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What is Customer Data Management?
Customer data management (CDM) is gathering, analysing and managing your business customer data. It acts as a solution mechanism in which the customer issues are resolved and provides a better level of satisfaction to a customer.
Customer data management monitors all customers related to the store and collects all information on online shopping customers through e-commerce sites. Many customers are engaged on websites, mobile devices, social media and other channels.
Customer Data Management not only help to keep the records of the engaged customer but also give the following benefits to the business:
- Ability to maintain customer loyalty.
- Capability to visualize real-time market changes.
- Improvement in sales efficiency.
- Get better understanding on promotions and marketing activities.
- New customer involvement strategy.
- Sustainable customer-driven business strategies.
Challenges of Managing Customer Data
There is a challenge in almost every work. If the volume of customer data is increasing then the challenges of the business are how to handle and manage the data.
Customers keep coming from various social media and stores. Thus, the data they produce never stops. Managing a large amount of data is quite difficult So, Customer Data Management come to exitance. Big online shopping company is using this approach to handle their customers and fulfill their needs.
- Managing customer data manually.
- Need to keep data clean, accurate and up to date.
- Need to Keep data secure.
- Validating the customer data.
- Need to take decision which data is usable and which need to ignore.
Why Customer Data Management So Important?
Customer data management is a lifeline for your organization. It is the best and finest source to collect customer information from various resources. By using the data management approach in the organization manager gets confidence to exchange for a promise of value to the customer, offers discounts and able to deal directly during the transaction.
The customer data which is collected by you is a great asset for the organization and has a competitive advantage. Customer data management keeps your organization to handle customer behaviour, trends, buying patterns etc. From the above discussion, we can say that customer data is a lifeline for communication.
Best Practices for Customer Data Management
Collection of data:
In tradition days the company is using a bad practice for the collection of data and without any planning how they will communicate with the people going forward. But after the development of data management, companies are doing their work easily and effectively.
Data management documents all of the customer’s personal information from social media and stores it in a database for a lifetime.
Monitor Data Integrity:
Monitor data integrity is the most important aspect in data management Customer data is need to keep update for several reason:
- Customer behavior varies and the data provided represents a movement of customer action, so it is possible that information will change in the future.
- You should always work according to the conditions of the customers and implement the channels they like. You will not go the way a customer does not like. Data helps shape those preferences so that work can be executed.
- It is not necessary to have a bunch of customer data that are not associated with us. Try to eliminate the customer email IDs in particular those contacts that are no longer associated with us through the process of data cleansing.
- The process of data cleaning helps you make more actionable campaign building.
Select relevant data for accurate results:
Data cleaning and selecting is the most difficult part in the customer data management. Data keeps on growing and it will be difficult to manage if it is not controlled earlier.
Well, this is where data management and organization become important.
Use data to understand customer online buying habits:
It is necessary to know customer buying habits and provide the customer with a service that they are looking for. This customer data also allows you to understand where and how to engage with customer so that you can spend less time interacting with them.
Avoid data fragmentation:
If we talk about data management strategy, select your customer data meaningful (quality over quantity) implementing an organized information collection process is essential.
Keep customer data secure:
Finally, data security is a vital component for any data management project. You should have to apply some protocol to protect the customer data and to take necessary steps to encrypt and protect your most valuable business asset.
Customer Data Management Examples
By maintaining proper customer database management for your organization, you can able to improve efficiency in marketing communication, sales and customer management.
1. Marketing Performance Dashboard
The dashboard above represents the marketing performance template that shows the key areas of your customer-driven strategies and promotions. By analyzing the dashboard, you can be able to make stronger decisions for your company and improve your marketing initiatives. This also helps identify weaknesses such as your website and landing pages to make your communication more engaging, inspiring and result driven.
KPIs for Marketing Performance Dashboard
- Cost per Acquisition
- Cost per Lead
- Customer Lifetime Value
- Sales Target & Growth
Related Content: Campaign Performance Dashboard for Better Marketing
2. Customer Performance Dashboard
The above dashboard represents customer performance that helps you achieve business goals. Customer service teams work together to deliver the best customer experience. Their goal is how quickly and effectively you meet your customer’s need. As a customer service manager, you are responsible for monitoring and maintaining the happiness of your team, while they focus on pleasing your customers.
Are you looking for customer data management dashboard for your business? For a free lifetime demo try EzDataMunch Customer Data Management.
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.