Customers are the lifeblood of any business and they act as a centralized repository for the growth of an organization. There is no life for business without customers. They play a key role in determining the success and failure of a business.
In order to better serve customers and reap maximum benefits, it’s important for companies to focus on 360-degree customer view.
What is 360 Degree Customer View?
It means having a holistic picture of each one of your customers by collecting and accumulating data from various customer touch points such as social media conversations, customer interactions with the company, customer support calls, sales calls, and emails in order to provide deeper insights into customer lives and deliver the most personalized customer service.
Moreover, customers also except the same personalized interaction and approach from companies.
How Do You Measure 360 Degree Customer View and What Are the Parameters Involved In Calculating 360 Degree Customer View?
There are the three elements to consider while measuring 360-degree customer view:
- Customer Behavior pattern analysis.
- Customer Demographic Data.
- Derived Insights (Culmination of both behavior analysis and demographic Data).
1. Customer Behavior pattern analysis
This is the first component in obtaining deeper insights about your customer. Here, the implicit data obtained from behavior analysis help companies to accurately understand each customer product interest, buying intent, needs, and communication channels. For the deeper understanding, consumers can perform advanced segmentation techniques such as campaign triggers and micro-targeting.
As customer behavior changes quickly, it is essential for companies to capture customer behavior and responses in an automated fashion and record in the CRM system in real time.
2. Customer Demographic Data
Demographic data enables companies to learn about customer’s age, gender, profession, residential information, mobile number, email, height, weight, date of birth, income status, and social media accounts. This personal information is vital to the initial segmentation of customer data. But, for better customer understanding and deeper engagement, it’s important for companies to append demographic data with behavioral activities and social data.
3. Derived Insights (Culmination of both behavior analysis and demographic data)
This is the last component of 360-degree customer view. It generates deeper insights by clubbing the analysis obtained from customer behavior activities and demographic data.
The first two components address every detail about your prospective customer but the third component offers strategies for a better customer engagement.
It’s high time for businesses to implement an actionable 360-degree customer view in order to build an Omni-channel profile of each customer, better understand customers’, create a centralized customer database, deliver personalized, and engaging customer experiences.