eCommerce businesses are the emerging form of trade where the traditional methods of businesses are being merged with the technological advancements.
Hence the growth and success of eCommerce businesses depend upon the view of their customers. It is one of the essential parts of this business. The customer satisfaction rate is the indicator of its developments and growth. And the conversation of potential customers into successful customers will result in providing the effective rate of return to the business investors.
Today we are going to discuss some of the viewpoints of this business where we will talk about the concept named as “single view of the customer.” It is also the way which helps the business to be known about its customer’s behaviors and needs. We will talk in detail about a concept, its importance and how to build a single customer view.
It is the way which helps the business to empower their marketing or sales effort to create more business for the organization.
Let’s start by defining the meaning of “Single view of a customer”.
What is a Single Customer View?
As per the definition provided by the Wikipedia “An aggregated, consistent and holistic representation of the data held by an organization about its customers that can be viewed in one place, such as a single page.”
It brings all the information about the business customer which is collected from the different range of customer service channels as well as from the different range of business marketing channels. It is the holistic representation of all the customer data which is accessible to the organization.
Here it allows having one place where all the customer related information is easily accessible. For instance, it is just like a department and grocery store where you will get all the items under one roof. It helps in knowing about the customer behaviors, customer purchases, who actually is your customer such as the age range of customer groups, customer behaviors. The customer approach towards the organization product or the brand value in customers view. It also collects the information of the customer review on the company product online, on the business website on their phones or more.
Thus, it is an aggregated customer information gathers by the marketing or sales team of the business form all the success. Hence when all these types of customer information are consolidated at one centralized center or location. Hence that information or view create doubt of the same data is known as the single view of the customer.
Organizations of all types or sizes are well aware or understand the significance of a single view customer which is also known as the unified customer view. It is useful as it consolidates to represent the personal information as well as the behavioral information about the business customer at one palace. Thus without the same, the organization do not have the visibility they require to keep business pushing ahead effectively. It also enables the business to limit their expenses, simply their business procedures, and also helps in taking advantage of their competitor.
It allows business to run all the more productively and successfully. They can likewise limit the business costs by dodging insufficient marketing strategies. Moreover, it guarantees that business can keep running without difficulties in the event when the employees are not available due to their non-availability, leaves or they may be out for a business trip, etc.
What are the benefits of a single customer view?
There is a number of benefits which a company can arise with the single customer view such as it reduces the marketers’ guesswork about the customer need, it reduces the business cost which they spent on understanding the client behavior, and it enhances the marketer’s efficiency and many more. Hence here we are going to discuss few of the primary benefits such as:
Regular updates in the customer profiles
One of the essential tasks is to update the database of the business customer. It is believed that the records or data collection of any customer need a regular updation after three months. By utilizing a Single Customer View, the customer’s profile is always or regularly updated, developing with each collaboration amongst brand and business customer. It helps the businesses to have the in-depth details about the customer from a single source as they don’t have to refer from the different sources to known about their customers or their needs.
Guide the business marketing efforts
The knowledge into customers conduct and inclinations which a Single Customer View offers, helps organizations to become more acquainted with their client base better. It also helps the marketing team of the company to focus their marketing efforts straightforwardly towards their client needs. As per the research, it has been found that more than 80% of customers believe or expects that the marketers should know about their needs or requirements and provides them with the relevant experience to satisfy their need. This empowers organizations to supply pertinent and valuable encounters to customers enhancing their customer experiences need.
Anticipate the future customer demand
A Single Customer View empowers organizations to consolidate the client’s past buying behaviors about their product. Their past purchases and the history and other preferences of the customers. This information would then be able to be demonstrated to foresee future request and promoting materials can be custom fitted to address that difficulty. It has been found that the customer has always come with a specific image of the brand in their mind and they interact with the sales persons under the same impression. Hence the details or data of customer helps the marketers of the company to anticipate their future needs or demands from the brand. Or they may also increase the value of their brand towards the customer’s presence in the same manner.
Quality in division
The way of life division can be connected to your Single Customer View records. It creates a further and more extensive bits of knowledge into the customer’s way of life, behaviors, and preferences. This is particularly alluring to marketers who are focusing on the primary demographics segments. With a Single Customer view organizations can make their own particular divided statistic information utilizing their own client base in this manner removing the intermediates who initially gather the client’s information for the business.
Enhance the quality of the business customers Cross-Channel Engagement
It has been found that the business which is having the strong cross-channel engagement are having 80% customer retention rate. As it allows the business to have the detailed information about the customer which allows knowing the customer preference and need a particular place or time. As if the marketers perform as per the customer requirement than it will automatically help the business to retain its customer for a long period. Thus with a single customer view, a marketer is able to track all the customer preferences at a single page.
How can you build a single customer view?
To enhance the benefits from Customer data Solutions for procurement, development, maintenance, and services that can adjust to changing business needs, another viewpoint is required which also including the accompanying essential segments such as:
- A rich client database – A regularly updated client database with statistic, geographic and psychographic data is vital. This database empowers detecting the way of life, life stage, and home changes. Given this goal, keeping the information updated is critical to guarantee the exactness and significance of any target market analysis. Top notch information, industry-driving security, and protection abilities are likewise critical considerations.
- Information integration and acknowledgment innovation – gives the capacity to interface singular client information from unique databases, outsider sources and different exclusive databases containing client data, e.g., CRM, ERP, sales, advertising, and so on. To give an all-encompassing and very much associated picture of clients. Such learning based advancements are imperative for CRM applications particularly in market segments where the customer relationship is critical, and dependability is paired. It is critical for many associations to make an SCV at the client as well as at a family level.
- Extensive behavioral information – A client database can be significantly improved by including national social data about existing clients and chronicled conduct information got from purchasing practices, acquiring examples, and connections or reactions to showcasing efforts. The advantages of combining the behavioral and geo-demographic information incorporate more successful focusing by concentrating on prospects who are in the market for your items and giving a chance to better client benefit with more suitable cross-selling. Maybe more essentially, social information combined with geodemographic information gives the data expected to foresee client conduct to drive better marketing techniques that can be connected to the business.
- Real-time information – Real-time communications with clients that are caught from over an endeavor and broke down further develops the capacity to comprehend particular clients and to anticipate future customer behaviors.
- On-request prescient scoring – Real-time acknowledgment and prescient scores meet up to help on-request, right-time, right-offer promoting. The connections crosswise over numerous client databases permit arranging, separating and positioning of prospects for targeted programs over various communication channels.
Thus, by developing the clear and extensive view of the client and diverting that data from knowledge of the past into understanding and prescience will empower the business to utilize more intelligent and more compelling marketing techniques.
A single customer view drives results
We have discussed from all the points on the concept of single customer view and also discuss the benefits of using the same. Well the single customer view drives many positive results for the business such as:
- Drives more revenue – Hence the single customer view allows the business to have a better or clear picture of the purchasing behaviors, habits, preferences of the customers. As in simple they business known what actually a customer want. Thus in such case, it helps the companies to increase their sales which results in more income for the business.
- Helps in managing the customer identities very precisely – It also provides compliance and protection directions request more exact and reliable which offers to manage the customer identification.
- Exact analytics – it also provides high-quality information conveys more precise division, target marketing efforts, demonstrate scoring, and reliable anticipation.
- Reduces the operational business errors – it also allows in providing the effective data quality procedures which can diminish the errors that enter and contaminate operational frameworks.
- Offers business adaptability – it also helps in managing the global customer data according to the social culture, etymological, postal, and electronic traditions and enables organizations to all the more effectively and adaptably execute business comprehensively.
- Provides better consumer loyalty – as we known that the higher the quality and well-streamlined customer information gives a very much planned and better client experience without any errors and stumbles that can cause client dissatisfactions.
- More prominent business client acknowledgment – Users trust excellent information and are undeniably liable to embrace new frameworks and business forms quickly.
- Direct customer interaction – Well it also enables the business to interact the customer directly by eliminating the third party presence. As a single view allow the business to know their customer directly. They don’t have to rely on the third party reviews for knowing their business customers. Thus it helps in providing the more or increases rate of return to the business investors.
- More effective business strategies – A the business will able to know the customer then they are more efficient enough to build the more effective business marketing or sale campaign which will help in attracting more and more customer for the company.
Single customer view implies that the good customer management approach depends upon getting the accurate information of the right customer at the perfect time in the right format. It helps the organization to receive a number of benefits through the single customer view as it is one of the cost-effective approaches for the business. It also helps the organization to improve their revenue or profit too.
Thus, it is the detailed and ultimate guide on the concept of using, creating, building the “Single customer view” for any type or size of the organization.