Imagine if you could glance at the profile of one of your customers and immediately have all the pertinent information about that individual at your disposal, including the most up-to-date contact information, a complete history of their transactions, and a list of their current engagements. By reading this article further, you can better understand your consumers’ needs.
When businesses have access to a unified perspective of their consumers, they are in a position to serve those customers better. Companies have access to an incredible quantity of information on their customers. However, it is not unusual for this information to be scattered around the company, putting the risk of almost missing chances to upsell or cross-sell products or services. In this piece, we will go deeper into the concept of a single customer perspective and how it may assist you in gaining a better understanding of the people that make up your clientele.
What exactly is a single customer view?
A single customer view, also known as a 360-degree view, is a concept based on the unification of all customer instances to a single record and, in many cases, cross-links all of the data on that client into one reliable view. A 360-degree view also refers to a single customer view.
A further example of data consolidation is the single customer view, which may be thought of in both terms. You may construct a complete and consolidated picture of each client inside and across systems by connecting a range of various sources by using a standard key or a unique identifier. This process can be done both within a system and between systems.
At its foundation, a single customer view helps you to know your consumers better. You receive an insider’s view of the name of your client and the best contact information to reach them — their email address, postal address, and phone number — along with their demographics, psychographics, transaction history, and other relevant information, all in one place. This information not only enhances the effectiveness of your data strategy. It also improves the effectiveness of your business strategy and essential goals, such as enhancing the quality of the customer experience.
If you don’t have this relationship, it may not be evident that you have the same customers across different lines of business. This lack of knowledge can harm the overall customer experience, revenue growth, and the likelihood of reporting errors.
According to the most recent results of a worldwide survey, 85 percent of companies report that the quality of the contact data they have for their customers negatively influences the efficiency of their operational procedures. With over half of firms emphasizing enhancing the customer experience yearly, it’s crucial to have a clear, concise, and precise perspective of consumer data.
The primary advantages of using a single-customer view
The data team will first experience the advantages of having a 360-degree perspective of customer data, but they will quickly spread across the whole organization. When companies have access to a unified picture of the data, they are more likely to notice the following:
- A deeper understanding of the consumer market: Use reliable data to get a holistic perspective of each client by combining essential contact information with enhanced consumer characteristics.
- An increase in revenue: Having a comprehensive picture of each client enables you to identify cross-sell and upsell possibilities, such as shopping patterns, purchase history, and demographics. You then advertise to them based on their product or service offering.
- Accurate reporting: When you have profiling and cleansing measures in place, you can ensure that you have accurate contact data for outreach initiatives and that your data is actionable and ready for any decision. In addition, you can ensure that your data is ready for any decision you make.
- Managing fraud: A single customer view helps you spot account duplication and uncover possible dangers like coupon fraud, shortened fields, placeholder information, etc.
You can adopt a data-driven approach to client-focused tactics like marketing campaigns and branded customer experience initiatives when you have access to a single perspective of the consumer. According to the study, 88 percent of company executives believe that being data-driven enables them to better understand their customers’ requirements and the market’s tendencies. A single customer perspective delivers unlimited advantages to shape corporate strategy and increase operational efficiency. Still, it allows you to adopt a data-driven approach to client-oriented tactics like loyalty programs.
Single customer view for loyalty
Paid customer loyalty programs are becoming more prevalent in today’s competitive industry. Consider well-known brands such as Amazon Prime, CVS CarePass, Walmart Plus, and many more. These stores attract the attention of their consumers by providing free loyalty point systems. They then keep those customers for the long term by charging them for loyalty memberships and providing them with extra perks. However, much information about the customers is required to construct a customer loyalty program, whether gratis or paid for. This is why:
- To appropriately target your consumer with the loyalty program, you need to know who your client is, how to contact them, and what they care about.
- Customer loyalty incentives may be used as the membership has been activated, even before any income is accumulated.
- Lastly, the drivers behind these paid loyalty programs must maintain track of which consumers use the free program vs. the paid program to guarantee they are getting the correct information, perks, and program utilization. You can also monitor the number of users who migrate from the free apps to the premium ones.
At this point, a comprehensive consumer perspective is necessary for a loyalty program. Companies can successfully organize their marketing activities and guarantee they are contacting the appropriate person at the right moment with the appropriate communication when they can combine data into a single, accurate record.
How to get things rolling
Consider what a data-driven approach, such as a single customer view, could do for you if you are developing a loyalty program for your company or are concentrating on developing a customer-centric strategy. This is especially crucial if you are working on building a customer-centric strategy. Using the EmailOversight data quality platform, you can tailor the data consolidation process and provide a comprehensive picture of each consumer.
