Today’s customers put great emphasis on personalization. They want businesses to provide a customized experience, according to their likes and preferences.
This once used to be quite a hectic task but thanks to concepts like 360-degree view, it is easier than ever to offer personalized services.
In this article, we’ll talk about 360-degree view and how it can help your business make a mark.
What is 360 Degree Customer View?
A 360-degree view of the customer is an end-to-end, single picture of a customer’s experience and journey with a company. It highlights the different stages of the journey and how the customer felt at each step.
Moreover, it can be defined as a strategy used to enable businesses to offer the best experience to customers across all channels. It allows different touchpoints to come together, allowing the business to ensure the customer is satisfied at every stage of the process.
Businesses need data in order to aid the customer. Businesses collect this soft and hard data by using a variety of techniques including customer interactions and feedback.
What is It?
|Hard data provides businesses with a customer’s contact center facts.
It highlights why a customer made a specific purchase and how he or she got in touch with the business.
This is important because customers have a variety of ways to make a purchase including online stores and offline stores.
Plus, they can do so via emails, phone calls, mobile devices, desktop computers, etc.
|Soft data is a part of hard data but it is not very clearly visible. It’s evident and the business must use different tools and tactics to extract it.
Soft data tells a business about how a customer felt when he or she got in touch with the business.
It answers questions like:
Where Does it Come From?
|Businesses gather contact data through a variety of means including online accounts, transactions, and preferences.
Most businesses record all kinds of interactions they have with customers including phone calls and online chats.
Such information can tell a lot about a customer.
|Soft data is hidden in hard data.
For example, an email will tell the business the medium of communication but what the email contains will tell the business about the feelings the customer has about the product or service.
Why Is It Important?
|Hard data is very important as it tells a business about customer behavior.
Businesses can use this information to get in touch with customers and turn customers into long-term clients.
It also allows them to offer a personalized experience to customers by providing them exactly what they want.
|Soft data is very important as it comes together with hard data to give a true 360-degree view of a customer. It tells a business about how a customer feels about their product. Plus, it helps all the departments.
Businesses can use this information to improve products and services and offer a customized experience to the buyer.
How is This Data Handled?
|Businesses use a variety of software, typically known as customer relationship management (CRM) tools to keep hard data safe and secure.
They have to visit this data every now and then to ensure they provide the best services to all their customers including potential clients.
|Some businesses have individuals who go through all chats and emails to collect data. However, since big companies have a lot of correspondence on a daily basis, it may not be feasible to hire a team to look into soft data.
This is why businesses often use bots and software to grasp the tone of a message.
What Does it Tell?
Look at it as a crystal ball. It gives you great insights not only about the present and the past but also about the future of a customer.
It shows how a customer has interacted with your services or products in the past. You will be able to see a customer’s buying history including:
- Service or product activity
- All past interactions
- Product views
- Process history
- Campaign activity
Businesses will get access to present data that will help gauge where a client stands in the buying cycle. Organizations will need information such as:
- The background of the buyer
- Current or pending queries or issues related to the customer service
- The context behind interactions
- The link to the organization
- Current or pending orders
The main purpose of past and present data is to understand the future. When you start a business, you want to be in it for the long haul.
Businesses can use the data they have gathered to build long-term relationships with clients. Moreover, they can find tools and information to find cross-sell and upsell opportunities.
Why is 360 Degree Customer View so Important?
Here’s why 360 degree customer view is so important:
It is important for businesses to create long-term relationships. You should take all the steps necessary to retain clients. After all, it is easier to retain a client than it is to gain a client.
Businesses can achieve it by using a reliable CRM tool. The use of such tools would allow easy sharing of information between departments. Plus, it would also allow the business to streamline the process.
Improved Predictive Analysis
Business is largely based on predictions such as the expected number of buyers, etc. Incorrect analysis can lead to major problems including wastage of resources and shortages.
Having access to valuable information collected through reliable means would allow businesses to make educated predictions.
You can easily find information such as:
- How likely they are to purchase a product or service.
- How likely they are to cancel a purchase or return a product.
Behavioral information and demographic knowledge can give businesses valuable information regarding user response and broad trends.
Access to such information will improve predictive analysis, allowing the business to concentrate on what’s important.
Increases Customer Loyalty
Today’s customers are spoiled. They do not only care for the end product but the entire customer journey. They want to be treated well throughout the buying process. This is why winning and retaining customers has become a challenge for most businesses.
In fact, the overall customer experience is expected to be the number one differentiator by 2020 – well above the price of the product.
Spending money on gathering customer data can be an investment since customers are more likely to buy from a business that fully caters to them. Plus, some may even pay more for a product that offers a personalized experience.
Businesses need to make sure they improve service and not just the product. Delivery is of huge importance.
According to reports, a customer is 4x more likely to go to a product if he or she is not satisfied with the service. The overall product or price does not make that big of a difference in most cases.
Improves the Bottomline
The 360 degree customer view allows businesses to improve ROI on marketing campaigns, thus helping the bottomline. It does so by not only increasing customers but also by reducing costs.
Having access to hard and soft data can help a business decide the best route to reach a customer, thus reducing wastage. For example, if you are trying online marketing and you know that most of your customers come through Facebook, you can spend more time and money advertising on Facebook than wasting money on other social media platforms.
A 360 customer view benefits not just the marketing department but also the customer service department, the production department, the supply chain department, etc. Hence, it’s beneficial for the entire business.
It makes sure all the departments work together to achieve the end goal., i.e: satisfied customers.
How Can I Achieve 360 Degree Customer View?
Since it’s all about data, you will need to take care of the following three factors:
- The Collection of Data: Make sure to collect as much data as you can. Different businesses use different ways to collect data. Find out what works best for you.
- The Management of Data: It is important to manage data properly. It should be clean and organized. WinPure Clean & Match can be very valuable in this regard. After all, bad customer data can influence your business in a negative way. Hence, it is important to use reliable tools to keep it clean.
- The Analysis of Data: Data collection and management is useless if you cannot analyze it. Find data scientists to ensure you can gather valuable information from the data you have collected.
A 360 degree customer view can help your business in a lot of ways.
Contact us today to know more about how we can help you with the process.