Customer Data Could Be Your Most Valuable Asset
When it comes to business success, customer data might just be the critical factor that separates the wheat from the chaff. A study by McKinsey & Company found some truly astounding results: organizations that are “intensive” users of customer data analytics were 23 times more likely to excel at acquiring new customers than their competitors and 19 times more likely to be highly profitable. But what is customer data, exactly, and what are the benefits of this type of data for your business? If you’re just starting out on your customer data journey, we’ve got you covered. This article will go over everything you need to know, including definitions, benefits, and more.
What Is Customer Data?
As the name suggests, customer data is any data about the customers or potential customers of a business or organization. It is often subdivided into four categories, depending on its type:
Why Is It So Valuable?
Imagine you were offered the chance to read the minds of your customers and what they thought about your products and business, for good or for ill. Of course, most companies would leap at this chance to better understand what makes their audience tick. Short of hiring a psychic, this specialized data offers the closest thing that any business has to a window into your customers’ minds. Below are three reasons why it is so valuable for companies of all sizes and industries:
How to Use Customer Data
Almost everyone can agree on the tremendous utility of customer data-but how can businesses actually get started using customer data and seeing results? The process of acquiring, storing, and analyzing your data is known as customer data management. Below are two kinds of tools used for the management of this specialized data:
So what’s the difference between CDPs and CRMs? Although the two solutions both store customer data, CDPs are more oriented toward your customers’ use of your products and services, whereas CRMs are more oriented toward their interactions with your team (e.g. contacts with customer service or technical support).
How Aezion Can Help
Here at Aezion, we’re passionate about helping our clients solve their software and IT challenges. We can assist you in selecting the best CDP or CRM solution for your data management needs-from the initial roadmaps and strategic planning, through development, integration, deployment, and ongoing support and maintenance.
Want to learn more about making the most of your customer data? We’re here to help.
Get in touch with our team of data experts today for a chat about your unique business needs and objectives.
This is article 1 of a 4-part series on Customer Data Management. You can view the related articles at the links below — or simply click to download our comprehensive Operational Guide to Customer Data Management and Integration White Paper: