SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Significance of Data in launching a product

Planning to launch a new product needs analysis and extensive data collection. You can select target audience based on customer data. This article explains the various reasons as to how customer data make a difference for your business. Read more at: https://www.business2community.com/big-data/the-importance-of-data-in-powering-marketing-strategy-02427041

 

 

 

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Automatic Call Distribution

Automatic Call/Contact Distribution (ACD) is a software that enables contact centers to route customer inquiries to the customer support representative who has the skills to best handle their specific needs. Apart from the ability to route customers to the appropriate agent, ACDs have a variety of additional features that help in keeping efficiency high and costs down. Inbound/outbound call blending is another popular offering within an ACD. A quality ACD system imports customer data from company CRMs and passes it along to the agents so they can handle requests with all available information. An automatic call distributor takes a lot of the heavy lifting out of the routing process for contact centers, creating a more enjoyable experience for both customers and agents. Read more at: http://www.incontact.com/blog/what-is-automatic-call-distribution-acd/

 

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How IoT can feed customer data into the retail CRM system

Interactions that happen generally in normal retail business are important, but are seldom recorded. Online business has the advantage of recording information like how long a customer spent looking at different items, which items or words they searched, even what items they put into their shopping cart and later removed. But, nowadays, with the help of IoT and advanced analytics, the offline business can track the sentiments of customers and automate the process. This article discusses how IoT can feed customer data into the retail CRM system. Read more at: http://it.toolbox.com/blogs/insidecrm/4-ways-the-iot-can-feed-customer-data-into-retail-crm-databases-76111

 

 

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Why Customer Data Is Important For Organizations

Customer data is important for any organization. Organizations are using customer data to see how it can benefit the customers. Customer data if collected effectively can reveal important information. In order to have good customer data, first you have to ask the right question. After gathering useful information, one can begin to take the steps to improve CRM which will ultimately increase sales and attract new customers. Read more at: http://it.toolbox.com/blogs/insidecrm/how-customer-data-should-be-used-to-benefit-the-customer-themselves-74615

 

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Take Customer Experience ahead of the field, using Data Driven Marketing.

It's all about customer experience - make it better using Data Driven Marketing! It's important to treat them like true customers by taking them through personalized life cycles. Normally, customers are expected to feed the website with lots of data regarding their preferences and personal details. So there is a lot of data in the hand of an owner. But the value lies in effectively scaling data and analytics to enrich their journey. Thus, planning the marketing strategies by keeping in focus the results of this data analytics. The article written by Kevin Lindsay digs deeper into the power of Data Driven Marketing at: http://blogs.adobe.com/digitalmarketing/personalization/strength-in-numbers-best-practices-for-data-driven-marketing/

 

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Customer Database and CRM Systems

Customer database stores information about your clients which helps to retrieve the information easily. When you convert to Customer Relationship Management (CRM) software, it will take the database to a new level. CRM software offers a range of capabilities designed to manage customer data and interaction, and to automate sales, marketing, and customer support. This article explains some of the things CRM systems can do for you. Read more at:  http://it.toolbox.com/blogs/insidecrm/teach-your-client-database-to-think-with-crm-70912

 

 

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Benefits of backing up CRM

Customer data is important for any organization, but sometimes, there are no proper backups. In a recent survey, it was found that 45% of companies suffered from data loss, costing companies $9,000 per occurrence. Organizations must follow some best practices for backing up your customer relationship management (CRM) tools which avoids the monetary and productivity loss associated with CRM disaster recovery. The best practices of backup are - Multiple Backup Location, Different Backup Media, Regular Backup Schedule, Tests Your Backups, and Create a Disaster Recovery Plan. Read more at - http://it.toolbox.com/blogs/insidecrm/best-practices-for-backing-up-your-crm-70593

 

 

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Benefits of consolidating sales history

Businesses nowadays are consolidating customer data, from the sales contact history of service data into one place. Everything from the customer's service history of sales records is pulled together in one place. A single view of the customer has many advantages. It keeps everyone up to date and on the same page with the customer, for one thing and thereby increase customer satisfaction, build customer loyalty and allow contacts with the customer to proceed much more easily. Read more at - http://it.toolbox.com/blogs/insidecrm/a-single-view-through-crm-70579

 

 

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Keeping Customer Data Secure: An Insight

Customer data are needed to understand and anticipate their customer’s needs. But, as companies are collecting data frequently, customers are becoming concerned about the security of their personal data. In exchange of data from customers, brands need to provide a transparent information gathering process and better security measures. Lucas Jones (Marketing Executive) writes in his article about some ways that will safeguard sensitive data and foster trust with your customers. Read more at: http://www.socialmediatoday.com/technology-data/ljones/2015-09-16/addressing-elephant-room-9-tips-keeping-your-customer-data-secure

 

 

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Data, Data Everywhere but what Exactly to Measure: The Dilemma with Marketing Metrics

With tons of data available with marketers to measure the impact of their business, one thing that need to be kept in mind is not to get entangled in measuring everything. Measuring something that does not have the capability to influence your corporate strategy isn’t a good idea. Knowing what your business is trying to achieve and then deciding on marketing metrics is foremost.  Steve Robins, principal of Solution Marketing Strategy, in an article in TechTarget provides the following points of advice to detangle your metrics:
• Separating strategic KPI’s from nonstrategic metrics
• What to measure?
• Operationalizing KPI’s
• Metrics predict the future
• Finally, looking at best practices
For more insights into this piece follow the link:  
: http://searchcrm.techtarget.com/feature/Dont-get-tangled-in-marketing-metrics?utm_medium=EM&asrc=EM_NLN_45313060&utm_campaign=20150716_Spend%20management:%20Were%20SAP%27s%20procurement%20acquisitions%20really%20worth%20$15%20billion?_jbiscobing&utm_source=NLN&track=NL-1815&ad=901719&src=901719

 

 

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Big Data and analytics in sports betting

In the gambling industry, the house with most information wins the game. And it’s no wonder that Big Data is changing the world of gambling. Betting firms are now making extensive use of Big Data and analytics to manage their business and stay at the apex of the game. Big Data services empower gamblers by giving them more information and helping them to plan strategies more effectively. Big Data is also transforming sports gambling. With lots of data to collect and analyze, sports organizations are using it to study players and their tactics. Gamblers are now using Big Data as a way to get the odds in their favor and this has led to the growing popularity of fantasy sports betting. Gamblers are not only using Big Data for their games but also to improve their marketing efforts for example the casinos are analyzing customer data to develop personalized marketing campaign. Read more at:https://channels.theinnovationenterprise.com/articles/how-big-data-is-changing-the-gambling-world

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Data analytics in banking sector

Banks, when adopting a mobile-first strategy, should look beyond mobile apps. To achieve a successful mobile-first strategy, banking sector should deploy data analytics. Although several tech giants are threatening traditional banks with their mobile enabled financial services, banks possess certain advantages. They are a trusted source for financial services and have maintained long-term relationships with millions of customers. Banks possess a wealth of customer data, transactional data to be specific, which can be leveraged to gain insights on customers. This will help banks to understand customer behavior and target their behavior. Read more at: https://channels.theinnovationenterprise.com/articles/7649-banks-are-pioneering-the-mobile-revolution-but-can-they-see-beyond-the-app

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Real time data and real time responses: Helps you in managing customers

According to the H.O. Maycotte (Austin Tech), Success in real time means collecting, assessing and acting on real-time customer data.” Ability to collect data and respond towards that data separates successful brands from the crowd. Steps to make real-time data and real-time response part of your operations, especially in marketing and customer service:
• Collect and consider real-time customer data in context.
• Look for context beyond the customer.
• Give mobile and social the central roles they deserve.
• Act fast.
• Anticipate your customer’s next move.
Read more at: http://www.forbes.com/sites/homaycotte/2015/06/16/5-ways-improve-customer-service-with-real-time-data-and-real-time-responses/

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Making good use of customer data

With the rising importance of big data, organizations are now collecting and storing data, but many don't put it to good use. Retailers can leverage customer data to make personalized recommendations about offers and promotions thus providing a shopping experience customized to individuals. Analyzing customer data can help companies to identify customer preferences for products and the prices they are willing to pay. Customer data can be used to identify the most relevant users to ask for feedback, create new products or services and provide better customer services. By analyzing customer data, companies can identify patterns of behavior of customer data and thus formulate targeted marketing strategies, improve organizational effectiveness and reduce risk and fraud. Read more at: http://www.cio.in/feature/8-ways-to-make-the-most-out-of-your-customer-data

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Customer Data Governance : An Insight

In modern world, there has been an increase in communication channels and hence this customer-centric era presents both challenges and opportunities for businesses. Companies must have the skill to connect to the data sources relating to customer experience. Hence, nowadays the big data challenge has gained more importance. In case of customer experience management, the data needs to be combined with unstructured customer feedback data and this is important in order to have a complete picture of customer experience. Data governance plays a crucial role here. One big challenge of customer data is that they don't know which data is more relevant in the first place. Data governance creates the base for the common understanding of the customer across the business.

To read more about customer data governance, please follow the link :

http://www.computerweekly.com/blogs/Data-Matters/2015/05/the-growing-importance-of-data-governance.html

 

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Customer Experience: A Modern Approach

The most important thing for a company is dealing with customers and their experiences. Companies need to be more customer centric and must have a modern approach towards creating a global customer experience across all channels. There are three things which marketers can do to ensure modernization: utilize cloud technology, leverage customer data effectively and make language and culture a priority. Cloud technology enables organizations to optimize multi-channel customer experiences from any device, understand brand health and product perception in real-time and is easy to implement and also improves ROI. Organizations can predict buying  pattern by understanding and analyzing customer data. To know more, follow Paige O'Neill (Chief Marketing Officer at SDL)’s article link at: http://digitalmarketingmagazine.co.uk/customer-experience/three-steps-for-modernising-enterprise-customer-experience/1696

 

 

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Big Data: The Right Path

According to PwC's Sixth Annual Digital IQ Survey, it was found that collecting, analyzing, and leveraging customer data is a concern for 72% of business organizations, just 44% have taken action to address it. Customer data comes from many sources, like websites, email, social media, mobile, customer service, data warehouses, and more. Collecting, analyzing and using these customer data is a challenge. Marketers should leverage data effectively. Data management and analytics enable marketers to use data effectively.  Businesses need to gain competitive advantage by taking strategic decisions with customer insights. Further, self-learning marketing automation technologies combined with CRM tools allow marketers to set up relevant promotions or information to customers. Read more at: http://digitalmarketingmagazine.co.uk/digital-marketing-data/the-right-path-to-big-data/1327

 

 

 

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Mobile CRM solution: An Insight

A Mobile CRM solution can be an effective way to bridge the gap between management's need for customer data and freeing up sales team members to focus on the customer. Businesses must focus on capturing real time information about customers and their activities, using mobile devices. So, businesses must value on mobile sales solutions. Businesses must integrate mobile CRM with existing systems. To know more, follow: http://it.toolbox.com/blogs/insidecrm/4-ways-to-get-more-value-from-crm-through-mobile-64915

 

 

 

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How Cloud Based CRM helps in Business

Cloud based Customer Relationship Management  system helps in follow ups after getting leads. Cloud-based CRM systems also helps in providing an overview of sales, customer service, and prospective clients. Some systems also contain features that provide guidance on what your sales team can say in relevant follow-up efforts. In some CRM system, one can set up automated follow ups that in turn helps salesperson minimize their work. Salesperson can capture, save, and upload customer data into a cloud-based CRM system and this helps to reach out to leads within minutes. Some CRM software is designed to filter cold leads based on time. To read more about cloud based CRM systems, follow Anthony Ortega (analyst with Studio B)’s article link: http://it.toolbox.com/blogs/insidecrm/cloudbased-crm-helps-your-business-followups-62898

 

 

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Utilizing Big Data

Convenience store retailers may eventually reach a point of diminishing returns and so they are trying to find out ways to use transactional promotional and loyalty data in a better manner. we could get valuable insight from Big Data by deciding what type of data streams could combine to provide insights. According to Jim Manzi of the analytics firm Applied Predictive Technologies, Arlington, VA, if retailers want to understand how certain business choices affect the bottom line, Customer Data, Transaction Log Data, Weather Information, Area Demographics and Competitor fuel pricing must be prioritized. Full-motion video from all stores, High-volume website clickstreams, and Raw Twitter feeds are less important. According to Manzi, tweeter feeds are not that important for analysis as they cannot help to out the cause and effect on key-metrics. There is a "first law of big data usefulness," said Adrian Bridgwter a contributing editor at Forbes magazine. The first law says, "The degree to which we take the exact depth of big data analytics is directly determined by the corresponding level of insight it produces and where we can still say that we gain 'productive incremental value' from doing so." Businesses like convenience stores gather a lot of information for regulatory purposes, which could ultimately be analyzed as people grow in their technological sophistication, Bridgwater said. Read more at:

http://www.cspnet.com/industry-news-analysis/technology/articles/what-first-law-big-data-usefulness

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