Data management is the precious commodity that drives it all. Challenges around data erosion can increase by maintaining separate physical (address) and digital (online) customer profiles that get out of sync. The threat of data erosion is everywhere with self-enrollments, online communications, agent networks, claims and customer service and more. Coordination and collaboration across the enterprise where customer data must be consolidated, cleansed and access simplified, is critical.
Today’s communications strategies are as challenging as ever. Trying to reach your current customers and connecting with new ones can take several different paths in multiple channels. Plus, competition looks very different as well, with the likes of Walmart and Overstock.com entering the insurance market. With everything on the web, plus new competitors, you need to compete in a wider landscape with a wider arsenal of marketing tools.
Here are three things to consider when seeking high-performing strategies to connect with prospects and policyholders in today’s complex environment.
- Excel at data management.
- Leverage location.
- Maximize budget.
Data management for most organizations starts at a fairly basic level—the address. But the address itself can be a very complex and dynamic set of data points. When aggregated with other internal and external research, addressability can provide insight on market activity, population and demographic shifts. Keeping bad addresses out of your databases helps stops the cycle of data erosion across the enterprise thereby strengthening your CRM system .
Location by far is the single biggest game changer in today’s world. Location is not defined anymore just by a physical address, but it encompasses ANYWHERE a customer or prospect might be at ANY given time.
How can you use both offline and online locations? Adding digital to even your high-value compliance communications can make a significant difference. Direct mail and digital campaigns can give you 100% visibility into campaigns and data. However, the challenge for many organizations is that though they have implemented new digital channels, they have kept them apart from the traditional marketing channels, both technically and organizationally. Connect them for a full 360 View of the Customer.
What is important to ask yourself is---
Are you getting the best from your online and offline data?
Are you getting the most out of a name?
The big news is that the combination of data management through addressability, mixed with digital and traditional media, enables you to take your communications to a hyper-local, personalized level thereby giving your ROI a lift. Plus it maximizes budget and efficiencies.
There are more ways than ever to get the right message to the right person at the right time in the right place. Take your message to the next level and connect faster!
Tom McCaully CEO/Founding Partner of GrayHair.
Tom’s focus on world class standards in customer service and understanding the needs of the marketplace have helped to make GrayHair a valuable partner in developing and executing data management strategies for global insurance, financial services, retailers and others various organizations.
He can be reached at email@example.com
GrayHair is a data management company that offers Strategy, Software as a Service Platforms, and Digital/Mobile Touchpoints for organizations who want to improve their communications, maximize their omni-channel marketing efforts and gain control of their marketing operations.