Addressing the Challenges in Creating a Single Customer View

Bottomline

A single customer view can significantly improve customer satisfaction, reducing churn. It can also help your organization attract new customers, cultivate trusted relationships and improve customer loyalty.

Enterprise Data Warehouse – The Engine for a Scalable Solution

All you need to be effective is an Enterprise Data Warehouse containing information which reveals the complete customer journey for every known individual in your database. It’s not just how much they bought (revenue), but what (product lines), how frequently, how recently, what quantity (units), how they interacted with you (phone, chat, social media), what complaints they voiced, etc.

While this all sounds great, you’ll need to overcome several hurdles to bring it all together:

• Identification of the available data and its location. The basic information most organizations have only serves as the baseline.
• Disparate systems (making it difficult to trace the customer identity between records in multiple systems) and data formats (you’ll more than likely experience discrepancies in the customer data):
  • internal:
    • demographic
    • contact details
    • association history
  • external:
    • unstructured documents
    • email text
    • sentiments expressed on social media (often providing clarity about customer preferences)
• Transitioning from product centric to a customer centric view may take more time than expected.
• Mergers and Acquisitions can compound all of the above

Checklist for Achieving a Single Customer View

As we’ve discussed, there are many challenges to developing SCV for your company. Here is a simplified checklist. You must develop the ability to:

• Extract customer information from multiple sources, as and when required.
• Transform and load all of this information into a single database and application.
• Create associations – tying all data together for each customer.
• Create search queries for all customers and associated product information.

Expected Results

When you achieve a single customer view, all users – especially marketers – within your organization are more likely to reach similar conclusions. They’ll be in a better position to analyze past behavior to better target and personalize future customer interactions.This all stems from a common view and understanding of the breadth of available customer data. As a result, you’ll see:

• delivery of a better, more seamless and consistent customer experience
• improved operational efficiency
• increasing opportunities for cross-selling
• more relevant marketing and product development
• superior customer service and responsiveness

Source: https://www.concentrix.com/single-customer-view/

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