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3600 Customer View

A true 360-degree customer view goes beyond simple profiling and needs to include past, present, and future views:

Past:Providing a meaningful and easily digested view of the customer’s history. This includes product or policy activity, interaction history across all channels, recent product views, campaign activity, servicing history, preferences, transactions, influencing others, etc...
 
Present:Presenting key customer information about who they are and how they relate to the organization. It should include the reason for the interaction, the channel they are using, and the customer’s value.
 
Future:Initiating actions that can guide the future of the relationship by asking relevant questions related to the customer’s lifetime value, likely churn, possibility of utilizing up-sell/cross-sell opportunities / targeted messages, and the customer’s likely reaction to offers.
The 360-degree Customer View provides an integrated view of the customer across the enterprise

It picks up the most relevant customer information from across departments and assimilates it into one repository. This information is then used by the enterprise to improve sales and marketing efforts by providing targeted message during customer interactions to help in efforts such as Cross-sell, Up-sell and increasing customer satisfaction levels. 360-degree view puts the customer at the center of the enterprise from both operational and analytical perspective.

For a holistic outlook, a firm must consider a variety of factors; including customer comments, buying history, customer support issues, marketing response, and utilization of social media. A 360-degree customer view allows the company to keep track of all these interactions.

Companies that succeed in today’s environment are those that become obsessed with understanding their customers. These companies go to great lengths to exceed customer expectations by leveraging customer information and insights. They are masters at gathering data, turning data into insights, and making decisions and changes in faster and faster feedback cycles. In other words, they find out what’s working and what isn’t and adjust appropriately at lighting speed.

Insight Drives Business Results

Companies are finding that a better understanding of their customers and customer journeys can lead to significant business results. One of the reasons for this is that customer behavior has changed so much in such a brief period of time, and customer behavior continues to change. Technology has turned customers into moving targets. Companies can no longer assume that what worked last year–in terms of customer acquisition, engagement, retention and experience–will continue to work this year. Another reason for growing interest in customer journeys is that customer behavior now varies considerably across customer segments and even within broad, demographically-defined segments. Mapping customer journeys and analyzing customer data allows business leaders to understand these differences and respond accordingly.

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Here are a few examples of business outcomes that often result from improved customer knowledge and insight.

Marketing & Advertising

Companies are leveraging customer data to move ever closer to the elusive goal of truly personalized marketing: the right offer, at the right time, in the right location and context, to the right person. Even incremental improvements over traditional mass marketing approaches yield major gains in conversion and new customer acquisition rates. Gartner estimates that there is likely a 10X improvement in response rates for offers that are timely, relevant and convenient over those that aren’t.

Customer journeys and customer data are also being used by progressive companies to shape their marketing strategies and guide spending on marketing and advertising. For example, consider the case of a hypothetical company with an outdated website and the need to boost sales in the coming year. Conventional wisdom may lead the CMO to include a significant round of website investments in the marketing plan and budget. However, by mapping the customer journey of the company’s most important segments and analyzing the associated data, the company discovers that online reviews play a much more substantial role in the decision process for these customers. In fact, the majority don’t bother to visit the website at all. Armed with these insights, the CMO redirects investment to improve product photos on online review sites and encourages customers to post reviews. Total marketing spending doesn’t increase, but sales and return on marketing investment show marked improvement.

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Customer Service

During the Engage stage of the customer journey, customers may interact with customer service or an online user community to receive support. By capturing and analyzing the data from these touch points, such as customer service notes and online forum postings, companies can identify customer pain points and issues proactively and update their customer service FAQs or other communications with existing customers. This not only improves customer experience, making it easier to resolve problems, but it also decreases customer calls into call centers and overall service costs.

Retention & Loyalty

Many companies have discovered patterns that customers exhibit before they cancel service, close an account or switch to a competitor’s product. Using customer data and analytics, these companies deploy and refine predictive models that help them retain customers with proactive approaches. Investments, in terms of offers and upgrades, can be made at the right time to increase the likelihood of retaining desirable customers.

Customer Experience

The experience that customers have with companies matters a great deal. According to research conducted by Peter Dahlstrom and David Edelman of McKinsey & Co, fully two-thirds of the decisions customers make are informed by the quality of their experiences all along their journey. Other recent research has highlighted the critical connection between experience and company financial performance. Customer experience leaders have significantly outperformed laggards in cumulative stock returns.

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