A 360-degree customer view is an idea where companies devise steps and strategies for decoding the customers’ psyche. This is done by aggregating data from various customer touchpoints that a customer may use to contact a company.
These touchpoints are spread over various means that customers use while trying to make a purchase, receive service or support.
Technology has made the mobile device a second office for most of the businesses around the world.
Other forms that allow businesses to get in touch with their customers are
- video customer support
- online communities
- social media platforms
All these customer touchpoints that customers use for their interaction with businesses have proliferated.
This advancement may seem to pose a threat towards the collection and aggregation of data, however, the technology that is used for crunching your customer information has also seen some crucial advancements.
Yes, we are talking about CRM (customer relationship management) software.
Many businesses are using social media platforms that include social media tools for gathering what customers are saying on sites like Facebook and Twitter.
There are predictive analytics tools that help businesses determine what customers may search or purchase next.
The modern smart customer relationship management suites and their automation features bring all these data on a single platform.
These sales intelligence tools allow business owners and managers to access all the gathered customer data inside a single repository from any place and device.
Adopting such an advanced technology if necessary for seamless data sharing between teams and a cohesive work environment for various departments.
Having such software with you also keeps your data up-to-date with an accurate view of the customer’s psyche.
CRM software provides businesses with an accurate picture of their customers, with relevant data that is not conflicting in nature.
What is a 360-degree customer view?
Having a 360-degree customer view allows businesses to boost their relationship.
CRM software helps businesses to have an experiential relationship with their customers rather than a transactional one.
In layman terms, the 360-degree view provides a complete understanding of the customer’s overall psyche by obtaining a comprehensive view of customers.
This is done with ease by leveraging the data collected from various touchpoints in a customer’s journey.
The 360-degree view of customers also often requires a big data analytics strategy to merge and manage structured data.
Data can reside in the rows and columns of a database, with unstructured data as it resides on social media platforms and so forth is becoming increasingly important.
Many companies are trying to develop to combine these sources of data and to analyze them in a central location.
However, achieving a 360-degree view requires all-hands-on-deck.
Organizations first must commit to developing customer-facing teams and start tracking structured and unstructured data.
Then everyone from marketing to sales to customer service has a stake in capturing, analyzing, and responding to the data.
What does the 360-degree view show?
This section will help you find an answer to the reason for having a 360-degree customer view. Basically, having a 360-degree customer view helps businesses understand:
The data that is captured by your CRM, collects and stores how your customers have been interacting with your products and services.
You will have the complete history of their interaction be it a price quote or be it a general inquiry or be it their purchasing pattern.
These data sets allow businesses to derive reports that help in constructing a meaningful conversation between them and the customers.
You can track your customers’ interaction history inside the CRM based on:
- The recent product/service activity
- The communication done across all channels
- Product views
- Outreach campaign activity
- Entire sales process history
Maintaining a healthy interaction with the current customer base is crucial for the businesses as they make the most of the businesses’ final revenue.
Once a client reaches out to your business for making a purchase or subscribing to your services.
You need a system in place that tracks all their activities and keeps you informed about their current interaction with your sales team.
CRM software allows businesses to have
- a complete view of the customers’ present requirements
- their position in the sales pipeline
- the activities that have been done or are being planned or have been scheduled
CRM software provides a complete perspective of the customer to the business owner, right from their identity, their industry, the no. of employees to the current value of their deal.
Having a complete and updated data of the customers past and present behaviors towards various sales activities, business owners can predict future actions, or rather map out the future actions with the utmost ease.
Finding or creating upsell or cross-sell opportunities becomes easier with the data that is stored and processed by your chosen CRM software.
And how are these data collected you might ask!
Cookies on any website store the pattern a website visitor follows while browsing through your offerings.
The ads or discounts clicked, the product or services clicked by the customer shows what they are most interested in.
Analyzing these patterns using CRM software, business owners can easily predict the buying behavior of the customer and create a suitable plan that can be used for addressing customer queries.
What are the benefits of creating a 360-degree customer view?
We shared the timelines that your CRM tracks for analyzing and understanding your customers.
This compiled data can be used for providing a personalized experience to the customers.
Let’s discuss the benefits of using CRM for creating a 360-degree customer view.
1. Aligns your customer relationship
A business in today’s modern world is not just out there in the market for earning profits, it is there for creating a lasting relationship with the customers.
By using an intelligent and robust Customer Relationship Management (CRM) system, businesses can easily streamline different departments and their records, and aggregate meaningful data about the customers.
Using CRM allows your businesses to align their internal and external goals without leaving any room for human error.
2. Boosts predictive analysis
Collecting and maintaining the records of the customer journey allows businesses to get a clear picture of their customers’ behavior.
Predictive analysis of the CRM software helps businesses find answers to these questions.
- Do the purchase patterns help you decode future purchases?
- Do these patterns demonstrate increased dissatisfaction at any point in the buying journey?
- Are these patterns suggesting there might be a near-future customer churn?
- Are your customers frequently abandoning the cart?
- If yes, why are they doing so?
Finding answers to such crucial questions can help you decode the 360-degree customer view which in-turn will help you achieve your organizational goals.
3. Supports more customer intelligence
Having a comprehensive data of the customers at your disposal enables businesses to create a detailed buyer persona.
Having behavioral information with demographic knowledge is crucial for businesses to plan for unforeseen customer-related situations.
Such data also allows your sales team to look for any discrepancy on their part and make their sales efforts count.
Bifurcating the set of data for deriving meaningful insights becomes more important.
Your sales team must include various analytics and couple them with the constant customer feedback that is received by your customer service representatives.
4. Drives your customer loyalty
Your businesses’ future depends on the lifetime value of your customers.
The lifetime value of your customers is directly related to the kind of customer experience they are being provided by you.
Customer experience is expected to overtake price and product as the key brand differentiator by the year 2020.
- Are they happy with their customer journey so far?
- Is there any grievance that has not been solved yet?
A loyal customer is 4 times more likely to buy from your competitor if the problem is service-related!
5. Reduces your working costs
Unsuccessful marketing and sales outreach campaigns hit your business right where it hurts; the revenue!
With more customer mapping and more plans derived from the 360-degree customer view, it is possible for businesses to run more intelligent and data-driven automated campaigns.
These campaigns can exploit the upsell opportunities and avoid spending excessive money on campaigns that fail to fetch any results for your business.
Improved visibility into your customers’ psyche allows you to understand the mindset they carry while making a purchase from you.
It doesn’t make sense if businesses keep in investing the same amount of money in customers that make return purchases against those who have not made a single purchase.
With enough data and a well-fetched plan based on the 360-degree view of your customers, you can create or see opportunities for dealing with low-value customers too.
How can businesses achieve a 360-degree customer view?
CRM software doesn’t just collect and maintain your customer-related data, they have a well-defined psyche of the customers based on intelligent demographics.
Here is how you can utilize CRM software for deriving a comprehensive 360-degree customer view.
Social listening tools
Social media is the best place where you can extract the behavior of your customers.
With smart integrations, businesses can synchronize their social media channels with their CRM software and set smart triggers that can notify the sales reps whenever a negative comment gets posted online.
These triggers come in handy to provide faster service to irate customers because they won’t stop and think for a minute before looking for an alternative.
There are many smart integrations that keep on enriching your contacts profile using their social media channels.
You will always stay up-to-date about the current job position of your crucial contacts so that you can pitch for new opportunities.
We discussed integrating social media channel with your CRM, you can also integrate your website with your CRM.
Doing so will help in mapping the behavior of your consumers based on their visits to various pages and browsing patterns.
This will allow your sales and marketing teams to create a more detailed customer persona and help you segregate your customers based on their product choices.
Collecting such a significant amount of data will help you analyze it and provide you with the results related to their behavior.
- Will they buy independently?
- Will they contact customer service?
- Is social media the best channel to reach out to them?
- Is there an upsell opportunity?
- Are they going to need specialized customer service?
CRM software does an additional task. It helps you align your sales, marketing, and customer support department. Such an alignment is really necessary for ultimate customer success. This alignment also makes gaining quick customer insights easier.
The digitized era has prompted businesses to use technology to their advantage. Having a smart and intuitive CRM enables your business to tap into the undiscovered resources your business process can use for gaining better revenue.
The market trend is dynamic, and you need a sales intelligence tool by your side for decoding the 360-degree customer view.
Salesmate CRM has over four years of experience in helping out small and mid-size businesses streamline their sales processes, tap into the selling resources and maximize your revenue.
A 360-degree customer view is the most essential part of the contact management feature in Salesmate CRM. Here, you can access activities, deals, notes, emails, files, texts, and every key progress from the contact timeline.
Salesmate CRM is a solid mix of features like contact management, built-in calling, workflow automation, sequences, and many more. Take 15-days free trial of Salesmate CRM and explore every bit of your next CRM!
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