Varsha was looking to change her number from prepaid to postpaid. She called her telecom company’s customer care number and was connected with John. She explained her request to John and asked for help in choosing a good postpaid plan for her. However, John being from the customer care team had no idea about different postpaid plans. So, he transferred her call to the sales team. Varsha got connected with Ruby and she had to explain her requirements again to Ruby. Ruby told Varsha about different plans but was unable to take down her request for a postpaid sim. So she again transferred her call to another team. See the problem here?
In today’s tech-savvy world, customers interact with businesses through multiple channels. They may chat with a company’s virtual assistant, send emails, call customer care agents, send messages on their social media accounts, and so on.
All these interactions happen through different channels, and often, an employee handling interactions in one channel may not be aware of the other interactions going on. So, John from customer care might not be aware of the conversation the customer had with Ruby from sales. And from a customer point of view, it is frustrating to repeat the entire context every time you try to interact with the brand.
In addition to missed opportunities to offer excellent customer service, this may lead to confusion, missed (or wrong) information, and frustration among the customer service, marketing, and other departments.
These are exactly the problems that a single customer view helps organizations solve.
What is a Single Customer View?
A single customer view (SCV), also called a 360-degree customer view, is the live, complete, and consistent data-driven view of a customer.
Let us take a look at how SCV would have worked in Varsha’s case mentioned above:
“Varsha was looking to change her number from prepaid to postpaid. She called her telecom company’s customer care number and was connected with John. She explained her request to John and asked for help in choosing a good postpaid plan for her. John being from the customer care team had no idea about different postpaid plans. So, he transferred her call to the sales team. Varsha got connected with Ruby who already had a live brief on Varsha’s requirement on the computer screen. Ruby helped Varsha with different plans and transferred her call to another team that had real-time data about Varsha’s chosen plan and conversion request. They confirmed the selection with Varsha and processed her request. “
Fast, smooth, and hassle-free, right?
Why Do You Need a Single Customer View?
An SCV enables marketers and sales leaders to have an accurate and deeper understanding of the customer buying behavior, digital behavior, transactional behavior as well as purchase propensity. The data from various sources tied to a single customer gives a complete picture of the customer.
Having the customer data integrated and centralized supports more meaningful and insightful interactions with customers. It makes customers feel that the company values them for who they are as humans.
According to a Salesforce survey, 76% of customers expected companies to understand their needs and expectations. They agreed to spend more with a company with positive customer service expectations. A company that offers good customer experience ensures happy customers that are more likely to become loyal customers.
So, it doesn’t come as a surprise when, in a 2018 Gartner survey, 81% of marketers expected to compete mostly (or completely) on the basis of customer experience. To fight the competition, companies must not only have a solid product or service, but they must follow through with phenomenal customer interaction. If all the customer data is in accord, it will make the follow-through more accurate, comprehensive, and quicker.
Amazon, the retail giant, for example, is one of the brands that use data points like customer name, search query, average time spent searching for a product, past purchase record, brand affinity, buying frequency, and average spend to create a single customer view. So, if you have searched for olive green running shoes on Amazon and have bought Puma shoes in the past, Amazon will email you a hyper-personalized product list with options for olive green Puma shoes. Such personalized messaging leads to deep customer engagement and expanded sales funnel.
Some of the benefits of having a single view of the customer are:
The conventional approach to building a hyper-personalization customer experience framework lacked the edge provided by big data and AI thereby limiting accurate real-time discovery of individual customer preferences. SCV uses advanced analytics and offers marketers the ability to drive hyper-personalization in an omnichannel and digitally-connected environment. It allows marketers to interact with customers in real-time to offer each and every customer a unique experience that delights them and makes them keep coming back for more.
Smoothen Internal Processes
With unified customer data, organizations can create a single source of truth about the customers that can be used by people across different departments for a consistent view of the business. Employees can find all the data they need without taking too much time. It facilitates independent and fast decision-making to deliver a superior customer experience. This makes internal processes smoother and faster. Everyone’s happy.
With multiple brand channels, there are many ways a person may reach a brand. With SCV, companies can know the precise steps a customer took to finally buy their product. Having all the data silos unified allows tracking the customer journey across all the points of interaction that matter to the business.
Future Purchase Prediction
By having the data related to past buying patterns of the customer and their interest in future updates, marketers can predict which product/services are more likely to sell. They can thus plan to push campaigns that have a high probability of increasing engagements and bringing conversions. This will help companies get a higher ROI on their marketing spends.
Cadenz – Much More Than Single Customer View
Marketers often feel overwhelmed and burdened having to collect and analyze customer data, mainly because of the sheer volume of it. With more than half of the marketers feeling they spend too much time analyzing data, a whopping 90% agree that without the right set of tools and skills, deriving valuable customer insights is impossible.
This is where Cadenz comes in.
Cadenz is a customer data platform (CDP) that collects and unifies data from different sources to create an enriched customer profile
But Cadenz is not just any CDP. It is the market’s first customer intelligence platform that automatically mines customer interests using behavioral AI algorithms on combined first-party and second-party data, which helps marketers understand each customer and their preferences thoroughly. Cadenz’s approach to customer intelligence management includes organizing 100s of parameters of customer behavior to build a holistic profile of every customer for every need.
There are three layers to the mining of customer intelligence in Cadenz:
Trusted Profile Intelligence – This includes the data that comes directly from carefully selected sources and the companies can trust this data to be correct and accurate, such as the customer’s name, date of birth, email address, phone number, purchase history, and so on. This data forms the base of Cadenz customer profile and paves the way for derived and inferred profile intelligence.
Derived Profile Intelligence – Cadenz uses the data elements from trusted profile intelligence to derive further information about the customer. For example, a customer’s date of birth is used to derive his/her age. Derived profile intelligence gives us data about lots of attributes helpful in creating customer intelligence profile in the Cadenz.
Inferred Profile Intelligence – For inferred profile intelligence, Cadenz uses AI and machine learning to infer about the customer, their choices, and lifestyle behavior. It gives important insights about the customer from his/her purchase journey to, brand affinity, product affinity, likes and dislikes, the best time of the day to contact, preferred price point, shopping frequency, and much more.
Cadenz sews together all the above layers to create an enriched customer profile. This helps companies launch hyper-personalized campaigns, discover new audiences, recommend the right merchants/partners, and do much more to boost conversion and improve customer experience.
Cadenz Behaviour Intelligence Platform Case Study: An eCommerce Retailer Used Cadenz to Unify Product Recommendation
One of the major challenges for eCommerce companies is to provide customers with a single, personalized list of product recommendations. With multiple business units (and vendors) and each unit trying to push its own set of products, the user view is often cluttered with unrelated and irrelevant product recommendations.
In addition to a bad user experience, this also hampers conversion rates and revenue.
Cadenz built an SCV of all customers by integrating customer journeys across multiple touchpoints. This helped the eCommerce company merge products from different units to present a personalized product recommendation page based on customer preferences. This feature was auto-deployed to run in real-time and offered a more interactive shopping experience to the user. Cadenz helped scale the feature to cater to the huge customer base of the eCommerce store. As a result, there was an increase of more than 20% in the average conversion rate of the store.
A single customer view is a very effective way to create a live, complete, and data-driven view of a customer. But we understand that this topic can generate a lot of questions. And that’s awesome because our experts at Cadenz are happy to share their knowledge and guide you on how to use SCV to boost sales and customer loyalty.
Contact us whenever you like, and we are happy to help.