Customer Data Management (CDM) is a business strategy that can help businesses, both large and small, in managing their accounts, prospects, and email marketing campaigns and assessing customer satisfaction and needs.
Managing customer data efficiently results in greater customer satisfaction, less time spent on more efficient administrative and marketing tasks.
If the company does not currently use customer data management, a paradigm shift in business and marketing strategies may be needed.
CDM shifts the focus of products or services sold to customer requirements and this can lead to fundamental changes in business culture.
In a very simple example, a bed and breakfast or small inn can offer a full breakfast every morning, TV in the room, and brochures at local tourist attractions.
However, looking closely at their customers' analysis can reveal that their highest value customers are actually business travelers who, spending hours on the road, actually prefer a lighter breakfast, may be served earlier in the morning, before leaving for a meeting.
These customers may also place more emphasis on free Wi-Fi and adequate and accessible electrical outlets in their rooms to charge electronic gadgets.
This may seem like a no-brainer and is clearly a little simplified. The point is that any business, regardless of size, will achieve greater success when it is able to recognize the needs of its customers and adjust its efforts to fulfill this, rather than continuing to offer the same products and searching in vain for new customers to buy them.