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Knowing Your Customers With Master Data Management

How to Know your Customers Better Than They Know Themselves A Zappos employee once sent flowers to an ailing woman who couldn't find comfortable shoes-that kind of intimate attention might be why 75% of Zappos' sales are from repeat customers 30 - The Elusive Profit Loyal Customer Value of Repeat Business 15 - I = Customer 5% increase in customer retention 25% increase in profit Average online apparel retailer doesn't make a Must retain customer for profit off a customer until he or she had 12 months just to break even shopped 4 times Longer the customer's relationship with the company, the more they spend Customers spend 67% more in months 31-36 than in months 0-6 5th purchase: 10th purchase: 40% larger than 1st 80% larger than 1st Referrals Repeat customers refer more people than one-time buyers Number of referrals 3 13 After 1st purchase Apparel Electronics and appliances After 10th purchase Number of purchases 10 Over 3 years, referred customers spent an additional 75% of what the original customer spent at online grocers 50% in electronics and apparel Consumers Don't Often Come Back What would make you "break up" with a brand? Negative review remains unaddressed while similar products continue to be offered Data leak/breach No live/real-time customer service support No timely sales and promotions offers 57% 53% 42% 38% Millennials' special brand of loyalty Brands with highest customer scores among Millennials YouTube facebook. Google 72% 72% 70% 60% of Millennials are as brand loyal as or more brand-loyal than their parents It's important to keep customers coming back-but old school loyalty cards don't do the trick anymore 64% Know Your Customers to Gain Their Loyalty Traditional Methods Don't Work Loyalty programs run rampant 90% of companies have customer engagement or loyalty programs 2012-2014, loyalty program memberships grew 26.7% 90% 3.3 billion loyalty program memberships that's 29 per household in the U.S. Generalized incentives aren't enough Claim loyalty programs do not improve loyalty Switched their business from one brand to another last year Retract loyalty more quickly now than they did 3 years ago Have a negative or non-existent reaction to loyalty efforts 71% 61% 77% 23% Need Personalized Experiences Customers expect you to know them want brands that 79% understand and "I'm Special!" care about "me" Customers assume you have data on: are loyal to brands that deeply understand their priorities and preferences 56% Personal information they provided in the past Previous transactions, searches, and Previous questions and complaints interests Knowing customers pays off Upselling Encourage buying additional features or upgrading to more expensive models In 2014, JetBlue made $190 million from "Even More Space" initiative, allowing passengers to buy seats with more legroom Cross-selling 35% Encourage adding similar items to of Amazon's revenue comes from a purchase "Frequently Bought Together" and "Customers Who Bought This Item Also Bought" features Customers want you to know everything-but it's hard keeping track of massive amounts of data without some help Improve Your Customer Knowledge Master Data Management MDM-organized information Master database system that organizes and shares huge amounts of data on every aspect of an enterprise company Customer purchase history, contact information Product inventory, pricing Physical assets, properties, vehicles Reasons driving MDM implementation Improve business agility Improve business outcomes Create internal/operational efficiencies Improve customer relations/service 45% 39% 37% 33% Benefits of MDM Quality data means better, faster, more timely decisions mortgage loan offers Brings together information stored in different databases, spreadsheets, and branches Recognizes patterns that lead to timely sales e.g. A bank offers mortgage loans Makes purchase history and customer information readily available so customers feel cared for when data indicates a customer is thinking of buying a home Mastering customer data leads to success in B2C, B2B, and mobile commerce -xDM from Semarchy can be the key to knowing your customers Sources: Presented by Semarchy DEVELOPED BY NOWSOURCING %24 %24

Knowing Your Customers With Master Data Management

shared by NowSourcing on Oct 12
Customer retention is crucial to maintaining a business. Learn how master data management can help from this infographic!






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