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MDM: What is the Golden Record?


In today's data-driven market, we understand the importance of high-quality data. Businesses across various industries have started to address the issue of bad data caused by user behavior and the limitations of past technology. Fortunately, we now have the necessary technology to tackle this issue, and at Paciolan, we have a better solution: Master Data Management.


How did we get to this place, you ask? Let's consider Jennifer Smith, an individual mentioned in the previous article. Jennifer frequently struggles with remembering her passwords, leading to the creation of multiple accounts. As a result, her identity becomes convoluted, making it challenging to determine her true status as a loyal season ticket holder, a generous donor, a new fan, or a valued patron. When this behavior occurs repeatedly, it inundates systems with a flood of data entries, causing fragmentation and hindering a clear understanding of the customer.


Imagine being able to clearly see, in your CRM tool, a single entry of Jennifer as a loyal season ticket holder and a generous donor. How could that help you communicate with her to give her a more meaningful interaction with you?


With Paciolan's unique identity resolution process, we clean up bad data and combine fragmented profiles into a unified record, known as the golden record. We also provide nightly updates to keep the golden record current and refreshed. This allows you to have a comprehensive view of your fans and patrons, eliminating data fragmentation and enabling a holistic understanding of customer behavior and preferences.


Here are the 3 benefits of the golden record to your organization:

  • Crystal-Clear View of your Customer: The golden record can bring together valuable insights such as Ticket Sales, Donations, Ticket Transfers, Season ticket Holders, Propensity Scores, and Lifetime spending, into a single instance within Salesforce, empowering you to truly understand your customer.

  • Growing and Changing with the Customer: The golden record will also continually evolve alongside the customer. This is done through daily updates of data as well as through enhancements across all Paciolan systems, leaving fragmented data behind.

  • Enhanced Personalization: By utilizing the golden record, personalized engagement with fans and patrons becomes possible, as it surfaces valuable insights into their preferences and behaviors.


A golden record enables organizations to provide the best service. Let’s say a fan or patron contacts customer support, the representative can accurately determine their status as a season ticket or donor. Or if a sales representative calls a prospect, they can have confidence that the prospect has not been contacted by any other salesperson beforehand. Research shows that understanding customers leads to a significant increase in customer satisfaction [1]. When a fan or patron feels understood and appreciated, they are more likely to have a favorable view of the organization.


Paciolan’s identity resolution process integrates customer profiles into a single, unified record. By overcoming challenges posed by disparate customer data, you can achieve a comprehensive understanding of each customer. When fans or patrons feel understood and appreciated, they are more likely to be satisfied with their overall experience. This empowers you to gain valuable insights, make informed decisions, and deliver personalized experiences that truly stand out.


The next article in the series will delve into the power of the golden record and the benefits it brings to your organization. Stay tuned for valuable insights and practical advice to help you harness the full potential of the golden record.


Source:

Gallup (2023). "Customer Centricity". Gallup


Read the previous article in the MDM Series: What is Master Data Management (MDM)?

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