Data Enrichment: How to Add Value to Existing Customer Data
In today’s competitive environment, customer data has the potential to be your organisation’s most valuable asset. If utilised properly, this information can offer a range of valuable insights such as detailed customer profiles, transaction histories, and even purchase preferences. Such data is vital for marketing: only when you understand your customers’ behaviours and motivations, are you able to deliver exactly what customers desire.
Maximise the value of your data
While large amounts of data certainly have the potential to be useful, it’s what you actually do with your data that really makes the difference. This is where Digital Alchemy’s Corebox marketing automation platform comes into a league of its own. Besides offering a dynamic platform that functions as a solid automation foundation and helps consolidate your data to enable large scale campaign executions, Corebox also contains data enrichment services to help you extract the most value out of your data:
Gain deeper customer insights
According to Forrester, by 2020 insights-driven organisations will generate $1.2 trillion more revenue per year than their less data-savvy competitors. This huge projected discrepancy speaks volumes to the importance of customer data.
My Marketing Data Connector, one of Corebox’s enrichment services, offers basic customer insights that are readily available. Think of demographic distribution of your customer base, gender and age group segments and a marketing preferences overview, to understand your customers better than ever before. With such rich data at your fingertips and pre-built insights visualisations, you will not only better understand your customers and meet their needs, but will also be able to tailor your campaign targeting decisions accordingly.
Adjust communications according to the customer’s journey
As part of Corebox’s ‘Lifecycle Value Management’ overview, marketers are now able to instantly identify where customers are within the customer lifecycle. While this knowledge might seem trivial, it actually provides a unique opportunity to revisit and revise existing marketing and communications strategies. For example, if an organisation has a disproportionate number of customers in one lifecycle category, but only one campaign targeted towards that category with low response rate, this would provide a justification for the marketing team to adjust their current strategy.
Bridge the gap between known and unknown customer data
One of the challenges marketers face on a daily basis is not having enough data about their customers to get a holistic view of their needs and wants. In an effort to bridge the divide between ‘known’ and ‘unknown’ customer data, Digital Alchemy has developed a unique enrichment connector known as Persona Portrait.
By using Australian census data, Digital Alchemy has been able to create different ‘personalities’ for geographic areas based upon a number of variables. By overlaying customers’ locations with a suburb’s personality, marketers are able to identify the best campaign for a certain area. For example, with Persona Portrait, clients would be able to isolate customers who are “on the fence” when it comes to re-ordering a phone plan that is soon due to lapse. By sending them relevant and highly targeted communications about the phone plan in question, the likelihood of them renewing this purchase significantly increases.
To guarantee success in today’s increasingly challenging economic climate, it is essential to remain innovative and meet your customer’s needs. Instead of buying more functionality without thinking twice, marketers should always consider how to get more value out of their existing data sets first. To put it simply – data really is king.
Interested in learning more about Corebox enrichment connectors and leveraging your data to get a holistic view of your customers?
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Angel is passionate about delivering products that solve business problems. Find more of her thought-provoking pieces on dynamic decisioning and data-driven marketing on our Blog.