Harnessing Customer Data to Unlock the Luxury Market
Use Effective Technology Enablers
If the information that's so carefully collected by companies and their employees isn't stored so that it can be quickly accessed and used, then the information loses value and your employee’s efforts become futile. Traditionally, such information has been stored in either a CRM system or a customer service system. Then, on either a nightly or weekly basis, the information is extracted and aggregated into a data warehouse system where tasks such as predictive analytics are performed. Within the luxury marketplace, a customer-focused culture isn’t just about the information – a 360-degree view of the customer in real time is essential.
The latest generation of master data management (MDM) solutions can achieve this and are more capable, comprehensive, powerful and effective than traditional methods. In fact, MDM technology has evolved to the point where it's able to deliver a single, trusted view of customer, product and other data in a single seamless platform. It's easier to relate the product and customer objects to quickly achieve a 360-degree view. Other advantages of a MDM solution include a single user interface, high user adoption, lower cost of ownership, and easier maintenance and upgrades.
However, achieving a single, trusted view requires an organizational standard, system and process. As a first step, the organization gathers critical data on its customers, products and other domains. Frontline employees, for example, capture relevant information that they discover about each customer at all points of interaction. Next, the organization processes, consolidates and maintains a single, trusted version of this information throughout the business. This master data is accurate, reliable, trusted, relevant, consistent, unduplicated, up-to-date, complete, timely, secure and accessible.
Using accurate data, organizations can quickly and accurately identify actionable customer insights — e.g., products purchased, consumer sentiments and needs — and use this intelligence to market and sell to each individual customer. In addition, this insight can be employed to improve organizational learning to optimize the experience for each customer. The value to both parties is immeasurable and chances are you'll be well on your way to creating a meaningful and long-term relationship that can translate into increased revenue and loyalty.