Drive

Technology

How to Drive Customer Lifetime Value Using Data from CLM CRM Software

How to Drive Customer Lifetime Value Using Data from CLM


The customer is always right!

Therefore as the above-stage adage goes your business probably does (and certainly should) side with your customers- even if they stand out wrong.

This is because when any customer voices his/her displeasure; you usually have a good idea as to why they are right or wrong.

Now the problem lies with the fact that according to surveys done on customer experience most consumers primarily do not complain and secondarily if they are unhappy with any brand, odds are that they start looking elsewhere when shopping for their new requirements and needs.

Moreover, even if they are pleased and satisfied with your products and services, consumers usually refrain from offering customer feedbacks and instead quietly keep buying from their preferred brands and businesses.

Hence in this precarious environment to build a solid customer base, companies need to understand what the satisfied or dissatisfied customers might think long before they make any buying decisions for your offerings, and to do so you need to bring out the best out of them.

Now how do you do this apparently impossible task?

According to Michael Schrage (an MIT Research Fellow) as he urges to the readers of his popular book “What Do You Want Your Customer to Become,” businesses need to reevaluate and reconsider how to calculate CLV (Customer Lifetime Value) which can be done by adopting a CLM CRM software.

Furthermore Schrage writes that while viewing from the company’s perspective when brands treat their customers as value-creating partners, loyal consumers often provides their preferred brands good ideas, try their new offerings, share data with their brands, introduce their preferred brand to other customers and even evangelize for their brands on social media platforms, which in turn helps in reducing promotional costs incurred by the companies.

Therefore in this article, we have highlighted how businesses can overcome this challenging situation by increasing customer lifetime value by following these not-so-difficult steps, to engender an even deeper relationship with their customers and also accurately measure their levels of satisfaction and dissatisfaction once they use business growth technology like CLM CRM software for revenue growth.

1. Understand What Your Customers Are Doing

If you are a vendor of a popular lead management software like Salesforce or any other Salesforce Alternative CRM platforms used by small businesses the software is probably helping many businesses to drive their initiatives and aiding their brands to create long term value for your customer’s customers.

But nevertheless, how can you be sure that you are a committed partner on their growth path and helping your customers to innovate and create winning products and services?

Now software usage analytics offer a unique window into how customers are using your offerings and lets you serve as a true partner of your customers but in a non-disruptive manner.
Moreover, the insights received from your customer’s usage of your offerings also lets you incessantly and quickly create useful features and fix frustrating functions in your product line.

However, just relying on the insights received from a handful of willing customers or user surveys can never provide these above-stated objectives unless you encompass insights that are required and can be gathered through usage statistics that you can only receive once you buy CRM and use CLM CRM software.

2. Stay In Touch With Useful Information

Always remain at the forefront of your customer’s minds by crafting enticing and engaging social media posts that provide bite-sized helpful and important tips or lead to larger blog content by creating educational posts following a regular cadence, aiding your consumers with instructive instructions that they are looking for.

Now, to do this the biggest challenge that most brands face is finding the pain-points and blog topics that resonate with their customers.

However again for this, the data and insights into your customer’s usage of your offerings can easily enable your teams to identify and prioritize topics that matter the most to the consumers of your brand.

This is because, by viewing which are the features and functionalities that are mostly used by your customers, you can develop unique content that ensures your customers are maximizing the benefits of those most used features of your offerings.
Similarly by viewing the features of your products and services that are used the least, by looking into the analytics found in CLM CRM software platforms, you can progressively educate your consumers about the valuable features in your offerings that your customers have not yet discovered and if needed update your product to make those features easy to find to the consumers of your offerings.

3. Treat Customer-Related Data With Care

B2B and even B2C consumers want to know how their data has been used. Hence privacy and security should be one of the topmost goals of your company.

Moreover, with GDPR (General Data Protection Regulation) and other data privacy and protection measures that are tightly governing the use of the information received from your customers, businesses nowadays need to take complete responsibility for how they manage and use this information stored in their business growth technology and tools.

Therefore businesses must ensure proper clarity of the data ownership chain so that they can attest to the provenance of data by understanding what information they have and for how long they possess it in their CRM database, which in turn helps in providing insights about data management processes that aids in sharpening a businesses’ ability to follow regulations and adhere to the legal regulations of their land.

Conclusion

Hence in a gist gaining total insights once you buy CRM and use a CLM CRM software on how customers use the offerings they purchased from your brand, will not only help brands to manage their customers and let them use your products satisfactorily, but it also makes the customers recognize that they have a relationship worth keeping with your company- a commitment that has a lifetime value and therefore can help in your business growth.

Entertainment

How to Drive in NYC Without Losing Your Mind (or Car)

How to Drive in NYC Without Losing Your Mind (or


How to Drive in NYC Without Losing Your Mind (or Car)

In New York City, there are almost 4 million registered drivers. It’s a busy and hectic city, so most people choose to take public transit or taxis to get to their destinations.

Whether you’re moving to NYC or you’re planning on vacationing there, you may be opting to get on the road yourself instead of relying on others to get you places. If you’re wondering how to drive in NYC, then keep reading. In this article, we’ll give you some tips and tricks to making driving in NYC easier.

Don’t Turn on Red!

In most of the country, you can turn right on a red light, so long as you make a complete stop and check for oncoming traffic or pedestrians first. But this isn’t the case in NYC.

Here, you’re not allowed to turn right on red lights, so don’t make that mistake. There are a few streets where there are signs indicating you can do so, but that’ll be rare.

Research Parking Garages Beforehand

Parking can be expensive in NYC, but you can find some good deals if you know where to look. Before you embark on your journey through the city, go online, do some research, and write down the best parking garages so you don’t have to pay an arm and a leg when you want to park.

If you’re driving around and a garage sign has an amazing rate, make sure to check the fine print. Usually, they’ll say “up to half an hour” in tiny font on the bottom.

Take a Picture of Where You’ve Parked

The blocks can start melting together in your mind, so it may be confusing as to where you’ve parked your car. Take a picture of your car in the garage, and then either write down the cross streets or take advantage of the photo metadata (if you have it turned on, it can show the location of where you took the photo).

Not only can this be beneficial in locating your car, but also in filing any disputes if your car gets ticketed or towed. Both are common occurrences in NYC, so the more evidence you have of you following the law, the better.

Double Check Your License Restrictions

If you have any drivers license restrictions, you need to ensure you can still drive in NYC legally; otherwise, you risk hefty fines and citations if caught. Plus, if you get into an accident, it can cause some major problems with your insurance company.

Most people have restrictions on their licenses, so take a good look at yours to learn exactly what it’s for and if you can drive safely in the city.

Learn How to Drive in NYC Smoothly

How to drive in NYC isn’t so hard; it just takes some practice and knowledge. With our tips and tricks in mind, you’ll navigate the city like a pro. So just take it easy and remember to breathe!

For more interesting reads, check out our other articles.

Business

8 Essential Benefits of Having a Data Catalog in a Data Drive World

8 Essential Benefits of Having a Data Catalog in a


8 Essential Benefits of Having a Data Catalog in a Data Drive World

Big data is all the talk in business these days, and it doesn’t look like it’s just a fad. An estimated 97.2% of companies are starting to invest in big data technology.

The question is, how can you take advantage of data for your business? After all, it’s hard to find a way to store and access all the information out there.

That’s where a data catalog comes into play. It’s your single point of reference when you need to make data-driven decisions for your business.

So what are the ways a data catalog can help? Keep reading to learn eight benefits of having a data catalog.

1. Convenience

Of all the benefits of a data catalog, convenience is the most significant benefit. After all, maintaining large amounts of data sources on your own is a lot of work.

With a data catalog, you can automate this process. Instead of having your staff input data manually, your data catalog can connect to your data source to import data on its own. This automation frees up time for your workforce to concentrate on more critical tasks.

You also have the convenience of having all your data in one place. Instead of putting together reports from different websites, you can log into your data catalog and immediately find what you’re looking for.

2. Security

Internet security is a hot topic today. While technology has made things more accessible, it’s also created more risk. The 2018 FBI internet crime report found that cybercrime is at an all-time high.

If your data isn’t protected, then you’re opening yourself up to trouble. A data catalog will help you protect your data.

Reputable data catalog providers work with government and regulatory agencies to ensure their technology will stand up to attacks. By trusting your data to them, you’ll be able to protect sensitive data.

With the regulatory changes happening today, this is more important than ever. Europe has the GDPR, and the United States has numerous healthcare and financial regulations that you need to follow. Working with a company can save you time and money that would be spent doing everything yourself.

3. Source Verification

Your data is only as good as where you get it from. If you have a lot of unknown sources in your data, how do you know if you can trust the reports you get from your catalog?

Luckily, you can track this with data catalogs. You can track the source of data and how old it is. You won’t be asking yourself if data is trustworthy and current anymore.

4. Human and Machine Collaboration

Information isn’t worth anything if you don’t know how to use it. This is where machine learning comes into play.

For example, what would your business decisions be like if you could better predict user behavior? Instead of guessing, track what your users do and store it in your data catalog.

Your AI algorithms will analyze this data and begin predicting how users will behave in the future. You can use this data to make better business decisions, which will increase the profitability of your company.

5. Easier Data Consumption

It isn’t easy to create a system that’s easy to use for people who aren’t good at tech. Traditionally, you would need a staff of people to fulfill the requests of users.

You can’t overlook the importance of a data catalog in this case. Instead of waiting for your support staff to generate the data and reports you need, you can log into a data catalog and search for what you’re looking for.

The first benefit is through the use of saved queries. If there is a search that comes up often, a data catalog can store it to pull the data up instantly. If you’re pulling up a complex query, this can save a lot of time.

The second is through search. In traditional databases, this involves writing database queries to find what you’re looking for. Most people don’t know how to do that.

A data catalog search engine can perform plain text searches to find the data you need. You won’t need to be technical to search for data.

6. Maintainability

Have you ever taken a close look at all the places you store data?

You have spreadsheets, databases, online services, and third-party providers. Keeping all of this maintained can be a nightmare if you have a lot of data.

Keeping your data maintained is more straightforward with a data catalog. Your data is kept in one place and can be automatically updated on its own.

7. Collaboration

Having all your data in different locations isn’t only hard to maintain. It also makes it harder to collaborate.

A central database isn’t quite as bad, but what about documents? If you have people that maintain their own spreadsheets, then it can be hard keeping everyone up to date with the latest data.

A data catalog solves this problem by putting all data in a central location. This means everyone has access to the latest information and won’t have to track down the person who maintains the data to get an update.

8. More Metadata

Metadata is essential if you want to find the data you’re looking for quickly. It’s what categorizes and describes your data.

The good thing is that as your data catalog grows, metadata will be created automatically. Much of this information is tags that never existed before.

Your new metadata allows you to look at your data in new ways. This will give you new insights that will help your business.

Your metadata can also help you filter information that you don’t need. If you have a staff member that finds a set of data useful and can’t use all of it, metadata can allow you to filter out what you don’t need.

You only need to do this once. Then every person in your organization can take advantage of it.

Invest in a Data Catalog Today

Data is everything for business today. If you don’t invest in technology that makes it easy to use, then you’re going to fall behind. A data catalog can give this to your business, so invest in setting one up today.

Data catalogs aren’t the only technology available to you. Keep browsing our blog to learn more about how technology can help your business.