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A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him.– Mahatma Gandhi
Most organizations would agree with Mahatma Gandhi's quote and strive to attract, retain and earn loyalty; however, they may feel challenged in managing their customers effectively. Despite heavy investments in customer relationship management (CRM) suites; the goal of a 360-degree view of the customer has remained elusive due to data quality.
How would you feel when your bank runs a promotion for its new insurance service, it sends three identical letters to your home address - one addressed to your wife; a second one to you with misspelled name and a third one addressed with “reversed names”, what's your reaction?
This demonstrates the company's inability to understand the distinction between a prospect, customer and the classification of a household. The value of high quality customer data is clear.
Customer Management
Each customer is unique and must be treated as such, irrespective of his virtual or walk-in interactions with the product or service. Thus the mantra for success in today's world is to remember the customer, their preferences, shopping patterns and buying records across multiple touch-points. This reinforces the idea that good practices for governance of data coupled with sound information quality principles will lead to effective and profitable customer relationships.
