From Silos to Synergy
The potential departmental data silos that often arise between marketing and IT. One common issue is the latency in database extraction from the IT department, causing delays for the promotion launch. As a result, valuable promotional opportunities can be missed, leading to missed revenue and customer engagement.
Imagine a bank launches a promotion offering high interest rates on regular savings for high-end customers. Unfortunately, due to the delay in accessing the necessary data, the marketing team is unable to respond promptly, potential customers may be enticed by the competitors’ offers.
With improved collaboration and data transparency, marketing team gains immediate access to valuable insights, enabling them to seize the perfect timing for promotions, leaving competitors behind. Embrace marketing automation as the catalyst that capture your customer’s attention at just the right moment, empowering marketing team to deliver personalized customer experiences and drive business growth.
When it comes to cross-departmental collaboration, enterprises often face 3 main challenges that hinder productivity and effectiveness.
- Customer list sharing reluctance: Departments often hesitate when sharing their customer contact lists with other departments, due to the concerns about database security on data leakage or misuse of their valuable data. Customer information, financial records, and other sensitive data may be compromised, leading to potential identity theft, financial fraud, or legal liabilities. The loss of trust from customers can result in damaged reputation and customer churn.
- Limited transparency: The absence of visibility into the campaigns and activities of different business units can result in misalignment and missed opportunities for synergy. If a customer chooses to opt out of receiving campaigns from the insurance company MPF unit, he expects not to receive any further campaigns related to life and health insurance. However, due to a lack of synchronization and inconsistent messaging between business units, the customer may still receive campaigns and result in customer dissatisfaction.
- Impact on customer satisfaction: Excessive messaging to the same customers from multiple departments can lead to information overload, leading to reduced customer satisfaction and even may damage the brand reputation. Imagine a bank where the marketing, customer service, and IT departments all independently communicate with customers, bombarding them with an overwhelming volume of messages. This information overload can confuse customers, they may perceive the bank as inefficient, disorganized, and lacking a cohesive customer experience.
- Data That is Interdepartmental. Build a collaborative data ecosystem by mapping out every data source to ensure transparency and accessibility for all departments involved. When a multinational bank that operates across various regions and offers a range of financial products and services, each department within the bank typically manages its own data sources pertaining to customer accounts. However, by establishing a unified data platform that integrates information from various departments, a comprehensive view of customer data can be achieved. This holistic view encompasses crucial details such as account balances, transaction history, loan applications, credit card usage, and customer service interactions. Such an integrated approach empowers each department to deliver personalized and efficient support, which enhanced customer experiences.
- Utilize the profile summary to provide a comprehensive overview of each customer’s information. Marketers can leverage the profile summary to access detailed data, including the customer’s current opt-in status for various communication channels, as well as review their previous activity records.
Consider a customer who has recently opened a savings account and has expressed an interest in long-term investments. The marketing team, utilizing the profile summary, can identify this customer’s investment preferences and send targeted campaigns or notifications highlighting investment opportunities like mutual funds, retirement plans, or fixed deposit options aligned with the customer’s financial aspirations, the bank can enhance customer engagement, increase the likelihood of investment conversions, and foster long-term customer loyalty.
- View and track activities for departments in a centralized journey calendar to avoid customer fatigue and optimize engagement.
For example, the marketing team plans a promotional campaign to offer credit card upgrades to existing customers. At the same time, the customer service team schedules follow-up calls to address any inquiries or concerns related to recent transactions. With the centralized journey calendar, both departments can view each other’s activities and ensure that customers are not overwhelmed with multiple simultaneous communications.
- When multiple departments plan to roll out campaigns at the same day, effective management of campaign frequency control becomes vital. Marketers can implement limits on the number of messages customers receive within a defined timeframe, such as allowing a maximum of two campaigns per week.
This approach helps the company maintain a balanced and optimized communication strategy, preventing excessive messaging and ensuring customer satisfaction. By carefully managing the frequency of messages, the company avoids spamming customers and delivers relevant and valuable information even when multiple departments are conducting campaigns concurrently.
Embracing these best practices not only enhances efficiency and customer experience but also drives enterprises’ growth. By prioritizing collaboration, you can unlock the full potential of cross departments and elevate the overall performance. Contact us and let’s explore!