Customer 360 Analytics: A 360? Customer Experience Solution

May 19, 2023
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Organizations are in a race to digitally transform their operations to provide personalized customer experiences by using customer journey analytics. The COVID-19 pandemic has added urgency to this need, as companies have had to rapidly shift from in-person to contactless sales and services. IT departments have been forced to quickly develop new products and customer experiences, with some companies accomplishing three years' worth of digital transformation in just three months. Examples include United Airlines implementing touchless kiosks through mobile apps in 30 days and Walmart launching a two-hour delivery service in just two weeks. Overall, the goal is to provide a seamless and tailored customer journey across all channels.?

How is digital transformation impacting and enhancing the customer experience??

Digital transformation is revolutionizing the way companies interact with their customers and driving customer experience using customer 360 analytics in several ways: Overall, digital transformation is driving customer experience by providing companies with the tools and capabilities to better understand and engage with their customers, resulting in improved satisfaction, loyalty, and revenue growth.?? AutomationEnhanced-data-analytics-Enhanced-data-analytics

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To provide a great customer experience, the journey is a long and lengthy one and if not optimized it can create various problems for the company. So let us look at optimizing that journey.?

Optimizing customer journey!?

Many businesses struggle to consistently provide excellent customer experiences across all their digital touchpoints, as customer expectations constantly evolve. To address this challenge, optimizing the customer journey should be a central aspect of a company's customer experience management strategy. This involves creating impactful experiences for customers throughout their entire journey, from initial purchase to post-purchase engagement. The true value of customer journey optimization is measured by the overall business impact it generates, rather than small incremental improvements at individual touchpoints like social media, apps, or websites.?? Companies that use customer 360 analytics to manage their customer experiences effectively can expect to see improvements in conversion rates, engagement levels, and brand loyalty, giving them a sustainable competitive advantage. The process involves analyzing and mapping the customer experience to influence their behavior.?

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Key Components of Customer 360?

Customer 360 is a comprehensive view of the customer that includes all relevant information and interactions across all touchpoints and channels. The key components of a customer 360 view typically include:?

Customer profile: A detailed and up-to-date profile of the customer, including their contact information, demographic data, purchase history, preferences, and other relevant information.?
Interaction history: A record of all the interactions that the customer has had with the company across all channels, including phone calls, emails, social media interactions, website visits, and in-store visits.?
Transaction history: A record of all the purchases and transactions that the customer has made with the company, including order history, payment history, and delivery history.?
Behavioral data: Data on the customer's behavior and preferences, including their browsing history, search history, and product views.?
Sentiment analysis: Analysis of the customer's sentiment and emotions, based on their interactions with the company and their social media activity.?
Predictive analytics: The use of machine learning algorithms and other analytical tools to predict the customer's behavior, preferences, and needs.?
Integration with other systems: Integration with other systems, such as CRM, marketing automation, CPG analytics platform, and customer service, to ensure that all data is up-to-date and accurate.?
Data governance: Proper data governance and security to ensure that customer data is protected and managed in a compliant and ethical manner.?

Advantages of Customer 360?

360-degree customer views provide multiple advantages for businesses, such as increased efficiency, lower costs, and stronger customer relationships through personalized marketing. There are four key benefits to using a 360-degree customer view:?

Predictive analytics: Businesses use data to predict future customer needs and behaviors. This enables companies to identify cross-sell, up-sell, or churn opportunities, as well as to anticipate and prepare for future changes that may impact their business.
Enhanced personalization:? Businesses gain access to the customer's complete history and preferences, allowing for better product recommendations and more meaningful engagement.
Improved customer experiences: A 360-degree customer view provides a comprehensive collection of the customer's data that is easily accessible to all departments, resulting in a more personalized and efficient experience.
Complete cross-department customer alignment: Sharing a holistic view of the customer enables departments to easily access and pass along essential information to one another, resulting in a seamless customer journey and strategic, data-driven campaigns.

Besides these four points, there are several advantages of having a customer 360 view such as improved customer experience, increased customer loyalty, more effective marketing, better customer service, improved sales, data-driven decision-making, and improved operational efficiency.?

How to build a customer 360 experience?

By following these steps, you can create a customer 360 experience that allows you to gain a comprehensive view of the customer, provide personalized experiences, and build long-lasting relationships with your customers.?

Collecting and integrating customer data: To build a comprehensive view of the customer, you need to collect and integrate data from multiple sources, such as CRM systems, marketing automation tools, customer service interactions, social media, and website analytics.?

Analyzing customer data: Once you have collected customer data, you need to analyze it to identify patterns, trends, and insights. This can involve using machine learning algorithms, predictive analytics, and sentiment analysis to gain a deeper understanding of customer behavior and preferences.?
Creating customer profiles: Based on the insights gained from analyzing customer data, you can create detailed customer profiles that include information such as contact details, demographics, purchase history, preferences, and sentiment.?
Mapping customer journeys: To understand the customer experience across all touchpoints and channels, you need to map out customer journeys. This involves identifying all the touchpoints where customers interact with your company, such as website visits, social media interactions, email campaigns, and in-store visits.?
Developing personalized experiences: Using the insights gained from analyzing customer data and mapping customer journeys, you can develop personalized experiences for each customer. This can involve offering personalized product recommendations, targeted marketing campaigns, and customized customer service interactions.?
Ensuring data security and compliance: Building a customer 360 experience involves collecting and storing sensitive customer data, so it is essential to ensure that data security and compliance are a top priority. This includes implementing data governance policies, data encryption, and access controls to protect customer data from unauthorized access or breaches.?

Integrating with other systems: To ensure that customer data is up-to-date and accurate, you need to integrate your customer 360 experience with other systems such as CRM, marketing automation, and customer service.?

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Use cases on Customer 360!?

In the telecom industry?

A company was facing challenges in identifying suitable customer segments while cutting down on campaigning costs. The customer analytics solution helped the company in identifying the right client at the right time, maximize customer lifetime value, and formulate an effective go-to-market strategy.?

In the insurance industry?

?A leading service provider wanted to identify customer needs and preferences, develop targeted products, and stay updated with technological advancements. A customer analytics services solution helped the organization build and manage a more easily distinguishable customer database throughout the customer?s lifecycle.?

In the healthcare industry?

A leading multi-specialty hospital used customer analytics to develop a physician relationship management system that would enable hospital liaisons to identify revenue-generating physicians and the most loyal physicians. The analytics worked with the raw utilization data and physician rosters from numerous hospitals to create a physician master and build a scorecard, which provides hospitals with an overall picture of the proportion of physicians in each bucket.?

In the retail industry?

?A retail giant implemented customer analytics to increase conversions by placing products that are frequently bought together physically closer to each other in-store. They personalized the customer?s in-store experience by giving out coupons or baskets. Customer analytics revealed the CX pain points that can be addressed in-store to provide a frictionless buyer?s journey and engage with people in the right way and at the right time. They could modify their in-store inventories based on on-site visitors, which helped them save time and money and increase sales.? These are just a few examples of how Customer 360 analytics can be used across different industries but in reality, its outreach is to the remotest of the industries at every corner of the world.?

Conclusion??

To summarize, customer 360 is a comprehensive view of the customer that includes all relevant information and interactions across all touchpoints and channels. The key components of a customer 360 view typically include customer profile, interaction history, transaction history, behavioral data, sentiment analysis, predictive analytics, integration with other systems, and data governance.? To build a customer 360 experience, companies need to focus on collecting and integrating customer data from all sources, analyzing the data using advanced analytics and machine learning techniques, developing a single customer view, and leveraging insights to provide personalized experiences and enhance customer lifetime value. Customer analytics solutions are being employed in various industries to help organizations identify suitable customer segments, personalize services, improve customer satisfaction, increase conversions, and optimize products and strategies.? ?