Customers today are more tech-savvy, and more demanding.
And with increasing digital influence a consumer’s purchasing decision, customers are not only confined to in-store shopping, but also on the web.
So, marketers are taking all the time to think about how to connect the customer’s actions across their brand’s virtual and physical touchpoints.
Hence, knowing their customers on a deeper level will help brands in getting a unique and one-on-one engagement with them.
What is single customer view?
A single customer view is the heart of brands marketing efforts. It gives a solid foundation for brands to experience the evolution of such a database where they can store and maintain a single record for each customer instead of multiple records.
The key to communicating with customers most effectively is to link their data from all external, transactional, and other communications channels to achieve an integrated view of the customer; this is called single customer view.
Offline information like phone number, demographic information, along with the transactional history, is amalgamated with data from CRM, website, social media channels.
Combination of these data will leverage in streamlining the customer’s records and creating better and relevant messages to the customers.
How is a single customer view the key to climb the ladder of success?
1. Improves operational efficiency
Different sectors of marketing receive data from multiple sources, but coordinating all of them is difficult.
Say suppose a company sends customer ads regarding a washing machine because he had searched for one on the web.
Whereas, on the other hand, the customer has already bought a washing machine from an offline store.
Now this is a gap that is formed due to silos in data management and can be eliminated by using the single customer view approach.
It will decrease the likelihood of making errors such as an inconsistent approach to the same clients, or duplicate message sending.
Thus with this holistic representation of the customer, the brand will gain the visibility they need to keep business moving forward efficiently.
2. Increases cross-selling and upselling opportunities
Let’s say a customer recently purchased a mobile phone from your offline store.
Now you can assume that he will need a flip/cover case also.
Probability is that he can be searching for one on the internet.
Before someone decides to buy your product, they need to feel like you are concerned for them.
See at this point if you have a single customer view, you can cross-sell to re-convert the past customer.
You can run specific ads for these customers by running a niche campaign.
Or else you can take an example of upselling.
Like a customer is searching for customized cushions online for sending his mom a gift on mother’s day.
Start sending him advertisements of beautiful combo offers that he can purchase to get cushions along with mug, keychain and purse.
Triggering ads on inboxes, any other website, social networking sites wherever the user is active.
After all the whole town is taking about the advent of people based marketing in all the retail sectors.
But keep in mind the challenge is not about being visible where their customers are.
It is about ensuring the messages are integrated seamlessly into the way customers desire.
Delivering messages that appeal to them and what they prefer enhances the likelihood of generating higher revenue.
A single customer view is vital for building successful business decisions, as it captures standardized, cleansed and enriched data.
3. Enhances customer loyalty
Customer journey is unique and dynamic, their preferences and behaviour change over time.
With a single customer view, brands can better interact with each customer throughout the buying cycle by contemplating on the past trends for better recommendations.
There will be an enhancement in retention that will proactively reduce customer churn, and maximize customer lifetime value.
And when customers will be satisfied with the tailored interactions, brands will create a considerable bandwidth of loyal customers.
Over time they will become advocates of the brand, adding values.
4. Improved marketing and product development
If a brand wants to get a single customer view, they need to partner with a data onboarding platform.
The principle behind a data onboarding platform is identity management, you can connect your brand data with online data.
It will give full information about the customer’s past behaviours, purchases, etc., to better analyze and target customers.
Brands can segregate customers as to how they responded.
Whether they purchased online or in store, which sales converted through email or SMS, who engages through which offers promotions and discounts.
Thus reducing media spends as you will have more intelligent and data-driven advertising campaigns that will surely become successful.
They can further predict the next action of their customers, to get accurate feedback and reviews regarding the product.
Customers are the most valuable asset that a company has.
So it is crucial to direct all activities towards maximizing the value of that asset.
By combining changes in technology and data, a company can leverage a single customer view to generate new opportunities.
However, a single customer view is only an enabler.
There should be a strategic plan to get a competitive advantage over those companies that have not unified their customer viewpoints yet.