What is 360 customer view?
Learning about your customers is a key part of any successful business. Knowing who your customers are, what they want, and how to best serve them is essential for long-term success. That’s why a 360 customer view is so important today. To stay ahead of the competition, you need to understand your customers from all angles.
In this article, we’ll talk about 360 customer view, its importance, and how to get it. Pressed for time? Then jump to our TL;DR below.
Image source: unsplash.com
What is 360 Customer View?
A 360 customer view refers to the data that enables you to make more informed decisions about marketing, product development, and customer service. With this data, you’ll be able to tailor your offerings to meet the needs of each customer. In short, the 360 customer view is a comprehensive approach to understanding your customers. Collating this data requires gathering data from multiple sources and using it to create an in-depth profile of each customer. This includes the following information:
- Demographics
- Psychographics
- Purchase history
- Interactions
By combining this data into one place, you can better understand who your customers are and how to best serve them. Let’s drill down and better understand what data contributes to these 4 categories.
The 7 Elements of a 360 Customer View
The 7 elements of a 360 customer view provide a comprehensive understanding of a customer’s behavior, preferences, and characteristics.
By considering these elements, businesses can gain valuable insights into their customers and use this information to improve the customer experience, increase customer satisfaction and loyalty, and ultimately drive growth.
1. Demographic Information
This includes the basic information of a customer, such as name, age, gender, address, and contact information. This information can be collected from a variety of sources, including registration forms, customer service interactions, and website analytics.
2. Behavioral Data
A class of psychographic data. By collecting crucial information regarding the customer’s interaction with your business — such as their purchase history, website visits, and customer service interactions — you are able to understand their buying habits, preferences, and engagement levels.
3. Preferences
Built by recording the customer’s interactions with your brand. Preferences may include information about a customer’s preferred mode of communication, preferred products or services, and other specific trends. This vital information of a 360 customer view can be collected through surveys, customer feedback, and other interactive mechanisms.
4. Feedback and Reviews
Another category that draws from customer interactions, feedback, and reviews from customers provides valuable insights into their experience with your business. This information can be collected through customer surveys, online reviews, and social media interactions.
5. Social Media Data
Social media platforms provide a wealth of information about a customer’s interests, opinions, and preferences. This information can be used to understand the customer’s behavior and psychographics, and tailor your marketing strategies accordingly.
6. Third-party Data
Third-party data refers to information collected from external sources such as market research firms, credit bureaus, and other data brokers. This information can provide additional insights into a customer’s demographics, preferences, and behavior.
7. Transactional Data
This includes information about the customer’s transactions with your business, such as purchase history, payment information, and order details. This information is critical in understanding the customer’s buying habits and can be used to tailor your marketing and sales strategies.
Why Having 360 Customer View is Important Now More Than Ever?
Having a 360 customer view is essential in today’s competitive business landscape. Customers have more choices than ever before, and they expect personalized experiences. If you don’t have a comprehensive understanding of your customers, you won’t be able to meet their needs.
According to a report from McKinsey & Company, 71% of consumers expect companies to deliver personalized interactions. They also mention that “companies that grow faster drive 40 percent more of their revenue from personalization than their slower-growing counterparts.”
This study helps emphasize that having a 360 customer view is essential for success. You can use data to identify trends and anticipate customer needs before your competitors do. This gives you a competitive edge and helps you stay ahead of the curve.
McKinsey & Company sets Amazon as an example of why personalization is important. They say that over time, Amazon has expanded its personalization program. They continuously innovate their personalization program so customers can get the most out of their experience. As a result, Amazon has significantly increased customer loyalty and satisfaction.
3 Benefits of a 360-degree Customer View
Aside from giving you a competitive edge, there are many other benefits to having a 360 customer view. Here are just a few:
1 – More Precise Strategies for Your Sales & Marketing Campaigns
Without a 360-customer view, you won’t be able to accurately target the right customers or create campaigns that are tailored to their needs. With a comprehensive understanding of your customers, you can create more precise strategies to help you reach your goals.
For instance, if your 360 customer view reveals that a certain demographic is more likely to purchase your product, you can create campaigns specifically targeting that group. This will help you maximize the effectiveness of your campaigns and get better results.
2 – Helps You Better Understand Your Audience
With a 360 customer view, you can gain an in-depth understanding of your audience. You’ll be able to identify their needs, preferences, and behaviors so that you can create products and services that meet their expectations. Understanding your audience will also help you create more effective campaigns to improve performance.
In addition, having a 360 customer view can also reduce risk and improve decision-making. You’ll be able to make better decisions based on data-driven insights, which will help you avoid costly mistakes. This will also help you identify opportunities for growth and take advantage of them before your competitors do.
3 – Better Personalization
Another benefit of having a 360 customer view is that it allows you to provide better personalization. You’ll be able to tailor your products and services to meet the needs of each individual customer. This will help you create a more engaging experience for your customers, which can lead to increased loyalty and satisfaction.Returning to McKinsey & Company’s example, Amazon has seen a significant increase in customer loyalty and satisfaction due to its personalization program. This is just one example of how having a 360 customer view can help you improve your customer experience and drive better results.
3 Ways to Get a 360-Degree View of Your Customer
Now that you know the benefits of having a 360-customer view, you may wonder how to get one. Here are three ways you can get a comprehensive understanding of your customers:
1. Data Audit
One way to get a 360 customer view is to conduct a data audit. A data audit is an undertaking to review all the data you have on your customers and identify any gaps or inconsistencies. This will help you better understand who your customers are and what they need from you.
A data audit will help you identify your available data sources and determine which are most relevant for your business. You should also look at how this data is being used and if there are any gaps in your understanding of your customers.
During a data audit, you should also look for any potential issues with data accuracy and completeness. This will help you ensure that your data is reliable and up-to-date. It will also help you get the most out of your customer insights and make better decisions.
2. Social Listening
Another way to get a 360 customer view is to use social listening. Social listening involves monitoring conversations on social media platforms and other online channels to gain insights into your customers’ needs, preferences, and behaviors.
By using social listening, you can identify trends in customer behavior and understand how they interact with your brand. This will help you create more effective campaigns and better target your audience. You can also use social listening to identify potential opportunities for growth marketing and take advantage of them before your competitors do.
When conducting social listening, remember the following tips:
- Monitor conversations on multiple channels: This gives you a better understanding of how customers interact with your brand across different platforms. If you’re only monitoring one channel, you may be missing out on valuable insights.
- Look for patterns: Look for patterns in customer behavior and use them to inform your marketing strategies. This will help you create more effective campaigns and better target your audience.
- Focus on customer sentiment: Pay attention to how customers feel about your brand and products. This will help you identify areas for improvement and create more effective campaigns.
3. Customer Data Platforms (CDPs)
Customer Data Platforms, such as Tealium, are a powerful tool for getting a 360 customer view. CDPs allow you to collect, store, and analyze customer data from multiple sources in one place. This makes it easier to get a comprehensive view of your customers and identify growth opportunities.
What are the Benefits of CDPs?
Here are some of the benefits of CDPs
- Get a comprehensive view of your customers: CDPs allow you to collect data from multiple sources and get a complete picture of your customers. This will help you make better decisions and create more effective campaigns.
- Better customer segmentation: CDPs make it easier to segment customers based on their behavior, preferences, and other factors. This will help you target the right audience with the right message.
- Increases customer engagement: CDPs allow you to personalize your campaigns and create more engaging customer experiences. This will help you build stronger relationships with them and increase loyalty.
- Improves data accuracy: CDPs make it easier to ensure that your data is accurate and up-to-date. This will help you get the most out of your campaigns and make better decisions.
What makes Tealium stand out?
Tealium is a powerful CDP that can help you comprehensively view your customers and identify growth opportunities. Here are some of the features that make Tealium stand out:
- Real-time data: Tealium allows you to collect, store, and analyze customer data in real-time. This will help you make better decisions and create more effective campaigns.
- Prioritizes security: Tealium prioritizes security and ensures that your customer data is safe. The platform gives you peace of mind knowing that your customers’ information is secure.
- Advanced technology: Tealium uses advanced technology to help you get the most out of your customer data. This allows you to create more effective campaigns and better target your audience.
Easy to use: Tealium is easy to use and allows you to get up and running quickly. The software possesses sufficient power to cater to the needs of data scientists, yet remains user-friendly enough for marketers to operate with ease.
Conclusion
A 360-customer view is essential today for businesses to understand their customers and create more effective campaigns. It’s important to have the right tools in place to get the most out of your customer data.
By utilizing Customer Data Platforms (CDPs) like Tealium, enterprises can gather, retain, and scrutinize customer data from various channels in a unified location. This approach enables them to obtain a comprehensive understanding of their customers and ultimately execute more impactful marketing campaigns.
Our consultants are here to help you build the right data analytics framework for your needs: contact e-Cens today to learn more.
Learn more about our latest insights:
Universal Analytics 360 Sunset Pushed to 2024 – What You Need to Know
4 Benefits of Server-Side Tracking
Improving Marketing Analytics with GTM Server-Side Tagging
7 Key Customer Success Metrics to Track
TL;DR
- What does 360 view mean?
The 360 customer view is an all-encompassing approach to understanding customers by gathering data from various sources to create detailed customer profiles.
It includes demographics (age, gender, income, location), psychographics (lifestyle, values, interests, opinions), purchase history, and interactions with the business. Having this information in one place helps businesses better understand customers and tailor offerings to meet their needs, leading to improved marketing, product development, and customer service.
Why is 360 degree view of the customer important?
A 360 customer view is key to delivering personalized experiences and meeting customer expectations.
By utilizing a 360 degree view of customer data, businesses can identify trends and anticipate customer needs, giving them a competitive edge.
Amazon is a prime example of why personalization is important: Through continuous innovation of their personalization program, they’ve increased customer satisfaction and loyalty.
What is a 360 view in business?
A 360 customer view is a way for businesses to gain a complete understanding of their customers by collecting data from multiple sources to create in-depth profiles.
It covers significant elements like demographic details (age, gender, income, location), attitudes and behaviors (lifestyle, values, interests, opinions), previous transactions, and engagements with the enterprise.
By consolidating this information, businesses can personalize their offerings and enhance their marketing, product development, and customer service to better meet the needs of each individual customer.
What are the seven elements of the 360 customer experience?
These seven elements of the 360 customer experience allow businesses a complete understanding of customer behavior, preferences, and characteristics to improve the customer experience, boost satisfaction and loyalty, leading to growth:
- Demographic Info
Fundamental customer details, such as name, age, gender, residence, and contact information. - Behavioral Data
Interactions with your business, including purchase history, website visits, and customer service interactions. - Preferences
Customer’s preferred communication, products/services, and specific preferences. - Feedback/Reviews
Customer experiences collected through surveys, online reviews, and social media interactions. - Social Media Data
Customer interests, opinions, and preferences from social media platforms. - Third-Party Data
Additional insights from external sources, such as market research firms and data brokers. - Transactional Data
Customer transactions with your business, such as purchase history, payment info, and order details.
