All these terms and more get thrown around when it comes to marketing to today's consumer, and for good reason. They're all used in an attempt to address the core problem faced by every brand competing for shoppers' increasingly divided attentions: building real, one-to-one relationships with customers -- at scale.
'A 1000-mile journey begins with a single step' – ancient Chinese adage In today's intensely competitive environment, banks are faced with the challenge of maximizing revenue, reducing attrition, and maintaining customer relationships. This means implementing a holistic approach for creating strong customer-centricity, which is the key objective of great customer lifecycle management (CLM). Whether it is transaction banking or wholesale banking or cash management services, customers continue to generate significant fee-based revenue for banks. So CLM is vital for serving corporate, institutional or individual customers. And given the fierce competition to win customer loyalty, especially with increasing mergers and acquisitions, banks are now investing much more than before in improving their CLM processes.
In our last article, Lifecycle mapping: uncovering rich, predictive data sources, we discussed the importance of mapping out your customer lifecycle to better understand where your most predictive customer data is hiding. Now, we'll pose some questions to help identify your predictive customer attributes and lifecycle events, pinpoint where that data is located, and recognize patterns to predict outcomes for future prospects, leads, and customers. Data discovery is the second stage in the customer lifecycle optimization (CLO) process. The primary task of this stage is to expand on your lifecycle map to identify authoritative data sources that establish progress. At each stage, prospects, leads, and customers will complete certain events that will individually or collectively trigger a transition in or out of that stage.
Every marketer understands the premise-and every CEO yearns to realize the promise-of connected customer journeys across all touchpoints. Yet the challenges of siloed departments and data, siloed customer experiences, disconnected channels, disconnected marketing tools and analytics, and security, scale and availability persist. I know you're probably well versed in the problems. And I understand your pain-what's been missing is a solution that meets the needs of the entire organization. Today, we've turned the corner in the digital transformation.