Customer data management process is one of the most important process for your sales and marketing teams to achieve success. If you have got this right, then you are half way through. A large part of Customer Data Management (CDM) is about synchronizing and standardizing customer data. Effective CDM is not just about integrating clean customer data, it’s about leveraging the available data to increase revenue and profitability.
Implementing the following best practices will generate a better return on investment (ROI) from customer data management (CDM):
The major exercise in Customer Data Management is extracting and normalizing customer data from multiple sources. To make this a success, organizations must automate the entire CDM system. It controls the flow of data and enables interconnectivity.
Extend organizational visibility and role-based access:
The system must give employees greater visibility of its customers, channels, distributors and stakeholders. Role-based access to customer data enables functionally appropriate views into customer data. This will create way to optimize customer interactions and operational decision making. It also makes sure that employees see what is relavant and important to them.
Centralize CDM by location or division:
To test processes, fix problems and develop best practices, organizations must centralize Customer Data Management based on location or Division. Management will have access to the complete data while the divisions will have access to relavant data. It also helps in generating region wise reports and trends.
Nominate people who will be accountable for data management:
Establishing ultimate accountability for customer data is as important as technology for CDM success. Nominate people and clearly define roles and responsibilities and formation of internal cross-functional teams are the critical factors for the success of CDM.
Management and Executive Support:
Getting management and executive support is important for Customer Data Management. It is also important to consider CDM’s impact on various departments, prioritize accordingly, and tie CDM to overall corporate goals and strategies.