Nowadays, the success of many businesses is primarily attributed to good relationships with their customers. That is, having a comprehensive understanding of what customer needs and availing it to satisfy their needs as well as achieve the business goals. n Mathematics, 360 degrees is a full rotation that is, there are no blind spots.
Similarly, in business, a 360-degree customer view means having a holistic view of customers and the interaction with your business in a comprehensive manner. 360-degree customer view helps to map end to end process of the customer experience with your business.
What does a 360-degree data model consist of?
A 360-degree data model aggregates data from all customer touchpoints from their past interactions to their everyday interactions. Information from a customer’s past relations with a present interaction can give businesses future predictions on customer behavior.
Past data: Past data includes historical information of a customer from the engagements they had with your business. For example, all the communications, purchases, reviews, and website visits.
Present data: Present data includes ongoing interactions with the customer. For example, the most recent orders and their current stage in the order process, any queries, and issues, etc.
Future data: Once a business has successfully recorded past and present data, it predicts the future patterns of customers.
Advantages of having 360-degree customer view.
According to Gartner’s research in 2018, only less than 10% percent of businesses have a complete 360-degree view of their customers.
Valuable customer insights:
Once a business has much data on its customers and analyzed the data, it can generate important insights on the customers.
Customer insights can also be in the form of anticipated future behavior. This can make a business be well prepared for future opportunities. Businesses looking to establish a new product can use 360-degree customer view to make decisions and predict the future.
Personalized customer experiences:
Most of the customers are not always interested in purchasing. They enjoy the interaction with the business, a 360-degree customer view makes it possible to create a personalized and unique experience for each customer.
Customer loyalty:
The 360-degree customer view contributes greatly to customer loyalty and retention. Through having unique insights to having personalized approaches, customers develop a connection and relation to the brand/business.
Strategic business planning:
A holistic view of customers helps in business planning, especially when forecasting future plans. Businesses that use a 360-degree customer view base all their customer decisions on the insights developed from the model.
Reduced costs:
With the 360-degree customer view, since there is the use of data-driven and targeted campaigns, the rate of success is very high. This leads to higher returns and in the long run reduced costs in marketing.
Summary:
To grow your business, you not only need new customers but importantly, you need to maintain the already existing customers. A 360-degree view of customers is one of the ways of building this long-term customer retention contributing to long-term success for your business.
Explore the DQLabs Master data management model, to understand how it creates a 360-degree of records for customers, products, devices, and other business entities.
