Strategix’ data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining) and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data are the products, accounts and parties for which the business transactions are completed.
How myDMT can to optimise CRM
Knowing exactly who your customers are and what their business needs may be is key in developing the most effective and far-reaching marketing strategies. To improve your sales, sellers and marketers need to work more closely together to seamlessly and successfully engage with customers and obtain this information. Subsequently, you need an efficient and failsafe data management tool (DMT) to maximise your use of the information.
To get an accurate forecast of customers’ spending behaviour, you need to capture and store the following information:
- Likes and dislikes
- Spending patterns
Using these, you should be able to build a detailed picture of their tastes, needs and buying patterns.
Next up, you can then organise your DMT into segments according to tastes or budgets, for example. This means that you can tailor the marketing messages you send to customers and, by timing it right, boost sales.
It’s all about understanding your audience – the better your knowledge and understanding, the better your service delivery can be – timewise as well as on point. Happy customers are loyal customers, as well as being walking, talking marketing tools.
Proper database management also makes it easier to measure your return on investment. By better understanding your existing customers, you can drive sales in among them instead of spending all that time and money trying to attract new customers. And if you choose to start a campaign to draw new customers, your data management tool can identify your strengths and weaknesses, as well as those in your existing customer base; and help you to determine your expansion strategy.
In the current economic climate, it is more important than ever to retain customers – something made easier with the right DMT. Choose one that easy to use and integrates easily with your existing software. Make sure that your employees not only know how to use it, but use it to its full potential. Implementing a DMT may seem like an unnecessary expense, but it will pay for itself in no time at all and add value to your service offering from the word go.
Sales teams rely on client data to be precise and complete. When data is clean and consolidated, sales teams can manage accounts effectively, run email campaigns using the right contact details and targeted approach, and upsell and cross-sell your product offering with certainty.