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Why Your Business Needs a Customer 360-Degree View

POSTED ON: October 27, 2020 TAG: Digital Customer Experience

Before you click that “send” button of your next email, you might be interested in looking at this figure: approximately 300B emails are sent every day, and almost half of them are considered spam. Are you second guessing your next move? Sending your customers information that they do not require or cannot use is not a healthy way of building a meaningful relationship. Customers will not waste their valuable time on companies who do not know them and do not understand their preferences or what products or service they need.

Customer centricity has become the new battleground, and customers have higher expectations than ever before. The precedent has been set by companies that work to know them better and then serve them accordingly. Today’s customers value personalization and want brands to know them better to provide valuable and interesting content.

Having said that, organizations need to be prepared. Understanding a customer’s journey and their evolving needs requires a single, actionable 360-degree view.

This blog aims to explore what it means to have a 360-degree view of your customers, the benefits, and how you can achieve it.

As per a Gartner report, fewer than 10% of companies have a 360-degree customer view, and only about 5% are using this view to systematically grow their business.

What is Customer 360-Degree View?

A 360-degree view of the customer refers to the single, end-to-end picture of a customer’s journey with an organization and the experiences they face along the way. It is a strategic approach that enables businesses to offer the best customer experience across all channels by allowing a unified view of customer touchpoints. In this competitive marketplace with so much data generated and collected for each customer, bringing every single source together in one place gives organizations the ability to ensure they have a sound understanding of the wants, needs, and concerns of every individual.

Why Customer 360-Degree View? The Benefits

The 360-degree view allows an organization to collect information from each touchpoint. Below are four ways in which having a 360-degree customer view gives your company an edge.

Offering Superior Customer Intelligence

A 360-degree view drives your client management strategy by providing a more detailed picture of client activities and priorities. Often sales reps or managers discuss the process by referring to a single piece of information, i.e. their last call with the customer. However, from these calls, one cannot exactly figure out the full story with that customer, as it was nothing but a moment in time. Therefore, it becomes cumbersome to get a complete picture of an individual’s history with your organization.

The MDM 360-degree customer view forms an understanding for companies to have a comprehensive idea of their clients by taking advantage of valuable data from multiple touchpoints in a client’s journey. Some questions to include in your 360-degree view plan are:

  • What is the customer’s past buying history?
  • Are they associated with your company on social media?
  • Do they have any query ticket opened? If so, what were their concerns?
  • Were you able to gather any insights from their emails?

Predictive Analytics & Mapping

A 360-degree view not only means knowing about your customer’s past behavior but also learning in which direction they’re headed and what they will need in the future. By collecting various customers’ journeys, the organization gets a complete picture of how they might behave. This helps to gauge:

  • What do the patterns about a customer reveal regarding their chances of buying something?
  • Do they show increased discontentment at any time in their buying journey that could lead to churn?
  • What might be the reasons behind cart abandonment?

Predictive analytics can also be useful in helping business leaders develop complex strategies. If you are trying to predict how customers will respond to changing products, timelines, or campaigns, one can leverage a 360-degree view of past customer behavior to predict future actions.

Seamless Customer Experience

Landing a customer is essential for starting a business but keeping them should be the organization’s primary goal. Building timely & informative communications should be at the heart of maintaining ongoing customer relationships.

With a customer 360-degree view, each customer gets a consistent experience regardless of where he/she interacts with the business. For example, customer service will have all the required information generated by the sales team and will not ask the customer again.

Managing Cost

Marketing campaigns are highly expensive. The more data-driven and smart these campaigns are, the more successful they are. Businesses must develop their customer outreach as well as upsell opportunities to avoid allocating funds to non-performing campaigns.

Customer 360-degree View with Master Data Management (MDM)

MDM helps to improve data continually and allows enriching a customer profile with new attributes. It can match a customer’s face to their web account or social networking profile. A 360-degree view of customers and their interactions with the brand through various channels helps you develop closer relationships.

MDM allows collating data from different sources, ensuring data sanity and completeness, building rules to prevent data duplication, analyzing and continuously improving the quality of master data, and sharing a unified view of master data in real-time relevant departments.

How MDM Helps to Build Customer 360-Degree View?

  • Provides a foundation

Building a basis for MDM requires a collective agreement on rules which define and maintain the uniformity, accuracy, and consistency of data shared across the enterprise. For instance, customers usually don’t furnish their address for an in-store purchase, but they do when they buy online. Based on the processes, standards, and rules you define, the system matches and merges these two entries to create a single, more complete access for this person in your primary data warehouse.

  • Cleanses and unifies

Thoroughly cleansed and unified master data underlies insights gained from big data. Unique identifiers in each master data record enable you to match it to real-world entities and events. For instance: if a customer has any complaint about one of your products on a social network, you want to identify them and their history with your brand. With the given information, your customer support team can solve the client’s problem.

  • Becomes the single source of truth.

Integrating MDM information with structured and unstructured data helps to achieve a 360-degree view of your clients that could include location, contact information, purchase history, preferences for online or in-person shopping, and other details that can help you serve your customers better.

Conclusion

Acquiring new customers is undoubtedly essential for business growth. However, retaining the existing ones and seeing them coming back is way critical for long-term sustainable development. An effective MDM solution allows businesses to maintain a 360-degree view of customers and their journeys with the product. Leveraging a customer’s data to anticipate their needs and develop strategic communication plans will always give your business an edge over your competitors and maintain your place at the top of their minds.

POSTED ON: October 27, 2020 TAG: Digital Customer Experience

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