Managing Single Customer View or 360 Degree View of Customer
Single Customer View (SCV), also called a “Golden Record” or a “360-degree Customer View,” is developed by combining customer interactions data from a variety of online and offline sources and then combining them to form a single, reliable record. A Customer Data Platform can help automate this process, also serving as a database to store SCVs and make them available to your marketing tools.
A company can choose the data sources it incorporates into a Single Customer View as needed. Still, it typically includes address, contact information, demographic data, transactional data, and communications and interactions history. The data can come from Email Service Provider (ESP) Platforms, Messaging Platforms, Customer Relationship Management (CRM) platforms, websites, mobile applications, Point of Sale (PoS) terminals, in-store systems, E-commerce platforms, Loyalty Platforms and social media platforms.
A verified brand can choose to place their corporate logo prominently on their email avatar across email clients and services with the BIMI. BIMI is an emerging industry initiative backed by prominent players, including Verizon Media and Google, that needs to be embraced by email service providers to succeed.
As well as bringing together all these data sources and generating a Single Customer View, Customer Data Platform (CDP) merges duplicate customer information and provides it with additional third party information to fill in gaps, improve insight and confirm the data.
As a result of a Single Customer View, marketers can develop more specific customer segments, personalize their marketing, interact with customers across all touch points, and ensure their campaigns are relevant and engaging.
What is the need for a Single Customer View?
A Single Customer View enables marketers to integrate multiple data sources concerning one customer to develop more effective personalized campaigns and manage various data sources that pertain to one particular customer. It eliminates the possibility of marketing communications being sent to an incorrect person, duplicated, or not sent at all. It can identify the Customer, irrespective of the touch point and provide the same experience.
With Single Customer View, marketers can view multiple email addresses and telephone numbers associated with the same individual in the exact location instead of sorting through numerous data sets.
With a Single Customer View, marketers can gather more accurate customer behavior across platforms, devices, and websites by combining data according to the customer rather than the source. Therefore, a Single Customer View assists in achieving the “360-degree view” of customers. Marketers can then be more personalized and comprehensive about their marketing approach.
In combination with other tools like CDP or CDXP, A Single Customer View can provide relevant visual and analytical data, improving the accuracy and scalability of marketing initiatives that place a premium on personalization and organization.
Retailers would benefit most from a Single Customer View, but SCVs are also valuable for banking and insurance companies. Even though a Single Customer View is more complex, it also offers many benefits, for example, informing more intelligent decisions, reducing inefficiencies, and improving account management.
The 360-Degree View: How do you get one?
Behavior is a better predictor of customers than demographics. What is the best way to combine customer data?
The best option is to use a Customer Data Platform (CDP) or Customer Data and Experience Platform (CDXP). However, below are some points through which you can achieve a 360-degree view.
Social listening tools
Social media can be an excellent tool for analyzing customer behavior. Unfiltered social data gives you a glimpse into your customers’ sociological characteristics. In other words, your company will be aware of customers’ sentiments and how those change with the trends.
A Customer Data Platform (CDP) or Customer Data and Experience Platform (CDXP), along with social media data, can also create more detailed personas and customer segments in conjunction with browsing and shopping patterns. Additionally, by refining or updating products when they become outdated, this knowledge can lead to a smooth product refresh.
Each interaction between a customer and a business leaves a footprint. Marketers can mine that data through websites, apps, or social media comments in the digital space.
As soon as enough data is collected and analyzed, it can be presented to the customer. What are their chances of buying, and how likely are they to contact customer service? How should we approach them based on their interaction? Do they tend to upsell, or do they require heightened support more often?
High-quality data is essential for accurate and relevant insights. To be able to deliver effective services, you should keep your information organized and clean. Consistency in data entry and management facilitates smooth cross-departmental communication.
Categorizing your customers will help you segment them appropriately. The data we share has the potential to get lost in translation. Make sure the relationships between objects are maintained by using appropriate categories.
Customer data has become increasingly valuable due to the insights it provides, and knowing your customer base in more significant detail makes all the difference when it comes to driving a sale or entering into a partnership. Get an idea of where you stand in terms of customers’ knowledge and experience, and then work to improve. It is essential to start small and build upon use cases as you evolve your analytical tools and data collection capabilities.
To provide an adequate 360-degree customer view, it is imperative that your data is tracked over time and shared among departments to create an understanding of your customers across the board.
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