Jayaraj Pillai

Digital Marketing Specialist

According to the Microsoft and Forbes study, offering personalized shopping is becoming more and more prominent with over 49 percent of consumers aged between 18 to 24 saying they are more likely to purchase from retailers that offer personalized shopping experiences. The goal of personalization is to create a bond between the business and the customer by providing products and/or services based on previous engagements across all channels. This elevates the engagement beyond a simple transaction to an experience more akin to an interaction with a trusted partner or friend.

Gartner reports results of customer master data management (MDM) include:

  • 30 percent boost in marketing campaign effectiveness
  • 20 percent improved lead-to-opportunity conversion rates
  • 20 percent increased spend from loyalty members
  • 60 percent improved upsell and cross-sell success

So what is Customer Master Data Management (CMDM)?

The Customer MDM means implementing an automated cycle of the following phases:

  1. Mapping out the data sources and data consumers
  2. Defining a basic data governance policy and managing it
  3. Map, Match and Merge data from all sources including cleansing data from duplicates and incorrect records using match rules and machine learning techniques at scale.
  4. Entity extraction and creating relationships
  5. Completing missing details, enriching from either internal or external sources
  6. Synchronizing unified data with relevant applications
  7. Providing a shared access to trusted, reliable and clean master data to users (e.g. marketing) and applications (e.g. CRM)

Now you can use machine learning and AI to derive insights from unified data to make smarter decisions.

SkyPoint’s Customer Data Platform supports Common Data Model (CDM) and Master Data Management (MDM) natively.

Today’s businesses require connected, unified and real-time insights into customers and operations – CMDM is foundational to your business, sorry your CRM doesn’t do this!

Categories:

  • Customer Data Platform
  • Data Strategy
  • Digital Marketing
  • Integrations
  • Marketing
  • Personalization
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