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Did you know 86% of buyers are willing to pay more for a great customer experience (or CX)?
Not only that, 32% of customers will walk away from a brand they shop with after a single bad experience. The same set is willing to pay more for a personalized customer experience.
Customer experience was and remains one of the top priorities for businesses and we expect this trend to advance further in 2022.
And, with customers’ expectations and needs changing rapidly, there is a huge pressure on businesses to prioritize the customer experience to cultivate a loyal customer base.
To stay ahead at the top of their CX game, brands must understand their customers across every touchpoint. It’s the only way they can be ready to meet rising expectations.
The only challenge though is that customer behavior is changing faster than ever and it’s hard to know what they want.
How do you overcome this challenge as a brand? The key lies in getting a 360° view of your customer.
As we move ahead in this blog, we’re going to look at how customer 360° helps businesses keep pace with their customer’s actions by creating a single source of truth to segment data, overcome unpredictable market conditions, and deliver seamless customer experiences.
Watch the video below to learn how Voxco can help you can enhance your overall customer experience.
Let’s begin by understanding what customer 360° is.
Conducting exploratory research seems tricky but an effective guide can help.
Customer 360° refers to “a single unified view of the customer”. This includes every interaction they had with a brand, from making a website inquiry to purchasing a product to raising a customer support ticket. Every group in the company has access to the same view about the customer.
But why does a business really need a single unified view of the customer? Let’s find out in the next section.
Customers interact with a brand in many different ways and for various reasons. More than often, businesses seem to miss the crucial data that can help them predict their customer’s future actions.
And quite understandably, it is impossible to keep a track of customers’ actions and interactions across multiple channels including websites, apps, online transactions, etc.
On average, poor data quality costs businesses approximately $10 million to $14 million each year, because the vast majority of the data that companies generate is siloed and/or unstructured.
Difficulty to access data coupled with a lack of in-house expertise, most companies struggle to synthesize the data into a 360-degree view of their customers.
In fact, ensuring data quality and access from a variety of sources are the top two concerns for analytics and measurement professionals.
Forrester / Burtch Works Q3 2019 Global State of Customer Analytics Survey).
What they need is a faster, automated software that can pull data from all the important touchpoints, analyze it and unify it to form a shared, single view of the customer.
Customer 360° does just that! Basically, it helps you uncover the most critical customer insights are hiding in your data such as:
You can consolidate processes and technology to connect data in a meaningful way. For example, combine your email marketing team with sales operations to integrate customer history into email campaigns for more personalized interactions. Both teams could then access a single source of truth to better meet evolving customer demands.
Customers don’t want to repeat their contact information, order history, or complaints repeatedly to different departments. They want their information to travel with them across the company for seamless, connected communication and digital experiences.
Integrated customer touchpoints help multiple teams within your organization work from the same historical data, share technology access, and collaborate to take relevant and appropriate next best actions.
Software like Adaptify can pull data from sources, synchronize it, and help to distill meaningful insights for teams across the organization.
Watch this video to learn how it works:
See Voxco survey software in action with a Free demo.
Even though, there are many ways in which getting a single, shared view of your customers can help you, here are the top ones:
By ensuring a comprehensive data collection process that tracks all the touchpoints that a customer uses to communicate with your company, you can have a holistic view of the customer. Data including communication, demographics, purchase history, customer feedback, and customer service requests help to discover trends and better customer experience.
By collecting all customer data in one place, you can get a clear picture of customers’ behavior and drive more accurate forecasts about their future needs.
When looking at all the customer information like purchases, accounts, interactions across touchpoints, service requests, preferences, social media mentions allows you to predict customer preference and what product and services they will need in the future.
A 360° customer view also helps sales representatives to find cross-sell opportunities and present it at the right time. This leads to better customer satisfaction and they are likely to do repeat purchases.
Companies are able to provide a better customer experience with a 360-degree customer view as they are better able to understand their customers buying behavior, their preferences, future needs, etc.
Companies can deliver personalized customer experiences based on the customer information data collected through various channels that customers use to interact with the brand. Recommending the right products or services at the right time helps to build strong brand loyalty.
Another important benefit of having a 360-degree view of customers is that sales, marketing, and service teams can have better collaboration. By having the same 360-degree customer view, these teams can seamlessly share the latest customer information with each other.
Research indicates that aligning sales and marketing can significantly boost a company’s revenue and retain more customers.
360-degree view of customers can be used to personalize the services offered according to customer preferences.
By having a holistic view of the customer and customer information like purchase history and patterns, preferences, preferred communication channels, you are more equipped to recommend products (upsell & cross-sell) according to customer needs. This helps to improve customer experience and satisfaction which leads to higher retention and profits.
360-degree view and great customer experiences go hand in hand. Customers are expecting your organization to anticipate their needs, personalize your communication with them, and solve their problems fast.
Today’s environment demands delivering value via personalized customer experiences from digital channels such as mobile apps, messaging apps, social media, as well as physical delivery (supported by digital communications). Multiple data sources must be connected to provide a personalized customer experience allowing a customer to move seamlessly through a tailored journey.
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