation or make informed decisions to measure segment performance. The result is guessing at what customers want instead of effectively reaching them.
For marketing and CX teams to be effective, they must be able to analyze all customer data, including data on demographic, geographic, behavioral, purchase history, and preferences, in a centralized manner. Data management provides companies with the 360-degree customer view they need for productive marketing.
Many companies are not yet leveraging AI or machine learning to reach customers. Businesses that harness these tools can forecast lifetime value, churn, and other valuable customer insights. However, these tools can only work with reliable data, which is a major reason for companies to adopt data management practices.
Increasingly, businesses are moving from focusing on quality omnichannel experiences to connected customer experiences. To truly connect with customers requires data management. It offers a foundation and the tools to engage customers through consistent messaging across email, social media, and SMS, as well as business groups.
Companies value first-party data as the most valuable when it comes to customer growth. Eighty-two percent of those surveyed indicated that “buyer intent, first party” (data from research activity on your website or landing pages) is very important and useful to GTM teams. In addition, data from “CRM tools, sales channels and product usage” was selected by 79% of respondents as very important.
Product leaders struggle to receive access to unified customer data. The same survey found that only 41% of respondents had access to a customer data warehouse or customer data platform that brings together and unifies the data types important to generating customer insights.
Operational budget and data strategy challenges hinder customer growth efforts. A Gartner survey revealed that 32% of those surveyed indicated that “lack of operational budget to fund efforts” is the biggest challenge to receiving holistic customer insights to support their GTM programs and goals. In addition, 29% indicated that “lack of a customer data strategy” is the biggest challenge to receiving insights.
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