Harnessing Customer Data to Unlock the Luxury Market

Typically, customer contact information is collected after each in-store, online or phone transaction and stored in an organization’s customer relationship management (CRM) system. While this gives the organization a way to connect with customers, what’s typically missing is useful insight on these customers. For example, these organizations typically push products on their customers based on criteria such as their assumptions of the customer’s wants/likes and their predictions of the customer’s propensity to buy using a back-office algorithm. Yet having already been exhausted by traditional marketing efforts, such customers are unlikely to feel positive vibes about another organization wasting their time.