Over the last few years, organisations in every sector— from retail to utilities to finance – have been gathering customer data. Lots of customer data. These days, information is constantly being generated from every interaction a customer has with a business, whether on or offline.
So, what are most organisations actually doing with this valuable, unprecedented wealth of information? Sadly, nowhere near enough. When it comes to using it for targeted customer communications and knowing the customer better, most organisations are missing the mark.
A lot of businesses have been trying to use big data to create a 360° view of their customers, but they haven’t been able to assemble the information in a way that turns it into actionable insights. Big data, after all, can be overwhelming when it exists in many silos across an organisation.
That’s why it’s crucial to obtain a view of customer interactions first. Once you’ve streamlined the process, you can finally see the big picture the information represents.
Here are the three ways businesses can guarantee a 360° view of customers:
1. The Past View is calculated with data points such transactions, interactions, complaints, behaviours and marketing history. This all combines to show the customer’s journey to their current stage in the buying process.
2. The Present View is calculated with data points such as customer sentiment, influence, location and channel. This view constantly changes depending on the channel and the context from which a customer interacts with a product or service. Social media, websites, tradeshows, phone calls, meetings, and other channels all fall under this view.
3. The Predictive View is calculated with data points such as lifetime value, profitability, selling opportunities and retention risk. This is the result of both the past and present view and helps teams evaluate where the customer is likely to go in the future, depending on past behaviours. Are they interested in additional products or are they a retention risk? What would help build loyalty and what would hurt it?
A View That Works Throughout the Lifecycle
By achieving a New 360° View of the customer that encompasses all temporal views of past, present and predictive, organisations can evolve from reaching out to customers blindly to creating a system of engagement. This keeps track of interactions between brand and customer, and uses insights to maximise value creation at every touch point.
These views acknowledge that customer data isn’t gathered at any one point across an organisation. By combining all three, it’s possible to analyse big data and use it to personalise the customer experience.
As more companies strategize and try to create a 360° view of their customers, it’s important to first think of how all of the data fits together. By using the “3 P’s” to categorize the customer journey, customer data can be brought into one consistent, trusted master set that accurately describes customers to everyone across the enterprise.
Read more about big data analytics at Pitney-Bowes’ Digital Insights blog.