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How to Build Successful Digital Strategy with Customer 360?

POSTED ON: February 12, 2020 TAG: Master Data Management

One of the toughest challenges for any B2B company is to track customer’s journey. This journey may span across multiple devices, channels, interactions, and purchases. The challenge is that your data exists in various silos; scattered across systems. You access data through PPC ad campaigns, blogs, product reviews, social media, forums, emailers, customer feedback surveys, mobile apps, shopping portals, etc.

On top of it, there is big data that represents new data sources and characteristics, adding more to your problems and complexities.

You thus need to create a unified view of customer behavior and activity and turn them into actionable insights. CRM will not only resolve the issue. You should consider customer 360.

Customer 360 enables you to capture different data types across channels and systems. It allows you to aggregate the data to put the critical information first. Besides, data analytics is applied to deliver customer experiences that are personalized and engaging.

In this blog, we learn how you should leverage customer engagement through customer 360 solutions and accelerate your digital transformation journey.

What does a 360-degree customer view imply?

A 360-degree view is a foundation that helps to build an experiential relationship of customers with the organization. The relationship is no longer transactional. This view is key to long customer relationships and positive endorsements. Businesses must offer the best customer experience across channels for a unified view of all touchpoints in the customer’s journey.

Organizations can thus obtain a comprehensive view of customers by leveraging data from multiple touchpoints. They can, therefore, quickly access customer information, better understand their preferences and priorities, and anticipate future needs.

What you need to do first is to develop client-facing teams and begin tracking structured and unstructured data. Remember that everyone, right from sales to customer service, is responsible for capturing, analyzing, and responding to the data.

Benefits of an Effective Customer 360 Assessment

Enhances Customer Intelligence

Customer 360 drives your customer engagement strategy, as it provides a comprehensive picture of customers’ priorities and activities. Customer relationship management (CRM) software is an example here. It enables you to track all touchpoints throughout the customer journey.

You get answers to questions like what is the customer’s purchase history? If they communicate with your brand on social media? Can you gain any actionable insights from customer feedback? Have they raised any issue or concern, and if so, what is the concern?

Customer 360 solutions allow you to look beyond data analytics, including feedback from agents and anecdotal data.

Creates Better Business Opportunities Through Predictive Analysis

While your CRM offers you increased customer intelligence, you may use customer data for predictive analytics. Customer 360-degree view captures the interaction history of customers and chalks out a result for each event.

As a business, you should have a complete picture of the situation customer is undergoing. Draw on their accounts, transactions, service calls, and priorities. Predict what your customers may be looking for in the future. This way, sales representatives can predict and act on opportunities for upgrades, reordering, and cross-selling.

Maximizes Customer Loyalty

Master data management (MDM) allows you to improve customer loyalty and keep your customers coming back. Leverage the power of CRM through customer master data management. You can thus better anticipate customer needs and develop a strategic plan for customer communication.

Schedule reminders for follow-up calls as and when you need to send them. You may even make targeted email campaigns live based on customer history.

Delivers a Seamless Customer Service Experience

A 360-degree view of the customer ensures that your agents offer seamless customer service. Service is, indeed, a significant part of the customer journey. As you serve your customers well and resolve their problems in time, they feel delighted and return to you.

Smart businesses are ever ready to address their customers’ difficulties or concerns. Companies are aware of customer needs and their purchasing pattern in the future. Besides, customer service agents are equipped with the requisite tools to assess the situation quickly and respond efficiently.

Boosts Omni-channel Experience

Customer 360 solutions enable you to deliver a brilliant omnichannel experience. Enterprises need to have a multi-channel sales approach that offers an integrated digital customer experience. Your customers may contact you through multiple channels. You should be able to deliver a seamless customer experience anytime, anywhere.

As you combine online, offline, and physical worlds, agents can access important context through CRM and communicate with the customer. It would be best if you leverage the potential of different channels of customer communication. Different channels allow you to access a variety of leads, prospects, and customers.

It would be best if you prioritized omnichannel also because personalized customer experiences improve loyalty. Your customer should pick and choose what channels they wish to use to interact with your business. U.S. consumers are willing to spend 17 percent* more on companies delivering excellent customer service.

How to Build an Enhanced Customer 360-Degree View

Tip #1 Employ Social Listening Tools

Analyze customer behavior through social media. It would be best to use effective tools to better gaze on customers’ sentiments and how they change with varying market trends. Understand social media is unfiltered and lends a glimpse into your customer’s social attributes.

Monitor your social mentions in real-time to instantly respond to your customers. Track keywords related to your industry for effective brand monitoring.

Besides, add shopping patterns, browsing, and social media to a CRM for more comprehensive persona creation and customer segmentation. This knowledge enables you to fine-tune your products or services as your target audience demands.

Tip #2 Conduct Data Audit

The very first step to deliver quality data is to keep it relatively clean and organized. Implement a process that urges all departments within your organization to enter data into a logical format. Consistent data eases communication across departments.

Segment your customers and use categories when sharing data. As you share data, ensure relationships to other objects are intact. Data makes no sense if you fail to segment your customer silos properly. Most importantly, you won’t be able to make significant customer observations.

Data matters the most, and without access to accurate data, you can’t gain actionable insights into your customers. Through a comprehensive data audit, you can achieve a successful customer 360-degree view. This enables you to understand your customers better as you access and analyze data originating from multiple touchpoints.

Built over time and based on data, customer 360 solutions provide a holistic view of your customers. You also enhance your customer experience this way.

Tip #3 Mine Data

You can predict your consumer behavior accurately and find out more about their buying patterns through data mining. Data mining typically involves the use of predictive modeling, descriptive modeling, and forecasting techniques.

As Customer 360 Data Manager applies data mining in CRM, you find and choose the relevant information. This helps you to gain a holistic view of the customer life cycle. The more the data in your database, the more accurately the models are created, thus increasing the business value you achieve through these models.

Improve your decision-making and plan for tactical marketing activities using the killer combination of CRM and data mining tools.

Also, master data management (MDM) enables you to have a 360-degree customer view, bringing together all data scattered across multiple sources, integrating it with third-party data, and cleaning and matching all data sets for a single view.

In a Nutshell

  • The enhanced customer 360-degree view brings about the digital transformation of your organization.
  • It enables companies to transform their digital customer touchpoints into sources of vital information.
  • The information revolves around evolving customer needs, behavior, and psychology. This view converts the information into insights relevant to the context, enabling the organization to deliver personalized service to its customers.

In the second instillment of this blog series, we learn how CIOs can drive effective customer engagement through Master Data Management.

Learn about our Legacy Application Modernization Services and Cloud Transformation.


POSTED ON: February 12, 2020 TAG: Master Data Management

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