Customer and advertising data can help businesses better target campaigns and increase revenue, but improper management of data can do a lot of harm. One expert believes channel data management is key for businesses. Here's why.
Kristina: What is Channel Data Management?
Steve LaPedis, VP of Marketing, Zyme: Channel Data Management (CDM) is the practice of collecting and utilizing data derived from channel partners, including distributors, resellers, retailers and e-tailers. With CDM, companies are empowered to grow their business through insights gleaned from the channel that would have otherwise gone unnoticed or underutilized. For example, with the visibility into channel intelligence that CDM delivers, marketers are equipped to more efficiently allocate resources, determine how to successfully track marketing spend ROI and ultimately drive key business decisions within the company's wider channel strategy.
Kristina: Why is this important for digital brands?
Steve: Digital brands trust channel partners with more than a trillion dollars' worth of their goods and services every year. In doing so, these brands rely on partner performance to ultimately drive sales and ROI. Without a Channel Data Management (CDM) strategy in place, brands are flying completely blind. With CDM, brands benefit from the ability to extract critical channel data to realize efficiencies, inform intelligent business decisions and improve the organization's overall bottom line.
Kristina: How does Channel Data Management drive revenue?
Steve: Many organizations have not yet discovered the value that lies in Channel Data Management (CDM) capabilities. CDM drives revenue in that it helps provide companies with a 360-degree view into the channel, creating a ripple-effect of benefits that follow. Companies can use the vital insights derived from CDM to formulate an effective omnichannel strategy. Through access to high-quality channel data, organizations can boost revenue from channel operations, improve sales accounting, better allocate incentive payments and more efficiently manage inventory in the channel. On average, companies that have deployed Zyme's CDM solution added 5 percent to sales revenue. Today, businesses need to make data-driven decisions to stay ahead of competition, and with CDM, these organizations are able to realize the benefits of an intelligent channel strategy.