Customer Data Management (CDM) is a strategic approach to handling customer data, including acquisition, storage, organization, and utilization. It aims to merge data from various sources into a comprehensive view of customers, extending beyond data collection to include privacy and compliance. The goal is to transform raw customer data into insightful profiles to improve sales and marketing strategies, thereby enhancing conversion rates and revenue.
Effective Customer Data Management revolves around several core principles:
While CDM offers significant benefits, it also comes with challenges that businesses need to address:
To improve Customer Data Management (CDM), businesses can adopt the following strategies:
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