If you’ve been paying attention to technology trends in today’s world, you likely know that data, artificial intelligence, and emerging technology are transforming the world in monumental ways. With nearly 90% of the world’s data being created in the last two years, it is clear that as individuals our digital footprints have and continue to grow infinitely, and businesses are faced with increasingly more sophisticated, digitally-savvy buyers. Although this can seem like a challenge for businesses today, it also opens the door to enormous opportunities as well.
The reality is that as this digital trail grows, so too will the pool of invaluable data about the customer and their journey. This data will allow you to not only better understand the people you’re serving and help you deliver better customer experiences, but also set yourself up for long-term success and growth of your business. And for that – you need a 360-degree view of the customer.
The term a “360-degree view of the customer” has been used in the marketing experience for several years now. It is not your typical industry “buzzword” but more of a destination marketing leaders are striving to reach within their organization. In Mathematical terms, 360-degrees refers to a full circle. In the physical world, a 360-degree view is the ability to see everything around you without blind spots. Applying that concept to your customers, a 360-degree view is a complete view of who your customers are, where you can see every single angle of their relationship with your company. It is a collection of all your customer data in one place– from the basic contact information on customers, to all their past and present purchasing data and all interactions with customer service, as well as their social media behavior.
The 360-degree view is the foundation that makes an organization’s relationship with customers experiential rather than transactional—the key to long-standing customer relationships and positive endorsements. Achieving a 360-degree view requires all hands on deck.Organizations first must commit to developing customer-data teams and start tracking structured and unstructured data. Then everyone from marketing to sales to customer service has a stake in capturing, analyzing, and responding to the data.
Personalizing the Customer Experience
Perhaps one the most important benefits of a 360-degree view of the customer is that it provides the ability to deliver more personalized shopping experiences. Businesses can use aggregated, invaluable, data to provide customers with more personalized experiences across their lifetime shopping journey. For example, if a bank is aware that a customer now has new dependents that will attend college in a few years time, the bank can send personalized, saving account offerings to the customer. And, similarly, the bank can provide more personalized retirement plans down the line for the customer.
Understand customers and their behaviors
Another benefit of a 360-degree customer view is the ability to better understand customers, their tastes and behaviors. For example, with an aggregate customer view, healthcare providers can understand not only a patient’s holistic medical history, but also their habits and behaviors. Does the patient schedule regular annual exams? What is the patient’s medical history and what preventative measures, if any, can the health provider take?
Create more strategic sales and marketing campaigns
One of the main benefits that a 360-degree customer view provides is the ability to extend the sales and marketing teams of the business. These teams can build more strategic sales and marketing campaigns by using existing data. For example, if a retailer sees that a customer frequently purchases sneakers and athletic equipment, the sales and marketing teams can create marketing and advertising campaigns that target this interest.
Getting new customers is important for business growth, but keeping the customers you have and seeing them coming back for more is equally (if not more) important for longer-term sustainable growth.
Timely and relevant communication is at the heart of building your customer relationships. Having a solution in place that can capture, unify and enable better data-driven decision making across all departments is the key to fueling the growth of your business.
Building the most optimal 360-degree view is not as simple as bringing customer data together into one system. It involves scalable, probabilistic identity resolution using a distributed data infrastructure, performed rapidly across all your data. And it results in a complete, nuanced customer view that can be pivoted, depending on the use case, for optimal timeliness and precision.
For this, companies need a Customer Data Platform supporting an open data model like Common Data Model (CDM).
To achieve the optimal 360-degree view of the custom, brands have to pay close attention to the following three pillars:…
The benefits of CDP is vast in present-day conditions. There are over 7000 marketing technology applications currently and most of them are…
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