How Valuable is Customer Retention?

Customer Retention

Operating a business in the digital era is full of complex challenges. Relinquishing legacy processes to adopt innovative new solutions, transitioning to online and cloud-based applications, implementing mobile means of working for the next generation of employees – these are just a few of the difficulties faced by modern organisations.

That said, few shifts have had the same impact as the control customers now have over their engagement with your organisation. Forrester notes that we are now living in the “age of the customer”, a time in history where “the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers.” Adequate is no longer good enough – in order to thrive, organisations must deliver the best service every single time.

Customer data can be entered in various ways, making accuracy difficult.Customer data can be entered in various ways, making accuracy difficult.

Using accurate data to optimise customer service

Analysis of critical business information is undoubtedly a valuable part of running a company, and when it comes to customer relationships, effective data management can make a significant impact. Entrepreneur contributor Perry Marshall notes the familiar business adage that 80 per cent of your future revenues will come from just 20 per cent of your customers, so ensuring that every interaction is a positive one can drastically affect the fortunes of your organisation.

80 per cent of your future revenues will come from just 20 per cent of your customers.

Harnessing accurate customer data is the secret to improving service. CIO notes that Forrester analyst Bobby Cameron has posited the idea of a “customer-obsessed” organisation, one that looks at interactions from the other side of the transaction.

“Drive an integrated view of the customer, turning data into insights and insights into actions – and focus these efforts with outside-in performance metrics,” says Cameron.

It may seem simple, but one of the key challenges inherent with customer data is basic accuracy. The frustration that a person must experience if the act of locating their details in the business database is unnecessarily drawn-out is precisely the type of thing that can lead them to look elsewhere for products and services.

 

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Get the basics right with address validation

Customer address data has evolved to cover much more than mail and parcel delivery – the value of accurate information applies to a much broader range of issues. For identity verification, assessing insurance risk, demographic insights or accurate dispatch of emergency services, the information contained within addresses is increasingly useful for all manner of organisations. 

How can you be sure your deliveries are headed to the correct address?Address data is critical for much more than just successful mail and parcel delivery.

They say the customer is always right, and when it comes to their personal information the old saying remains true. The obligation to ensure data accuracy lies with the business, so investing in tools such as address validation software can provide a much more accurate, insightful understanding of customers. 

Addresses are unfortunately more complicated than you might think, particularly with regards to units and apartment blocks with longer strings of numbers that each person communicates in different ways. The difference between 1/24 Smith Street and 24/1 Smith Street may not seem like an important detail in your day-to-day life, but these little inconsistencies can play havoc your organisation’s ability to service customers. 

The ideal system is one that can take this variation into account and intelligently make the connection between what is entered and an accurate, physical address. Mastersoft’s address check solution compiles information from the Geocoded National Address File (G-NAF) and Postal Address File (PAF) in Australia, and the equivalent data from NZ Post, so all addresses are accurate and in the most suitable format for your business’ needs. 

Get in touch today for more information, and make poor customer service a thing of the past.