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Customer data management

3 Effective Tips to Improve Customer Data Management for Millennial B2B marketers

Today customer data is considered to be the most valuable resource for businesses across industries. By gaining insights from customer data, businesses can easily predict future customer behavior patterns, devise sales strategies, and estimate the success of their marketing campaigns. Therefore, customer data management can cement the success of any business that decides to dig deeper into customer behavior insights. Customer data management can further help businesses to analyze customer buying behaviors and any additional information that customers might have shared with any business across various touchpoints. With a better understanding of customers’ personalities and pain points, companies can cater to their needs on a far more personal level which is very essential in today’s highly competitive business landscape.

Wonder how to keep track of multiple facets of a single customer data? Customer data management solutions can help. Request a FREE proposal now to gain detailed insights.

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Tips to Manage Customer Data Effectively

Tip #1: Monitor integrity and relevance of customer data

Data cleansing is one of the most important aspects of customer data management. For effective customer data management, it is important to keep up-to-date information about customers as customer behavior is dynamic, and the customer data reflects the movement of their actions. Cleansing processes can help to weed out contacts that aren’t engaging, or whose information is no longer correct. Also, monitoring the integrity and relevance of customer data can help you to devise more effective  marketing campaigns and customer segmentation strategies. A flow of incorrect data can lead to bad customer experience that can negatively impact the reputation of your brand.

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Tip #2: Gather all available customer data into a unified profile

Using multiple tools to collect data can result in the collection of disconnected data leading to fragmented customer experience. Also, creating a unified customer profile is difficult by using multiple channel-specific tools for data collection. For effective customer data management, businesses need to have a unified customer view that comprises all of the customer interactions with the business including email clicks, website browsing history, mobile interactions and so on. A 360-degree view of the customer is critical to offer seamless omnichannel and connected customer experience.

Our customer analytics dashboards can help you monitor  customer journeys and analyze the data at every touchpoint in real-time. Request a FREE demo below to know more.

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Tip #3: Keep customer data secure

Data security is a crucial component of any customer data management system. So, businesses need to have data backed protocols in place to encrypt and protect their most valuable business asset- “customer data”. Therefore, businesses need to be very careful when it comes to safeguarding the confidential and private information such as credit card information, social security numbers and other financial information.

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customer analytics

A Canadian Telecom Services Provider Leverages Customer Analytics to Gain In-depth Insights into Factors Affecting Churn

The client is a leading telecom services provider based out of the U.S. To sustain a competitive edge in the global market, the telecom client wanted to gain an accurate read on consumer reviews, assess their consumers’ sentiments, and base their business strategies on reliable and relevant insights. They were also looking at leveraging customer analytics to better understand customer perceptions and improve engagement rates. 

The Business Challenge

Understanding the customer base is crucial for any organization looking to succeed in the long-run and the telecom sector is no exception. Advanced customer analytics solutions play a significant role in offering a holistic view of the global customer base. Analytics can also be successfully leveraged in this space to gain insights on segmentation, churn prediction, geospatial analysis, transaction, and engagement analysis.

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The rapidly growing customer base and the huge volumes of transaction data entering the system precluded any analysis that adopted traditional methods. To alleviate the problem, the client invested a significant sum in proprietary analysis software when they realized they lacked the right strategies and tools to assess the huge troves of customer data at their disposal. However, despite the investment, they were unable to derive accurate insights that were essential for monitoring and decision making.
Subsequently, the client approached Quantzig with specific issues related to their customers, which was to be unraveled based on their customer data. The key issues included:
• What metrics need to be tracked and monitored to measure customer engagement rates?
• Which of my customers are likely to churn?
• What are the specific indicators for customer churn?
• Which customer segment should my sales team target to build a healthy customer base?
• How to provide better value to my customers to boost engagement rates?

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Solution Offered and Value Delivered

Quantzig’s customer analytics experts built a customized solution to meet the client’s requirements by adopting a comprehensive three-pronged approach.

Phase 1:
The initial phase of this customer analytics engagement focused on building a data repository to access the raw customer data in a secure manner and analyze the same, on a periodic basis. The helped the client to draw meaningful insights from their customer datasets by leveraging customer sentiment analysis.

Phase 2:
The second phase of this customer analytics engagement revolved around processing customer data to create multiple features that were specifically engineered for customer analysis. The new features provided a holistic view of the customer throughout the lifecycle of engagement and empowered the client to make smarter customer-centric decisions.

Phase 3:
The third phase of this customer analytics engagement revolved around the creation of customized dashboards. These dashboards enabled the client to analyze customer data and segment customers into homogenous groups based on customer sentiments and their behaviors.

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To achieve the desired results our customer analytics experts leveraged data clustering algorithms to segment the customer base into smaller cohorts in order to gain a better understanding of the segment-wise behavior of their customers. Identifying these segments provided a clear picture of the entire customer base and the similarities between individuals. This, in turn, helped our customer to build robust strategies for improving customer engagement through personalized offers and campaigns.
In addition, our customer analytics solutions helped bring about measurable results that included:
• A 15% reduction in customer churn rate
• 35% improvement in customer engagement rate

What is Customer Analytics?

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