Most companies accumulate very valuable and useful information about their customers as a byproduct of their routine operations. Accounts receivable is one major source of who bought what and when. The marketing department has data on who responded to which promotion. Customer service very likely has a collection of both positive and negative reports on customer experiences with the products your company offers. Social media channels may also provide insight into your customers’ habits, life stage and needs. The problem is that often this so-called “Big Data” is stored in separate silos throughout the organization and finding, filtering, analyzing and formatting this information is probably not a priority for the IT department, even though making sense of it is a top priority for the marketing department.
The markets and marketers can’t wait. What’s required is a customer communications management (CCM) strategy, a method of utilizing that mountain of Big Data to develop finely targeted customer profiles for personalized and relevant outreach.
Complete visibility of customer data is essential for predictive modeling and analytics to identify customer trends, as well as emerging market opportunities.