In today’s world, you have to put in that extra bit of effort to gain the attention of your audience. With marketing teams across the world coming up with creative ideas to impress customers, you have to dig deep into an individual customer’s preferences to stay ahead in the game. Goodbye, generic ads!
Marketing departments have finally realized that they need to know their audience better. Mass marketing doesn’t work anymore – you have to know the name, location, personal preferences and lifestyle of a customer in order to provide him/her with a customized and unique experience. Such an approach will obviously set you apart from your competitors.
This is where a Single view of the Customer comes to the rescue. This can be formed by collecting user data from different sources. Customers also leave digital footprints, which has made it easier for companies to collect information. With the data being stored in one place, it can be handled easily by various departments.
This view gives an idea of the overall journey that the customer experienced with the brand. It can include the first interaction, reaction to discounts or offers, purchase history and preferences when it comes to products or services etc.
A Single view of the Customer can immensely help financial marketers by providing information on chatbot data, call center data, website behavior data and lead form submission data.
With thorough knowledge about a customer, marketers can approach him or her in a very personal way, which is great for your brand. A single view of the customer allows marketers to get complete access to their digital footprint, purchasing behavior, channel of origin buying propensity, etc. Tying all the information related to one customer in a compact way enables executives to have a conversation with them on a personal level.
Why do you need a single view of the customer?
- Better audience segmentation
Data allows brands to target audiences in a more efficient manner. Companies can create more categories and target customers accordingly. It is a great initiative that will benefit the company in the long run.
- Improved customer experiences
If you want to provide customers with great experiences, then a single view of the customer is imperative. A 360-degree view enables marketers to view all the customer touchpoints and the data gathered from them. It is easier for professionals to connect the dots and build a customer journey with the data for further analysis.
- Breaking down data silos
All departments have access to the same data. If a particular department needs some data, they can look it up without having to talk to another department – the information is at their fingertips. They can also be sure that they are all looking at information that is synced across the company, without duplicate data.
- More accurate marketing attribution
Understanding the marketing funnel is extremely important in creating an engaging customer experience. A singular view of customer data can help with a better understanding of the steps the users took. Viewing data from all possible touchpoints is necessary in order to create a broader picture of the user journey.
The data includes:
- Purchase history
- CRM and customer data
- Transactions at point-of-sale
- Communication history
- Geographic and demographic data, etc.
How to Create a Single Customer View
1.Get a Complete View of the Customer
The first step to a single customer view is to attempt to understand every customer. Every little detail matters. Going through their likes and reactions on social media, website visits and complex data like product page clicks can make a difference in the experience you provide.
2. No Data Duplication
As all the information is located in a single place, a single customer view eradicates the chances of duplicate data. This is extremely important as various versions of the same data are unnecessary and can lead to confusion. With unified data, marketers can now deliver an accurate and precisely targeted campaign to their customers.
3. Create Unique Customer Journeys
Customers remember their journeys with brands. If you are successful in providing them with a memorable experience, the chances of them switching to a competitor’s brand decreases. With a single customer view, marketing executives can give them curated experiences. Marketers are able to know in advance what customers may be looking for. They have already done their research, which gives them an upper hand.
Tailor-made journeys are what customers are looking for at the moment. (good point to add a quote as evidence. https://www.thinkwithgoogle.com/future-of-marketing/creativity/personalized-brand-experience-statistics/ ‘61% of people expect brands to tailor experiences based on their preferences)
4. Future Demand Prediction
One can also forecast the future by analyzing the buying patterns of a customer and their interest in product updates. Marketers can even gauge the success rate of campaigns after going through the collected data.
This singular view of a customer enables companies to dig deep into a customer’s digital interaction history so that they can strategize cross-sell/up-sell campaigns. This is expected to boost engagements and sales conversions, therefore also upping the bottom line.
5. Higher Marketing Revenue
A tailor-made message can keep you in a customer’s good books. They may even refer you to family or friends as the singular customer view enables you to approach him or her at the right time and on the right channel. This can also lead to complete purchase. If you are looking to increase revenues, then implementing a single view of the customer can definitely help you get there.
6. Better Budget Optimization
Brands can save a lot on their marketing spend with a unified customer view.
There is no need for non-personalized mass mailing campaigns, and the chances of making an error, such as sending duplicate marketing messages to the same customer, is non-existent.
In a time where every brand is trying to establish its dominance in the market and embracing technological innovation, businesses need to learn how to stay ahead of the curve. A single customer view can provide that edge, and enable you to stay ahead of your competitors. With an AI-driven customer data platform, you can access information and provide tailor made journeys to customers. It is an easy process, as long as one engages with companies that are at the forefront of providing solutions such as a singular view of the customer. The best part is that all the departments will be in sync – never worry about duplicate data again!
People are looking for unique experiences and you have to meet their expectations. Different brands are coming up with different techniques to enrich audience experiences. A Single view of the Customer can obviously help achieve this, due to the benefits explained above .
The ultimate objective is to leverage the single customer view to create omnichannel campaigns. The campaigns are targeted to gain long-term loyalty from customers. To learn more about this next topic, kindly keep an eye on this blog section.