— October 6, 2017
Do you know your customers better than they know themselves? If you don’t, your business might not survive for much longer. If you think that sounds drastic you’re just not paying attention. The average online apparel company doesn’t turn a profit on a customer until their fourth transaction, which often means you have to retain a new customer’s loyalty for at least a year just to break even. But customer loyalty in this day and age is fleeting, thanks in part to the technology that makes it easy for customers to shop elsewhere. Fortunately this is the same technology that can be leveraged to help you learn everything you can about your customer to keep them coming back.
Most customers today want to do businesses that demonstrate they care about them as a person. More than half of customers are deeply loyal to companies that they feel understand their personal preferences. Customers expect you to have information about their past purchases, any complaints they have made and how it has been resolved, and even search histories. The good news is that most retailers do have this information, but the bad news is that they probably aren’t doing enough to leverage it.
Amazon has made its name by suggesting things to go along with things already in your cart – up to 35% if its sales come from “frequently bought together” and “customers also bought” suggestions. The data is there, but chances are you just aren’t using it correctly.
Master data management allows businesses to sort through the massive volumes of data in order to get usable information. This usable information can help keep customers coming back, which is crucial to continued business success. You have to know your customer to keep them coming back, and you have to keep your customer coming back in order to turn a profit. Learn more about how master data management can help from this infographic!
Image Source: Semarchy