The cost of not embarking on a customer 360 strategy

Categories: Customer Analytics Data Warehouse Partners

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Gartner’s recently released report “Master Data Management Forms the Basis of a Trusted 360-Degree View of the Customer,” shares the results of an executive survey highlighting several key points, including that customer initiatives, are among CEOs’ top five priorities in 2018. The report includes numerous strategic recommendations and outlines the impact of a Master Data Management (MDM) strategy. You can download the free report here.

Often, organizations that are new to the big data journey, and evaluating the investment of embarking on a customer 360 strategy, are intrigued by the prospect but deterred by the unknown. A key consideration is what is the cost of not embarking on a customer 360 strategy?

  • Stagnation. Companies are continually looking to do more with less, while still driving growth. Not changing the approach, and then hoping for a favorable outcome is rarely a recipe for success. A data-driven customer 360 strategy can provide the tools and insights to increase information sharing within your organization to better understand and more meaningfully interact with customers, which leads to improved targeting and personalization to drive sales.  
  • Customers Come Second. Most organizations say their customers come first, but actions speak louder than words. It is common to see different departments within an organization interact with customers but do not share details of these interactions, instead choosing to operate within silos and base decisions off of a single-set, or outdated set of data. How different would your customers’ experience be if interactions were based on collective sets of real-time data instead of a selective sample? A customer 360 strategy delivers a robust view of customers based on actual data. This comprehensive view arms you with the insights and knowledge to provide more accurate and relevant offers to maintain high engagement and loyalty.
  • Guesstimation. Do your company’s planning and budget season start soon? Are you tasked with justifying and tying ROI back to your marketing spend? A customer 360 strategy quickly tells the complete story of your customers. This shifts your organization to have data and analytics can inform what, where, when, why, and how to interact with customers, which in turn, helps identify marketing approach and justify spending.

Cloudera’s modern platform for machine learning and analytics has endless possibilities–including as a marketing platform. It is the key for organizations that would like to harness the power of data and analytics and embark on a customer 360 strategy. While the platform is powerful as a standalone, it becomes stronger–and even easier for users–when paired with Zoomdata’s visualization software.

Together, Cloudera and Zoomdata are helping to respond to what Gartner has identified as a “pressing, need for a trusted, all-encompassing view of the customer.” Download the free report, compliments of Zoomdata.

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