What is customer data management?
Customer data management is a solution mechanism in which a company's customer data is collected, managed and analyzed. CDM is designed to solve customer requirements and problems while improving customer loyalty and satisfaction. This enables a company to convert customer data into customer intelligence (CI).
CDM integrates one or more software applications to provide access to reliable and efficient customer data. Winning and retaining customers requires a clear understanding of customer requirements. CDM streamlines customer relationship management (CRM), marketing and that Customer feedback management (CFM).
CDM must be tightly integrated with an organization's departments, including IT, sales, and HR. CDM processes include:
Categorization: Customer data is classified and sub-classified.
Correction: The collected data is checked for accuracy and consistency. If necessary, the contact details are updated and duplicate records are removed.
Enrichment: Incomplete data is collected and completed.
Collection: Customer data and insight activities are collected through a customer feedback system or sources such as sales, customer support, surveys, reports, newsletters and other customer interactions.
Organization: Customer data is organized and shared in an organization.