In an increasingly competitive digital world, creating and maintaining long lasting relationships with your customers can be difficult. More than ever before, consumers have array options available to be them and expect quality service. If customer service isn’t top-notch, customers can find what you are lacking in your competition. Foster Data research of 2018 customer trends show that 69% of online shoppers from the US shop more frequently at retailors that provide reliable customer service, both online and offline. This studies also notes that customers that are abandoning intended purchases due to poor customer service resulting in $62 billion in lost sales. An increase of 51% from the previous two years.
So, how to maintain a competitive advantage? Know your customer. Research suggests that when organizations use behavior insights of customers, they outperform competitors with 85% in sales growth, and 25% in gross margin. This is where Customer 360 strategy comes in.
But what is exactly is the Customer 360? The all-encompassing approach to customer engagement. This means centralizing customer information, preferences, order history and other relevant customer-related details into one easily accessible space. With is, you can create a multi-dimensional, omnichannel platform that makes it easier to have a complete customer profile or a Customer 360. From order history, on-going and personalized interactions, and segmented data analysis, a 360 view of a customer can show every aspect of the relationship between you and your customer. To win over today’s customers, organizations must recognize the need to engage with customers pro-actively, with on-going, highly personalized and real-time interactions.
This can be done within a system, but more effectively, through integration with other platforms that provide more accurate and up-to-date customer information.
Customer 360, however, doesn’t stop there. It isn’t simply storage of information, but rather it can help gather this customer information, and aggregated intelligently. And ideally, it should be displayed it in a visually interesting way.
The next phase in the Customer 360 approach: Predictive analysis (PA). You can use new and historical data to forecast customer behavior. Details about PA include statistical and machine learning techniques to create predictive models, which can apply statistical likelihood of an event occurring. So, PA can tell you what the customer needs (support, information) before they even make contact.
What can you do with this information? Gain insight to buying trends, provide them with targeted marketing content, and cater to preferences. Each action can help in crafting and maintaining long-term customer engagement.