Every organisation focuses on acquisition of customer data from multiple customer touch points. The customer data goes through the journey of data quality and in case of disparate data sources, further master data management practices to get single view of customer holding golden record. The customer Master data is cleansed, enriched to provide insight into their profile. The data flows into CRM datamart for the use of Campaign management System to use for marketing purpose. The Marketing team uses in database analytics or Campaign management tool to segment the customer base into meaningful cluster to contact through different channel. Each Segmentation of customer is contacted based on their life time value or usage or RFM (recency, frequency, monetary value), age, gender, spending habit, interest or based on selection criteria set by the Marketing team. Some percent of customer base remains non-contact base to measure uplift ratio and rest falls into the cluster of segmentation.
Customer Segmentation enables to identify homogeneous groups within customer base. It provides a strategic view for identifying patterns and customer behaviour and helps:
• Price more effectively
• Focus attention to higher value segments
• Develop tactics to improve value segments
• Retain and serve the best customers
• Prevent Churn
• Personalised Shopping
For every profitable organization, it is very much essential to have robust Customer Relationship Management System with all accurate information in it. Generally every organization intends to keep product and customer master data in a single place to keep single version of truth. For Retail organizations, order, sales data captured through point of sale systems like retail brick and mortar, web, direct Inbound and Outbound. Different OLTP database may capture different source of information starting from order placed in basket, cancelled, not went through due to some check and error, cannot be fulfilled, completed, returned, and closed along with customer notes. During the order placement journey, system also captures customer contact details, contact preference and all associated attribute to identify the order and sale process. It also defines the finite period of journey and status for each to realise the potential bottleneck to convert the sales from the time the customer started the order placement journey.
For retail stores (known as Brick and Mortar), retail Sales Agents interact with the customer and try to log as much as information possible. For some business, it is not essential to track customer details as they intend to do mass marketing and promotion based on sales trend and like-for-like sales reporting. For those, tracking of RFID, QP code Scan or tracking of device or item is more important. Retail has added benefit of upselling and cross-selling during the sale. Customer interaction with the agent and less waiting queue at the till makes customer life easier and that plays major role in repeat business. For stores or manufacturing industry, tracking of order, sales tracking through device or pallet RFID, inventory tracking through various means and reduction of loss and theft of items/packages is key essential criteria.
For web touch point, user interactive screen helps customer to navigate and fulfil the order. Web captures more customer information and also about the order, sales information, customer interest.Direct touch point helps in converting sales through direct inbound and outbound mode; here customer interaction history can also be tracked along with customer interest and dissatisfaction for any product or service. Apart from traditional source of data, unstructured web log of clickstream data- showing customer interest, social networking site data having customer liking or comments on organization product or service offering can provide valuable insight into customer 360° view. Customer review data can also be logged and tracked by the organization.
All these source of information can be loaded in Enterprise data warehouse to keep single view of customer and also to have information about prospects and faceless customers.
By Alpesh Chauhan, CRM Lead Consultant, Oracle Practice, Manufacturing Unit, Infosys Ltd.
In Part-1 of the article, I have defined iCXM and provided list of challenges faced by internal customers. In this post, I have identified key drivers for iCXM and showcased how Siebel Open UI can help address issues faced by internal customers.