Customer Data Management (CDM) - Revision history

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← Older revision		Revision as of 14:01, 27 March 2024
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	== See Also ==		== See Also ==
		+	Customer Data Management (CDM) collects, manages, and analyzes customer information to understand and engage customers more effectively. CDM encompasses a range of activities, including data collection, storage, quality control, and analysis, aiming to provide a comprehensive and accurate view of the customer across different touchpoints. This process helps businesses tailor their marketing efforts, improve customer service, develop products, and make informed decisions. Effective CDM ensures customer data is accessible, reliable, and protected, supporting personalized customer experiences and data-driven strategies.

		+	*[[Data Privacy]] and Security: Discussing the importance of protecting customer information from unauthorized access and ensuring compliance with data protection laws like GDPR and CCPA. Data privacy and security are foundational to trustworthy CDM practices.
		+	*Data Quality Management: Covering the processes involved in ensuring the accuracy, completeness, consistency, and reliability of customer data. High-quality data is crucial for effective CDM and the insights derived from it.
		+	*Big Data Analytics: Discussing the techniques and technologies used to process and analyze large sets of customer data to uncover patterns, trends, and insights. Big data analytics plays a significant role in extracting value from customer data managed in CDM systems.
		+	*[[Customer Data Platform (CDP)]]: Covering platforms that consolidate and integrate customer data from various sources into a single, cohesive database. CDPs are essential for centralizing the management of customer data and enabling personalized marketing strategies.
		+	*[[Master Data Management (MDM)]]: Discussing the technology and processes used to define and manage the critical data of an organization to provide a single point of reference. MDM can include customer data management as part of its scope to ensure a unified view of customers.
		+	*[[Data Governance]]: Explaining the overall management of data availability, usability, integrity, and security in an organization. Effective data governance is key to successful CDM, ensuring that customer data is managed according to clear policies and standards.
		+	*[[Data Integration]]: Discussing the process of combining data from different sources to provide a unified view. Data integration techniques are vital for aggregating and harmonizing customer data from disparate systems into a CDM system.
		+	*Personalization: Covering the use of customer data to tailor products, services, and communications to individual customer preferences and needs. Personalization is a major application of CDM, enhancing customer experiences and engagement.
		+	*Customer Segmentation: Explaining the process of dividing customers into groups based on common characteristics for targeted marketing and service strategies. CDM supports effective customer segmentation by providing detailed and accurate customer data.
		+	*Customer Insight: Discussing the deep understanding of customers derived from data analysis. Customer insights inform strategic decisions and operational improvements, highlighting the strategic value of CDM.
		+	*Compliance and Regulatory Requirements: Covering the legal obligations related to customer data, including data protection regulations and industry-specific requirements. Compliance is a critical aspect of CDM, affecting how customer data is collected, stored, and used.

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 == Definition of Customer Data Management (CDM) ==
-'''Customer Data Management (CDM)''' is a solution mechanism in which an organization's customer data is collected, managed and analyzed. CDM is geared toward resolving customer requirements and issues while enhancing customer retention and satisfaction, allowing an organization to convert customer data into [[Customer Intelligence (CI)]]. With CDM, one or more software applications are integrated to facilitate access to reliable and efficient customer data. Attracting and retaining customers requires a clear understanding of customer requirements. CDM streamlines [[Customer Relationship Management (CRM)|customer relationship management (CRM)]], marketing and [[Customer Feedback Management (CFM)|customer feedback management (CFM)]].<ref>Defining Customer Data Management (CDM) [https://www.techopedia.com/definition/28021/customer-data-management-cdm Techopedia]</ref>
+'''Customer Data Management (CDM)''' is a solution mechanism in which an organization's customer data is collected, managed and analyzed. CDM is geared toward resolving customer requirements and issues while enhancing customer retention and satisfaction, allowing an organization to convert customer data into Customer Intelligence (CI). With CDM, one or more software applications are integrated to facilitate access to reliable and efficient customer data. Attracting and retaining customers requires a clear understanding of customer requirements. CDM streamlines [[Customer Relationship Management (CRM)|customer relationship management (CRM)]], marketing and customer feedback management (CFM).<ref>Defining Customer Data Management (CDM) [https://www.techopedia.com/definition/28021/customer-data-management-cdm Techopedia]</ref>
 Customer data management is defined as the people, processes, technologies, and systems that collect, analyze, and organize customer data.
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 **Unused data becomes an unnecessary burden on your system.
 Identifying critical data, thus becomes a pivotal step in customer data management. You need to strategize what and how much data to collect.
-*Decide on [[Data Collection]] Methods: After identifying what critical data you need, decide where and how to collect it. Some important considerations while collecting data are:
+*Decide on Data Collection Methods: After identifying what critical data you need, decide where and how to collect it. Some important considerations while collecting data are:
 **Identifying direct sources — surveys, web forms, contests, purchase history and customer records in your CRM system
 **Including indirect methods — customer activity on your web portal and social media pages or building personalized profiles based on a person’s location and behavior patterns.

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 == Customer Data Management Strategy<ref>Building Your Customer Data Management Strategy [https://www.martechadvisor.com/articles/data-management/how-to-plan-your-customer-data-management-strategy/ MTA]</ref> ==
 Customer data is the most valuable resource of a [[business]]. Customer data management includes collecting, cleaning, managing, tracking, analyzing, and combining customer data to glean insights for predicting customer preferences, sales trends, etc. Below are five basic steps to help you plan an effective customer data [[strategy]]:
-*Identify Critical Data: According to a Forrester [[blog]] post, “On average, between 60% and 73% of all data within an enterprise goes unused for [[analytics]].” What effects can unused data have on your systems?
+*Identify Critical Data: According to a Forrester blog post, “On average, between 60% and 73% of all data within an enterprise goes unused for [[analytics]].” What effects can unused data have on your systems?
 **Too much data can become unwieldy.
 **It can hinder the decision-making [[process]], as it responds much slower to manipulation and retrieval.

← Older revision		Revision as of 23:07, 30 November 2021
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	source: [https://www.martechadvisor.com/articles/data-management/customer-data-management-cdm-martech101/ MarTech Advisor]		source: [https://www.martechadvisor.com/articles/data-management/customer-data-management-cdm-martech101/ MarTech Advisor]

−	Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a [[Single Customer View\|single view of the customer without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant [[Marketing Campaign\|marketing campaigns]], and provide a personalized customer experience. [[Customer Retention\|Customer retention]] dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a [[Competitive Advantage\|competitive advantage]] (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. As is well known, it cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>	+	Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a [[Single Customer View\|single view of the customer]] without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant [[Marketing Campaign\|marketing campaigns]], and provide a personalized customer experience. [[Customer Retention\|Customer retention]] dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a [[Competitive Advantage\|competitive advantage]] (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. As is well known, it cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>

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 == Definition of Customer Data Management (CDM) ==
-Customer [[Data]] [[Management]] (CDM) is a solution mechanism in which an [[organization]]'s customer data is collected, managed and analyzed. CDM is geared toward resolving customer requirements and issues while enhancing customer retention and satisfaction, allowing an organization to convert customer data into Customer Intelligence (CI). With CDM, one or more [[software]] applications are integrated to facilitate access to reliable and efficient customer data. Attracting and retaining customers requires a clear understanding of customer requirements. CDM streamlines [[Customer Relationship Management (CRM)|customer relationship management (CRM)]], [[marketing]] and customer [[feedback]] management (CFM).<ref>Defining Customer Data Management (CDM) [https://www.techopedia.com/definition/28021/customer-data-management-cdm Techopedia]</ref>
+'''Customer Data Management (CDM)''' is a solution mechanism in which an [[organization]]'s customer data is collected, managed and analyzed. CDM is geared toward resolving customer requirements and issues while enhancing customer retention and satisfaction, allowing an organization to convert customer data into [[Customer Intelligence (CI)]]. With CDM, one or more [[software]] applications are integrated to facilitate access to reliable and efficient customer data. Attracting and retaining customers requires a clear understanding of customer requirements. CDM streamlines [[Customer Relationship Management (CRM)|customer relationship management (CRM)]], [[marketing]] and [[Customer Feedback Management (CFM)|customer feedback management (CFM)]].<ref>Defining Customer Data Management (CDM) [https://www.techopedia.com/definition/28021/customer-data-management-cdm Techopedia]</ref>
 Customer data management is defined as the people, processes, technologies, and systems that collect, analyze, and organize customer data.
@@ Line 7: / Line 7: @@
 source: [https://www.martechadvisor.com/articles/data-management/customer-data-management-cdm-martech101/ MarTech Advisor]
-Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a single view of the customer without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant marketing campaigns, and provide a personalized customer experience. Customer retention dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a competitive advantage (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. We all know that it’s cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>
+Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a [[Single Customer View|single view of the customer without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant [[Marketing Campaign|marketing campaigns]], and provide a personalized customer experience. [[Customer Retention|Customer retention]] dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a [[Competitive Advantage|competitive advantage]] (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. As is well known, it cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>
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 **Clean the database by eliminating redundancies, duplicates, incomplete or erroneous records
 **Update the database regularly to record customer dynamics
-**Maintain overall data [[quality]]
+**Maintain overall data quality
 *Invest in the Right Technology: Spreadsheets are no longer enough to manage, analyze, and efficiently retrieve data. You need to invest in the right technology to better manage and access data, eliminate silos, and provide real-time insights. Marketers’ favorite solutions include:
 **Customer Data Platforms (CDPs): CDPs can ingest any form of data from disparate sources, handle varying volumes of customer information, and unify customer records to make them readily accessible.

← Older revision		Revision as of 22:51, 30 November 2021
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	Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a single view of the customer without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant marketing campaigns, and provide a personalized customer experience. Customer retention dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a competitive advantage (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. We all know that it’s cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>		Centralizing the management of customer information is critical for a business’s continued longevity. According to DZone, 92 percent of organizations have 16 to 20 data sources, with that data spread across multiple locations in multiple formats. With so many data sources spread throughout the organization, and locked into functional and channel-specific silos, there is no way to build a single view of the customer without implementing CDM processes and technologies. Strong customer data management practices empower companies to build better products, orchestrate contextually relevant marketing campaigns, and provide a personalized customer experience. Customer retention dramatically improves in organizations with strong CDM practices, with Forbes Insights finding that data-driven marketing organizations are five times more likely to achieve a competitive advantage (74 percent vs. 13 percent). Higher customer retention is a tangible benefit to the organization. We all know that it’s cheaper to retain existing customers than acquire new ones, so the ability of CDM processes to improve that capability can provide substantial support to revenue. With customers increasingly demanding personalized experiences across channels, the benefits of robust CDM processes are hard to deny.<ref>Understanding Customer Data Management [https://www.redpointglobal.com/blog/what-is-customer-data-management/ Mike Ferguson]</ref>
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		+
		+	__TOC__

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 [[Customer Service]]<br />
 [[Customer Service Management]]<br />
-[[Customer Relationship Management (CRM)]]<ref>
+[[Customer Relationship Management (CRM)]]<br />
 [[Customer Data Integration (CDI)]]<br />
-[[Enterprise Data Integration (EDI)]]<ref>
+[[Enterprise Data Integration (EDI)]]<br />
 [[Data Management]]

← Older revision		Revision as of 19:33, 11 October 2019
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	== References ==		== References ==
	<references/>		<references/>
		+
		+
		+	== Further Reading ==
		+	*Customer Data Management: What Really Matters [https://www.chiefmarketer.com/customer-data-management-what-really-matters/ Chief Marketer]
		+	*Customer Data Management: How to Gather Customer Data Correctly [https://exponea.com/blog/customer-data-management/ Exponea]
		+	*5 best practices for customer data management [https://www.godaddy.com/garage/5-best-practices-for-customer-data-management/ Erik Deckers]
		+	*Customer Data Management & Operations Best Practices In 2019 [https://www.hull.io/blog/customer-data-management/ Ed Fry]
		+	*Customer Data Management: 20 Experts Reveal Their Top Tips to Effectively Manage Customer Data [https://www.ngdata.com/customer-data-management-best-practices/ NGData]