Benefits of a 360-Degree Customer View for Businesses
B2B companies face the challenge of tracking a customer’s journey across multiple interactions, purchases, devices, and channels. This results in an inconsistent and disjointed customer experience. The need, therefore, is for a 360-degree customer view that collects all customer data in a single place. This information is generally stored in a CRM platform where users can monitor all consumer touchpoints in one digital profile.
In this article, we provide advice on how organizations can utilize 360-degree customer view to get ahead.
What is a 360-Degree Customer View?
It is a collection of customer data in single location and includes details from basic contact info to present and past purchasing data, social media activities, and all engagements with customer support. 360 degrees is an allround relationship cycle which consists of customer touchpoints with the brand such as social media, customer services, marketing communications, and purchases.
Today, companies need to deliver excellent customer service to stand out in the market. A 360-degree customer view helps here as it allows an organization’s users to access all customer-related interactions, like enquiries, complaints, requests, etc. so they can get a comprehensive view of a customer’s needs.
Now, let’s look at a few ways in which enterprises can utilize 360-degree customer view to grow their business:
1. Improved Customer Intelligence
A 360-degree customer view can provide complete intelligence on a consumer and help an organization avoid “recency bias” in dealing with them. If customer data is stored in disparate silos and solutions are disconnected, an enterprise will find it hard to deliver excellent customer service.
In a Forrester Survey, 45% of consumers stated lack of quick support will make them abandon a purchase. A good CRM platform stores all customer touchpoints and enables a company’s support agents to deliver more personalized and relevant responses to customer queries.
The CRM solution can ensure customer communication is consistent across multiple departments and channels. This can improve the quality of customer experience, leading to improved consumer loyalty and decreased customer churn. Businesses can take the help of a reliable CRM consulting company to maximize the returns from their CRM software investment.
2. Enhanced Collaboration
Another advantage of the 360-degree view is it can improve collaboration between the customer service, marketing, and sales units. These departments can use a shared CRM to effortlessly pass vital data between each other.
For instance, if a service ticket throws up a cross-sell or up-sell opportunity, the service rep can quickly notify the account manager so they can close the deal. At a higher level, marketing and sales teams can develop data-driven strategic campaigns by making their decisions based on existing data. For example, they can combine resources to retarget dead or cold leads.
3. Personalize and Win
A 360-degree customer view can enable companies to tailor their offers and deals for the specific needs of each customer. For instance, a bank can provide personalized savings accounts to a customer whose dependents attend university. Down the line, the bank can present individualized retirements plans to this customer.
In this way, a 360-degree customer view allows businesses to make fitting product or service recommendations. By learning who their customers are and why they are interested in their offering, organizations can engage meaningfully with them and build closer relationships and trust, so that prospects become loyal and profitable long-term patrons.