A customer database helps to build relationships.When you develop stronger, healthier relationships with your customers, they are likely to purchase regularly, buy even at a higher price, try the new versions of your products when they get launched. But poor data quality interrupts many database efforts. When your customer information is duplicate, inaccurate, and incomplete, you cannot get your whole universe of contacts, wasting resources and contacting wrong phone numbers and addresses.
The following stats will help you understand the potential of the customer database.
- “By evaluating and analyzing more than 14 days of customer behavioural history and applying prescriptive and predictive analytics, one travel company is able to increase bookings by 2.6 percent and 50,000 additional transactions a day.”
- According to experts,“More than 40 percent of all data analytics projects will associate to an aspect of customer experience by 2020.”
- As per research director at Garter, Melissa Davis,“ When businesses invest in customer analytics, they are able to know customers’ needs, the value of satisfaction, and able to give a better customer experience.”