There is a fundamental shift in business marketing today away from traditional advertising toward a new approach to customer engagement and loyalty. A great deal of effort and expense is being spent to devise ways to better engage, re-engage, and keep loyal customers. But that is hard to do if you don’t know much about your customers to begin with, or if the information that you do have about your customers is spread across various disparate and disjointed systems and databases.
A Better Way to Manage Customer Relationships
Companies today are recognizing that they must truly know their customers in order to manage customer relationships. One way to do that is through the notion and discipline of Customer Profile Management (CPM). CPM has become an important advantage for companies today since it provides a common platform and approach to managing multi-channel marketing campaigns and ongoing customer loyalty strategies. Brand leaders like Disney, Nike and Southwest Airlines all use Customer Profile Management as an essential process driver for their success.
A Broader View
The key to CPM is the ability to collect and understand customer information in ways that make a difference – building a broader and more strategic view of your customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, creditworthiness, and purchase history. The trouble is that in most organizations today, customer information is spread across multiple systems and is often incorrect or out of date. What is needed are systems and strategies that bring that data together and utilize it in ways that are holistic, strategic and profitable.
Once a customer profile has been established, each interaction with that customer presents an opportunity to learn more, and make adjustments and decisions that maximize the overall lifetime value of each customer. Collecting, adding to, and constantly reevaluating customer profile data is a powerful tool and activity for improved marketing, decision-making and profitability.
Analytics and Action Customer Profile Management is quickly becoming a necessity rather than a convenient technique for customer analytics since it enables more accurate forecasting of buying habits and lifestyle preferences that can have a very real bottom line effect on organizational performance. This data mining and analysis can consist of many elements like credit card purchases, magazine subscriptions, loyalty card membership, surveys, and registrations. Using these and other categories, profiles can be created that identify a company’s most profitable customers and gain new advantage with new developments in customer analytics and marketing.
Are you ready to move forward with a more strategic approach to Customer Profile Management? One way is by using 366 Degrees, our cloud-based customer communications platform that allows you to manage all of your messages, campaigns and customer data in one place. You can easily do things like message personalization, target segmentation and in-depth campaign analytics. Easily reach across communication channels in social media, mobile and online formats and then quickly analyze the effectiveness of those social connections. Find out more today at www.omi.co