One of the most common challenges we come across when talking to businesses is the need for a unified profile of each customer. A 360-degree view of your customers affords you the ability to respond to, and optimize for, each customer’s context and journey. Building this view can come with technical challenges, but the investment often leads to happier customers, more frequent purchases, and ultimately more revenue for your B2C business.
What you can do with a 360-degree customer view
1. It aggregates all your customer activity into one place. Customer activity is centralized into this view, so your business can track which channels each customer prefers, how they interact with you, and what their preferences seem to be.
2. It represents a “book of record” for contact information. Think of this as a “B2C” contact management system – by aggregating information from across your marketing channels, you will be able to build an omnichannel profile for each individual and identify ways to reach out to them.
3. It presents high-level metrics around the customer. Easily track sociodemographic segments, last purchase, lifetime spend, and other metrics to follow each customer’s progress and segmentation.
The benefits of having a 360-degree view
1. Personalization 2.0. Detailed customer journeys enable you to personalize each customer’s individual experiences. This is significantly more powerful than traditional product recommendations or segmentation and presents customers with more targeted and relevant offers.
2. Detailed reporting and analysis. More data means having a better understanding of how your customers find you, engage with you, and build loyalty. Customer profiles enable you to perform any form of marketing attribution, create behavioral segments (e.g., find people who browse my products by specific brands), and much more.
This 360-degree view is becoming increasingly critical to the success of any customer-oriented company: each customer has their own unique preferences, needs, and timing around when they’d like to buy your products. Below are two examples of how a holistic view of each customer can yield significant success.
Case Study: Momentum Marketing in Ticketing
By using holistic profiles, businesses can trigger communications at the time that customers are most likely to be responsive and positive in their response.
We see this in our work with performing arts companies and sports teams, both of which sell tickets and drive people to events. Our recommended marketing cadence is to (a) send a feedback request within hours of an event’s completion, and (b) call fans that gave your event a strong rating and browsed your site to extend a quick “thank you” and provide a special offer.
This has helped our ticketing clients generate new revenue streams that represent over 5% of total revenue on an annual basis. Better yet, these campaigns generally target “first purchasers” – a group that typically represents the highest churn rate in ticketing.
Case Study: Personalization 2.0 in Retail
Most companies personalize their websites or e-mails with rules around “people who bought X also bought Y” or similar approaches. A more advanced form of personalization follows their customer journey and understands (a) what the person has purchased before, (b) their buying cycle with these purchases, and (c) the brands and content they seem to have an affinity for. By including customer-level experiences, we worked with a health and lifestyle products retailer to grow revenue per e-mail by 19.5%.
Case studies like the above are enabled through a 360-degree customer view and show clear opportunities for generating new revenue through such a view. Better still, a holistic customer view enables numerous new marketing tactics, all of which help grow your top-line revenue.
Check out our Intro Guide to the 360-Degree Customer View to understand how building a 360-Degree View can benefit your business!