Technology is a tool which has expanded our horizons and broken down boundaries. As a result, geography no longer defines competitive landscapes. In traditionally small, isolated markets such as New Zealand, businesses are now facing disruption from international competition, creating a business environment where local organisations have to find ways to take on international competitors that have endless budgets and resources.
The rise of technology also brings new opportunities, in particular providing unprecedented access to data and insights into customer behaviour. When used correctly, data takes the guess work out of strategic decisions and can bring you closer to your customers and their expectations from you as a company.
Customer satisfaction rests at the core of every successful business and learning how to craft positive customer experiences is paramount to success. Digital is fundamentally changing industry dynamics by enhancing customer expectations while also demanding engagement with evolving digital technologies. Transforming the end-to-end digital journey can help companies overcome widely faced challenges and enhance the customer experience.
For marketers this increases the complexity of the customer journey, but also provides access to valuable data and insights into who the customer is and how they are engaging. With the correct use of this data you can automate interactions while providing a superior customer experience; increasing loyalty and engagement.
The 360-degree customer view is based on the idea that companies can get a complete view of customers by aggregating data from the various touch points that a customer may use to contact a company, to purchase products, and receive service and support.
The key to delivering true results and going beyond customer 360 is about not just collecting the data. It’s about using that data to delivering value and outcomes for the customer, and engaging at the 1:1 level by providing a personalised experience.
Using Customer 360 to its full potential requires not only knowing your customer but taking this a step further and using the information to reach them. Customer engagement can take many forms including; real time engagement, marketing offers and recommendations.
Lightbox, New Zealand’s TV streaming service, operates in a fast-paced, competitive environment with big international competition. They have been working with Qrious data specialists to understand who their customers are and what they are watching; insight that is now informing strategic purchase decisions. Qrious developed customer segmentation profiling for Lightbox which is used in conjunction with a Recency Frequency Monetary (RFM) model, to understand what content different viewers are watching. This then informs what communications and programme recommendations Lightbox viewers receive.
The path forward for customer knowledge and insights is an exciting one. Given its rising importance, the rapid growth in new approaches and technologies to support customer analytics comes as no surprise. However, this complexity makes charting a course forward more challenging than ever. As companies consider evolving their approaches to customer analytics, here are a few recommendations to keep in mind:
True customer 360 is not just about the data or technology, but about the way that it more effectively enables you to engage with your customers.
Customer insights have maximum value when the focus is on real-time insights connected with front-line execution.
It is important to let the data shine and be willing to have your assumptions disproven.
Go! Start small and iterate.
As with many transformational projects, customer 360 can seem complex. But with the right data and marketing strategies, and an agile approach, you can quickly gain actionable insights that’ll have your customer experience metrics soaring, and your business successfully competing against global giants.