Understanding the Concept of 360-degree Customer View and its Implementation with Lucidya

The marketing and customer service teams are confronted with a significant challenge in their pursuit of delivering an outstanding customer experience that reflects positively on the brand. Despite their efforts to understand customer requirements, pain points, and needs, they face hurdles due to insufficient data or an incomplete picture of the customer.
Achieving a complete and comprehensive view of the customer, spanning from the initial digital interactions to the point of purchase or commitment to the product or service, is essential to gain a clear image of the brand.
This, in turn, facilitates the enhancement of user experience and seamless fulfillment of customer requirements, resulting in positive outcomes for both the brand and the customer. In the present age of openness and digital connectivity, customers are increasingly exposed, allowing brands to gather insights into their past, present, and even future preferences and aspirations. This article tries to create a comprehensive understanding of 360-degree customer view and how to leverage Lucidya in this context.

The Concept of 360° Customer View

When you have a 360-degree view of a customer, it means having a comprehensive and clear understanding or viewing of the customer, encompassing all aspects of their interactions with the brand.

This includes everything from the initial contact they made, such as filling out a contact form, to their most recent customer service call. By gathering customer journey data, the brand gains insights into the customer’s experiences at every stage of their digital journey.

Having a 360-degree customer view is crucial for achieving business success because it allows the brand to empathize with the customer’s feelings and emotions. With empathy, the brand can engage with the customer on a more personal level, moving beyond mere transactions. This, in turn, strengthens trust, fosters loyalty, and increases customer retention, all of which have a direct positive impact on the bottom line.

Why is 360° Customer View Important?

In the current business landscape, companies recognize the immense significance of data and analytics as the modern currency, and those who possess it gain a competitive edge. Consequently, brands make substantial investments in this domain to gain insights into their customers’ needs, challenges, and interactions at every touchpoint.

By harnessing this knowledge and information, brands can effectively engage with customers throughout the entire purchasing and service experience. Remarkably, about two-thirds of marketing leaders acknowledge that their data-driven initiatives have resulted in acquiring new customers.

Moreover, a staggering 92% of CEOS agree that integrating data across teams enables them to deliver relevant presentations and interactions, leading to enhanced customer service. To achieve a comprehensive 360-degree customer view, organizations need to establish a unified and reliable profile for each customer. This includes incorporating various data types:

• First Party Data: Information generated and collected directly by the organization.
• Second Party Data: Data shared with a trusted business partner or affiliate.
• Third Party Data: Data acquired by an organization from external sources, enriched, and then resold.

It becomes essential for the brand to integrate customer data with other relevant information, such as product or location data. Data management assumes a critical role in this process.

Essential Elements of 360° Customer View

The 7 elements of 360-degree customer visibility offer a comprehensive understanding of customer behavior, preferences, and characteristics. So analyzing these elements allows companies to gain valuable insights into their customers, enabling them to enhance the customer experience, boost satisfaction, foster loyalty, and ultimately drive business growth.

Demographic Information

This element encompasses fundamental customer details, including name, age, gender, address, and contact information. These data points can be gathered from various sources such as registration forms, customer service interactions, and website analytics.

Behavioral Data

This category involves collecting essential information about customer interactions with the brand, such as purchase history, website visits, and customer service interactions. Understanding these behaviors helps identify purchasing habits, preferences, and engagement levels.

Preference Data

Preference data is compiled by recording customer interactions with the brand. It includes information about the customer’s preferred communication method, favored products or services, and specific preferences. Surveys, customer feedback, and interactive mechanisms are useful in gathering this vital customer information.

Ratings & Reviews

Derived from customer interactions, comments, and reviews, this element provides valuable insights into their experiences with the brand. Information from customer surveys, online reviews, and social media interactions contribute to this data category.

Social Media Platforms

Social media platforms serve as a rich source of information about customers’ interests, opinions, and preferences. Analyzing data from these platforms helps understand customer behavior and user psychology, guiding marketing strategies accordingly.

Third Party Data

Third-party data refers to information collected from external sources like market research firms, credit bureaus, and data brokers. This data complements customer demographics, preferences, and behavior, providing additional insights. To achieve a comprehensive view of customers across all channels, Lucidya services offer the capability to collect customer information from various sources. By monitoring channels and interactions on social media platforms, emails, rating sites, and chat, Lucidya provides a unified platform to observe customer behavior across more than ten digital channels.

Transaction Data

Transaction data includes information about customers’ interactions with the brand, such as purchase history, payment details, and order information. Understanding these buying habits helps tailor marketing and sales strategies for improved results.

Crafting a Comprehensive 360-Degree Customer View

Customer 360-degree view can be built through the following steps:

Utilizing Customer Relationship Management (CRM) Software

CRM serves as a central repository where all customer data can be stored, making it an ideal platform to track every interaction between the customer and the brand. Each customer profile should include details such as previous purchases, inquiries, and all other forms of contact. It’s essential to update this information after each new interaction to maintain accuracy.

So, to ensure seamless communication with customers, it is recommended to grant CRM access to all customer-facing departments, including sales, marketing, customer service, and technical support. This approach ensures that everyone involved has access to the same customer information, eliminating errors or confusion when dealing with specific clients.

Social Listening Apps

Using a Social Listening App is beneficial to monitor customer interactions and behaviors on social media. Social listening involves monitoring discussions about the brand or related topics on various social media channels.

This practice is valuable as it allows companies to gather unfiltered ideas and opinions shared by customers on social media, which can provide valuable feedback for the company. Incorporating social listening data can also enhance the accuracy of buyer personas, enabling improved targeting of marketing and sales efforts.

Use  Lucidya ‘s social listening  tools, stay up to date with all your brand’s public posts and articles and keep a close eye on your customers

Data Review

As the process moves towards collecting and reviewing data, data retention becomes a critical aspect. Collecting, analyzing, and regularly updating data provides a clear view of the brand and often reveals unique information about customers, contributing to a comprehensive 360-degree visibility.

By using Customer Relationship Management (CRM) Software to automatically organize, retain, and edit customer information, businesses can ensure easy and simplified access to data for future use.

This organized approach facilitates the building of 360-degree customer profiles, which helps track customer reactions and experiences throughout their entire buyer’s journey. The process of setting up and refining these profiles is ongoing, with each new detail unlocking valuable insights that aid in delighting customers and enhancing their overall experience with the brand.

The Importance of 360° Customer View

Having a 360-degree customer view not only grants brands a competitive edge in today’s intense market but also brings forth various other advantages and benefits:

More Accurate Strategies for Sales and Marketing Campaigns

360-degree customer visibility is vital for accurately targeting the right customers and tailoring marketing campaigns to their specific needs. A holistic understanding of customers enables the development of more precise strategies to achieve planned objectives.

For instance, by analyzing a customer’s view, brands can identify particular demographic groups likely to purchase a product and create campaigns exclusively tailored to that segment. This approach maximizes campaign effectiveness and yields improved outcomes.

Deeper Insights into Clients

Embracing a 360-degree view of customers allows brands to gain profound insights into their target audience. By identifying their needs, preferences, and behaviors, companies can develop products and services that cater to customer expectations. This understanding also aids in crafting more effective campaigns, leading to enhanced performance.

Additionally, having insight into customers reduces risks and enhances decision-making processes. Data-driven insights facilitate better decision-making, avoiding costly mistakes. Identifying growth opportunities before competitors is another advantage that stems from a comprehensive view of the customer.

Improved Customization

One significant benefit of adopting a 360-degree customer view is the ability to offer better customization. This allows brands to adapt products and services to cater to the unique preferences of individual customers, resulting in a more engaging customer experience. So this personalized approach fosters increased customer loyalty and satisfaction.

Notably, companies like Amazon have demonstrated how a 360-degree view has contributed to higher customer loyalty and satisfaction by employing sophisticated customization software.

So this is just one example of how getting a 360-degree customer view can improve the customer experience and achieve improved results.

Conclusion

Finally, In the realm of 360-degree Customer View, comprehensive customer visibility plays a crucial role in enabling businesses to comprehend their customers better and devise highly effective marketing campaigns. The availability of appropriate tools for extracting insights from customer data is paramount.

By utilizing customer data platforms, organizations can harmoniously gather, retain, and analyze customer data from various channels, consolidating it into a single repository. So this unified approach empowers businesses to gain profound insights into their customers, ultimately leading to the implementation of more impactful and targeted marketing campaigns.