What is a Single Customer View and why is it important
People want to feel like they’re being treated as individuals, which is why the majority of customers will swiftly choose another business if they don’t get personalised experiences. Data is essential in creating this level of personalisation but the data sets you rely on are constantly shifting too. Keeping up with your customers’ requirements and needs along with how you can reach them through digital and traditional channels is becoming increasingly difficult.
Leading businesses are recognising that a Single Customer View (SCV) is essential to remaining competitive. The more sources of data and points of interaction you have with customers, the more you know about them. When you know more about your customers, you can eventually build loyalty and brand equity through truly innovative customer experiences.
What are the actual benefits?
If you don’t know your customer’s total engagement with your brand, or their current needs, then you could be spending a lot of money on wasted activity and communications. Not to mention poor decisions impacting loss of potential profits and return on investments. On the flip side, SCV can earn you money. With an accurate picture of your customers based on their current activities, you can cross-sell and up-sell most effectively.
Another major benefit of having a holistic view of all consumer engagements is to provide an accurate record of how often you’re communicating with people, which allows you to set up rules to ensure you don’t bombard them with too many or irrelevant messages. For anyone who feels like they’re constantly unsubscribing, you’ll know why this is important.
While data driven intelligence has the ability to delight customers, done incorrectly it can damage brand perception and serve to disengage. With data held in product portfolios, cross selling efforts frequently result in irrelevant offers. Specifically, in the case of financial services not understanding a customer’s full risk exposure can result in significant financial cost.
An accurate picture of each customer allows you to cross-sell with targeted, personalised marketing campaigns aimed at valuable segments of your database, instead of hitting every customer with the same offer.
Think of all the wasted time and resources if each employee has to manually input the same information on several databases about the same contact, or search for customer information that isn’t clearly accessible. SCV can help organisations become more efficient, which is why 62% of organisations surveyed by Experian told us they’ve adopted SCV to improve process efficiency.
Let’s take a couple of industry-specific examples
Retail businesses have multiple points of data entry, including in-store, online, mail order and in-app. Without proper data quality control systems in place, the same customer can appear multiple times, with nothing to identify them as the same person.
It’s critical that you have a data quality strategy in place that can help you manage your data from the point at which you collect it. Names, addresses, email and mobile can be validated at the point of capture, and duplicate records identified. Data continues to be managed more effectively by staying on top of the changes in customers record and being able to cross reference customer interactions against a single source of truth, in real time at all points of interaction.
Especially in the Finance sector, SCV is about offering your customers the right product at the right time. For example, you may have offered a customer or prospect a loan at a preferential interest rate, which you later find they don’t qualify for. SCV means you don’t offer customers things they already have and don’t expose your business to unnecessary credit risk.
Get face to face with your data, merge systems correctly, remove duplicates and make sure that all the information you hold on your customers is up to date and accurate. It will enable you to deliver relevant customer dialogue that resonates, and increase your organisation’s agility to respond to ever changing requirements – from the business, the regulator, your customers and the economy.
General Manager, Data Quality Southeast Asia
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