How Retailers Can Use Information Governance and Big Data to Drive Brand Loyalty
In today's extremely competitive retail industry, marketing programs are most effective when retailers take advantage of all available customer data and use it to better segment their customers and connect with them. The advent of Big Data is complicating the marketing process and putting new pressures on retail organizations, but can also open the door to customer insights and opportunity.
Establishing an information governance program involving customer data will help retailers effectively reach their customers and drive loyalty. Key attributes of customer information include the following:
1. Social media data. Retailers want to leverage social media data from Facebook and Twitter to improve brand loyalty. However, you need to answer the following questions when establishing your information governance practices:
- Do we understand the implications of merging social media data into our customer relationship management and master data management (MDM) systems? Let's consider a situation where an organization merged "married to" information from a user's Facebook profile into their MDM system. If the organization stops using the Facebook platform, it will need to obtain explicit permission from the user to retain this information. This can be problematic when the organization has merged Facebook data into a golden copy that's been propagated across the enterprise.
- For reputation analysis against Twitter feeds, consider the following: Will the Twitter data truly reflect the population? Are disgruntled people more likely to use Twitter? Do younger people use Twitter more often? Are more affluent people more likely to use Twitter?
2. Identity information. Identity information can include organization name; individual first, middle and last name; preferred name; and suffix. Information governance establishes policies to link these records. When used in conjunction with other attributes (e.g., phone number, address), governance can aggregate duplicate records and establish a 360-degree view of the customer. Marketing is an important stakeholder for this information, as it's critical to developing a customer profile and providing the ability to segment and launch high return campaigns. In-store credit departments are also interested in this information to better manage credit exposure with customer organizations and individuals.