Why you need a single customer view?
Published by: Pritee Verma
Understanding customer behaviour through analysis of related data has been the overarching rule of successful companies. A study conducted by Gartner states that “To successfully target, acquire, develop and retain customers, organizations rely on accurate, comprehensive, up-to-date customer information and insight.”
Mc-Kinsey research tells us that organizations that leverage customer behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin.
Customer insights provide businesses deeper visibility into their customers and their behaviours, allowing them to better market and sell products. Moreover, as businesses grow and the channels of customer engagement increase along with the number of internal systems, the importance of creating a comprehensive and accurate understanding of the customer increases as well.
A single view of customers gives a unified view of customers that is accurate, updated and consistent.
Builds the marketing foundation
It builds necessary foundation for marketers to exploit, up-sell and cross-sell opportunities and also helps optimise channel investments. Businesses are able to make better business decisions be it every day decisions or long-term strategic ones. It directly enables sales and marketing departments to serve customers better, offer them products and services they are more likely to want, and get a one view of customer records fragmented across different functions or service offerings.
Improves service and communication
A single customer view helps use the huge amount of data being pulled in from various sales, marketing and service channels into one place, and helps use that data in a meaningful way. When sales and service reps communicate coherently with customers with updated information, the customer’s trust in your brand increases. By building a fuller, personalised picture of the customer and their journey, a business gets a more insightful guide to improving future sales and make improvements to future customer interactions.
Reduces cost and improves efficiency
It also benefits organizations, allowing them to minimize costs, simplify business processes, and have the strategic edge over the competition. With a holistic view of the customer in a single location, business can run more efficiently and effectively. Higher quality insights not only helps improve marketing but also minimize costs by avoiding ineffective marketing tactics. Additionally, a unified view of the customer on a single interface ensures that business can run without complications when employees are out of the office, sick, or on vacation.