As a retailer, you're likely on the receiving end of a lot of customer data from different departments in your company. You might be getting data reports on individual customers, demographics, sales conversions, engagement with email marketing campaigns, and more.
This can be a lot to keep track of and oftentimes results in the loss of customer data, or worse, companies relying on faulty data. A recent IBM report says 83% of companies suffer from data inaccuracy, which can throw off marketing efforts and lead to a loss of clients.
It's vital that your retail business is able to manage your customer data in a safe and organized way throughout the customer journey.
This article will cover the reasons why, as a retailer, you need to prioritize customer data management, plus explore the ways Clientbook can help you in these efforts.
What is customer data management?
Customer data management (CDM) is the process of organizing and structuring the excess of information a company collects about its customers. This includes demographics, interactions, and other useful data used to improve customer experience, increase conversions, and boost sales.
The goal of a CDM strategy is to provide marketing and sales with accurate, updated information so they can provide personalized campaigns and crucial insights into customer behaviors and preferences.
A customer data management strategy is an essential part of any retail company’s processes and can have a major impact on retail revenue and customer satisfaction.
Four reasons why retailers need to prioritize customer data management
Customer data management is a form of customer relationship management. To be confident about where your company data is and how to access it at all times is to provide a valuable service to your customers, even if they don't know it. Below are four reasons why retailers should be prioritizing customer data management.
1. Improve customer satisfaction: By having an organized and structured first-party data platform for managing your customer data, you can ensure that every single customer gets the best customer service every time they interact with your business. This will help keep shoppers satisfied while also helping boost their loyalty to your brand.
2. Make more informed decisions: With better CDM practices, you’ll be able to make more strategic decisions based on accurate customer data. You’ll have a better understanding of who’s buying what and be able to optimize your marketing campaigns accordingly.
Marketing teams, customer service teams, and sales reps will find this centralized data useful as they make decisions about customer retention.
3. Boost sales: According to research from Gartner, companies that prioritize CDM see an 18% improvement in sales growth on average compared to those who don’t prioritize CDM. Keeping track of customer data and referencing it regularly allows sales teams to level up their personalization efforts.
4. Get a better ROI: By using accurate customer data, you’ll be able to get the most out of your marketing campaigns and other initiatives. This means you’ll be able to get a higher return on investment from each dollar spent on marketing and sales.
How Clientbook can help you manage your customer data
Clientbook is a customer data management platform that stores all of your customer, product, and store data in one, secure place. It has a user-friendly interface, making it simple and effective to use for both your sales associates and managers.
Having all customer data in one place as your single source of truth allows retail businesses to make informed decisions and improve customer experiences in all departments.
Below are a few ways Clientbook's approach to customer data can help you manage your retail success.
Analyze customer behavior
Clientbook analyzes customer behavior and trends, providing retail businesses with valuable insights that help them tailor marketing campaigns to meet customer needs and improve customer satisfaction throughout the customer lifecycle.
Access to customer data and customer insight levels up the capabilities of all of your teams and makes the customer experience an entirely customized one.
The level of personalization offered by Clientbook is another major benefit. By integrating real-time insights and customer data from multiple sources, our platform allows retail businesses to offer personalized experiences to their customers across all touch points, creating a seamless and consistent experience with maximum benefits for customers.
Data safety is paramount when it comes to managing and utilizing customer data. With Clientbook, you can rest assured that your customer data is stored securely and safely. Our platform uses the latest technology and security team protocols to ensure that your information remains safe from unauthorized access or theft. Additionally, Clientbook enables you to control who has access to the data, so you can make sure that only people with authorization are viewing or manipulating customer information.
The ultimate goal of any business is to provide an exceptional customer experience, and the key to achieving this is through an effective customer data management system.
With a customer data platform like Clientbook, you can unlock the benefits of customer data and offer your customer base a personalized, seamless experience that fosters strong relationships and drives customer loyalty and retention.
Book a demo today to get started on your customer data management practice.