Why Golden Record Management is a Marketer’s Best Friend
By Kerry Young on Nov 1, 2018
A marketer’s success often boils down to reaching the right person, with the right message, at the right time. However, trying to accomplish this with inconsistent and incomplete customer records can feel like a fool’s errand. The journey to actionable customer data begins with Golden Record Management (GRM).
Let’s take a look at how Master Data Management (MDM) with GRM helps teams seamlessly ensure a golden record of customer data.
How GRM Delivers a Golden Record
Customer data can be one of the most problematic areas for enterprises. Just take a look at the daily dose of disjointed records sales and marketing teams face:
- Duplicate entries for customer information
- Multiple email addresses and phone numbers for the same customer
- Name changes due to marital status updates
- Varying nicknames and abbreviations (is Joe Smith the same as Joseph Smith or J. Smith?)
- Moving to a new address, vacation/second homes, temporary housing, etc.
- The list goes on!
Through MDM and Golden Record Management, an organization can match and merge customer records, cleanse data, and standardize it – all of which gives marketers the best possible view of their customers.
EnterWorks Enable™ MDM provides advanced tools for accomplishing GRM:
- Data Matching helps you compare data across sources, identify patterns, remove duplications via de-duping, and Merge accurate data into the master record.
- Fuzzy Matching provides configurable, flexible, and easy to use algorithms. Multiple records can be compared to make statistical correlations and make non-obvious merge/match of data.
- Harmonization of data and Survivorship rules ensure relevant, accurate, up-to-date information ends up in the master record.
- Data Validation tools help you convert data to conform to your unique business rules and compliance needs. Users can also define validation levels that represent and ensure Data Completeness.
- Data Profiling provides a basis for understanding data quality issues and gaps, with a foundation for correction and prevention.
What Marketers Can Accomplish Through GRM
Understanding your customer is the crux of a marketer’s job description. MDM with GRM helps marketers:
Maximize the customer relationship
Does your customer spend all year round, or just at Christmas? Do they leave a lot of product reviews? Do they only shop with coupons? There are endless intricacies to customer/business relationships. Knowing your customer helps you deliver personal experiences to improve customer satisfaction and continue to build brand loyalty.
Did your customer have a baby or get married? Did they just move, or take on a new hobby? Businesses can increase sales by offering products that align with your customers’ lifestyle and circumstances, including upselling and cross-selling products aligned with their current needs and desires.
Businesses must meet an increasing number of regulations and mandates around customer data, namely data protection policies like the General Data Protection Regulation (GDPR). MDM with GRM helps organizations adapt and comply with expanded regulations like GDPR, and prepare for future mandates with data quality and data management capabilities.
Boost business intelligence (BI)
An MDM platform ingests marketing data about consumers’ households, who else lives there, how much each person makes, their level of education, and more. Organizations can vastly improve business decisions by fully understanding each customer’s worth and business impact, and directing investments of time and resources accordingly. MDM with GRM helps teams predict sales and market trends, and trigger activities based on customer actions.
Beyond the Golden Record
It’s said that a golden record of data is the “holy grail” for organizations. That may be true, but that doesn’t necessarily mean it’s the end goal.
Armed with a central source of reliable customer data, marketers can blaze ahead with business intelligence, using workflow processes to continuously improve and enrich data, and ultimately put it into action.
Multi-domain MDM is particularly suited to combine single-data domains (like customer, product, supplier, etc.) and merge, cleanse, and enrich the data to enable an unparalleled level of BI.
To learn more about MDM and Golden Record Management, download our Solution Overview. You’ll also get a useful overview by reading our White Paper: The 4 Keys to Unlocking Data Quality with MDM.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
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