What marketing campaigns are missing: MDM Express
Imagine opening your mailbox and seeing a letter addressed to “current resident.”
Most people would take this impersonal letter, throw it in the trash, and go about their day. Consumers would likely start associating the sender with junk mail; they put little effort in getting to know them, so why should they read their message?
Marketers should be groaning by this point. Their two worst nightmares are unfolding: dilution of their brand equity and wasted resources. This effect only amplifies as more communication channels are added to a campaign. Qualifying the effectiveness of a campaign is a common challenge across organizations. Budget, analytics tools and new tactics are always the first line of defense for improvements.
But do you ever question your data?
Changing consumer expectations
For typical marketing campaigns, 20 to 40 percent of customer profiles or records are duplicates. Assuming it has 1 million customer records and invests $1 per customer, an organization could be spending around $400,000 on redundancies alone.
Organizations must get smarter, understanding that trusted, visible data can help us make simple decisions that make a big impact on the bottom line and on customers. Digitally mature companies are setting the bar high for customer service, personalizing the experience at every turn.
Another factor contributing to changing customer expectations is the rising use of AI for transforming business models across different industries. According to Gartner, by 2021, AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity.
Already, Opendoor, an online house-flipping startup, is disrupting the real estate industry with AI algorithms to automate all-cash offers to sellers. Another example is Netflix, whose recommendation systems provide personalized recommendations to users. About 80 percent of what users watch come from those recommendations.
To attain digital transformation maturity, organizations must build a foundation of trusted customer and product data. This includes integrating policies which control how data is used within the enterprise and protect sensitive information.
To address these changing consumer expectations, master data management (MDM) has been the traditional solution for large enterprises to create a consolidated customer view across different channels. Its robust capabilities combine information across silos, identifying relationships between data, eliminating duplicate records, and classifying enterprise data by importance.
Traditional MDM solutions are complex, require heavy IT involvement, take a long time to implement and realize value slowly. As a result, MDM projects tend to be carried out by larger organizations who have the time, skills and budget to commit.
For small or medium-sized organizations, business analysts who wish to build a consolidated customer dataset primarily use Excel for data matching. This means users have to map data from external sources and resolve matches for duplicate customer records manually. The other solutions for these businesses include data quality or customer data platforms, but the drawback is that the data is still being managed locally and not propagated to other systems within the organization.
IBM is addressing the call for simple solutions for smaller-scale organizations.
MDM Express: Think simply and quickly
Small to mid-size organizations need a solution that is able to tackle current needs and offer the potential to grow as the organization grows.
IBM is introducing MDM Express to enable organizations to scale up (or down) based on data and record volume. It allows users to accelerate the value of their master data by deploying within hours, at an affordable cost, and without extensive IT dependency.
Machine learning streamlines the data-matching process while processing regulatory and business rules, providing a trusted, panoramic view of customer or product data. The world-class matching engine puts the power of MDM right in users’ personal toolbox and its intuitive UI helps users find patterns and insights faster. Rest APIs allow for easy exporting of mastered data for downstream use in analytics, big data and reporting tools.
Start your free trial of MDM Express today and explore how it fits within your marketing operations needs.