Customer Data

 

From monetizing data to creating valued customer engagement

Time favors those who place customers first. The great companies achieve superior financial results by serving customers better and building trusted, long-term relationships. 

“Monetizing customer data” is exploitative. It’s thoughtless, banal, lazy—and destined to fail. It’s time to move from monetizing customer data to creating engagements that are consistently highly valued by your customers.

Here is an outline of how to make it happen.

Assess

Consent

Determine your level of customer consent:

  1. Identify all customer databases: CRM, billing and accounting, digital marketing, and others.
  2. Determine the level of consent currently given by each customer in each database.
  3. Classify databases by level of consent.

Strategize

Consent

Develop your data consent strategy.

  1. Identify numerous techniques and combinations of methods for securing missing data permissions. For example: Are premiums or offers (e.g., reports, white papers, books) valued by customers? Can they motivate consent? Can they improve customer engagement and brand affinity? Are multichannel methods better than single channel?
  2. Use A/B testing to establish which offers, methods, and combinations work best.

Execute

Consent
  1. Set up metrics to track customer engagement with data consent prompts and activities.
  2. Choose at least three sources for securing customer consent.
  3. Offer to customers.
  4. Monitor level of interest and response. If high interest is shown, follow up and begin engagement. If moderate interest is shown, follow up with additional premiums. If no interest is shown, wait three months and try again. 
  5. Assess program and make course corrections.

Follow these mantras:

  • Test. Measure. Learn. Course correct. To quote G.K. Chesterton: “Anything worth doing is worth doing badly.”
  • Empathize with your customers. Stand in their shoes. “Do unto others as you would have them do unto you.” Or, to paraphrase President Kennedy: “Ask not what your customers can do for you.  Ask what you can do for your customers.”
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