Customer Data Management: Achieving Data Accuracy

Raise your hand if your customer database is complete, accurate, and organized ✋ 

According to the 2022 Global Data Management by Experian, 85% of business leaders indicated that poor quality contact data for customers negatively impacts their operational processes and efficiency.

Data Accuracy: The Foundation for Success

Without clean data, organizations are left relying on intuition and missing out on the opportunity to make the ideal decisions for business growth. 

Here at SATISFYD, we have been working with the equipment industry since 1998, leveraging their customer data to gain feedback that we use to improve business operations and revenue growth. We can also use this to validate a concerning trend: the declination of data reliability.

In fact, many of our customers admit that their customer relationship management (CRM) data fell short of greatness when they started their customer experience survey process; however, their need to know if their customers were satisfied was much higher than the lack of data accuracy—knowing that the best way to reach data accuracy is by validating the data right from the source: the customers. 

Today, we will discuss the journey our customers have taken on managing their customer data and the metamorphosis of handling poor data to improving data quality over time.

Should You Wait to Have Clean Data?

Having clean data is important yet not a prerequisite to ensure the success of a customer survey program since incomplete or inaccurate data can skew the results and lead to incorrect conclusions. The most common questions we get asked are:

• Is a completed and validated customer database a prerequisite for starting a customer experience project?
• What is the timeframe for cleaning my customer database effectively?
• How can I determine if my customer data baseline is robust enough to be confident in the authenticity of the results, ruling out chance alone?

We understand the desire to wait until data is clean before starting a customer experience survey program, but let's face it, perfect data is a myth. 

Waiting for perfect data can be a never-ending task, and when it comes to large customer databases, starting can seem daunting - where can you even begin when faced with a database containing thousands of records from multiple locations?

This is precisely one of the biggest benefits our customers gain by partnering with us because they have access to the approach we have optimized over the years: Validate > Ask > Integrate.

Validate: Real-time Data Validation

Before distributing the surveys, we check the accuracy of the information by channel. For example:

• For email surveys, we offer real-time data validation by only sending surveys to verified emails. It’s inevitable to get bounce emails, but you get a notification when it happens.
• For SMS surveys, we validate the phone number to know if it is cell or landline, only sending text messages to cell phone numbers even if not captured in DBS as mobile.
• For mail surveys, we validate the mailing address with the United States Postal Service.
• For phone surveys, we make sure to only contact the person who had the experience at the dealership.

Regardless of the distribution channel, we always validate the data before sending a survey to ensure we’re sending the information to the correct person, and of course, the customer properties update automatically, updating your data in real-time.

Ask: Customer-Driven Data Updates

Once the surveys are selected, the platform prompts customers to verify and update their contact information, uploading that information directly into your CRM system. By simply asking the respondents to update their contact information or forwarding the survey to the right contact, our customers improve the data accuracy by validating the information right from the original source.

Integrate: DMS and CRM Automation

Voice of Customer seamlessly integrates with your organization's CRM system, allowing you to upload lists and merge them with existing contacts. This integration ensures a unified view of your customers and streamlines data management across platforms.

Two Added Bonus

1. Data Standardization
   
   A time saver for our customers is the availability to automatically fix inconsistent data entry by standardizing how information is captured. We adopt the customers’ guidelines regarding capitalizations, abbreviations, and format for phone numbers, addresses, etc., making the customer data consistent across all dealership locations. 
   
   
2. Centralized Data Storage
   
   With mergers, acquisitions, and technology stack changes, our platform keeps all customer data stored in one secured, centralized location. Our customers benefit from this centralized data storage when migrating to new systems, enabling seamless knowledge transfer and continuity.

So if you start with the data you have, what could you achieve over time?

We have been measuring the performance of more than 1,000 dealers of top equipment organizations from across the United States, Canada, and Australia for over 20 years, so we have been analyzing the performance of over 1,000 equipment dealers across the US, Canada, and Australia for more than two decades. 

Over the years, we have witnessed the positive transformation of our customers' businesses by implementing customer feedback programs. The results have been consistently impressive. Here are some general guidelines for the improvements you can expect from a successful customer feedback program:

• Year-over-year customer retention rates can increase by up to 15%
• Revenue can increase by up to 20% year over year
• Customer churn can decrease by up to 20% year over year

Effective customer data management is crucial to building long-term relationships and driving growth in today's customer-centric world. SATISFYD Voice of Customer provides a comprehensive solution for collecting feedback and streamlining data management processes. With its benefits, you can achieve accurate data and unlock the full potential of your customer information.

Embrace the power of customer feedback to position your heavy equipment dealership at the forefront of the industry. Let us show you our Voice of Customer by scheduling a demo here.