In the era of digital transformation, customers have come to expect a certain standard of service and are increasingly unwilling to compromise on Customer Experience (CX). From a business point of view, providing strong CX is no longer about simply outdoing the competition but also about building relationships and retaining valuable customers.
Today, organizations have more than enough data about its customers to piece together a holistic, 360-degree view of the customer journey and pain points. Customers are increasingly discerning, and with data at your disposal, organizations can customize offerings, engagements and divert resources to where they will be best utilized in order to provide your customers with an unmatchable experience.
However, using that data to derive useful insights that will keep your customers engaged and loyal relies heavily on data quality (DQ). Data quality is not an abstract term, but the process of ensuring that your data is accurate, complete and in a position to serve its intended purpose. Poor DQ or lack of data management can hinder the CX and even be the reason why a customer switches to a competitor.
Most organizations have customer data in various source systems, with each piece being a key to the puzzle of a unified customer view. What happens, though, when the data is inconsistent, inaccurate, repetitive or incomplete? Imagine, for instance, a situation where the marketing team expends resources to promote a product to a customer who already bought it last month, because the sales records are incomplete. Those resources could have been better utilized in marketing to other people who are in the process of making a purchase decision. Moreover, the irrelevant communication may prompt an old customer to unsubscribe from your mailing list.
This is a relatively tame example of why DQ is imperative to customer experience. Now think of all the ways quality data can be leveraged to improve your organization’s relationship with your customers. From loyalty programs to cross-selling products or even providing a valuable, timely resolution to a problem, the opportunities to continually upgrade customer experience are unlimited once you have the right data in place.
Moreover, quality data is crucial to decipher a clear, accurate bigger picture, especially in terms of business and marketing planning. Decisions based on flawed data will likely damage an organization’s profitability, customer base and reputation in the longer term.
In this article, we cover how data quality can give you a 360-degree view of your customer, enhance customer experience and help you ensure customer retention and sustained loyalty. We also take you through examples of how organizations have created loyalty programs centered on quality data to keep their customers coming back even in sectors where competition abounds.