Customer 360 Part 1
Customer 360 refers to a 360-degree view of a customer’s data and is intended to build a complete and accurate picture of every interaction with your business. This can include information such as contact details, preferences, purchase history, customer service inquiries to name but a few.
Customer 360 is the hub that links and synchronizes information about your customers and provides a single source of truth about the customer by showing past, present, and future data.
Customer data exists in multiple databases across touchpoints (e.g., in-store, over the web, via social media, and telephone), geographies, and product lines. Duplicates and discrepancies are unavoidable when these systems are not synchronized.
Businesses can use this data to inform engagement strategies, customer journey steps, communications, personalized offers, and deliveries.
- Personalized Engagement: you can be sure that you have the most recent and accurate information about each customer available at every touchpoint.
- Seamless Experiences: each customer will have a consistent experience regardless of where they interact with you. For example, customer service will have all the needed information created by the sales team and will not need to ask the customer for the same information again.
- Customer Insights and Segmentation: By gathering all customer information you will be able to build more accurate customer behavior models.
- Predictive Analytics and Mapping: Improve forecasts by gathering information from across data silos to predict what a customer might do next.
Insurance: a 360-degree view of the policyholder, member, or broker empowers team members to serve the appropriate audience with the right information at the right time and resolve service requests quickly.
Manufacturing: manufacturers gain new insights that enable their workforce to identify and focus on the products they sell and service the most. Insights can be used to design personalized customer portals, allowing for more direct input from customers, creating more efficient production, and enabling an overall better experience across all customer touchpoints.
Retail: enables retailers to provide highly targeted and personalized customer experiences which drive higher customer loyalty, richer product recommendations, and provides the ability for market basket analysis. The merchandising and brand teams can also leverage customer information to continue to refine segmentation, product development, placement, and brand awareness.
Financial Services: A 360-degree view of a clients’ household, assets, loans, and other products across lines of business allows financial services firms to provide more tailored services and offerings. It has been proven, time and time again, that when customers receive customized product offerings or personalized service, they are more apt to return, remain loyal, and even become advocates for your business.
In future articles, we’ll discuss what are the technical aspects of implementing the Customer 360 solution.
If you would like to learn more about how to improve your business on the Customer 360 concept or would like to see examples of the technology's application in different areas, please contact BizOne for a free consultation!