Consumers today want their favorite brands to deliver experiences and offers tailored to their unique interests. But many brands are running into a significant roadblock on their route to achieving true 1:1 personalization: the ability to get an aggregated, real-time consistent and holistic view of data about its customers, also known as a 360-degree view of the customer.
Brands may have a lot of customer data, collected from a variety of sources, such as loyalty programs, demographics, surveys, web analytics and customer service or sales analytics. But the problem is that all of this information doesn’t reside in one place. It’s often siloed in legacy systems used in different ways, and at different times, by IT, data science, sales, marketing and other teams within the organization. The inability to see all data in one, easily accessible place creates challenges and disconnects across the brand, and impacts their ability to deliver the personalized experience consumers demand.
Some companies have attempted to gain a customer 360 through data integration projects, like building a data warehouse. But those don’t go far enough. Even though a data warehouse collects high volumes of structured and unstructured data, it does not necessarily capture multi-channel customer engagement that's emerged with today's consumers.
The eBook noted that an SCV is responsible for several functions, including:
Having an SCV gives brands numerous advantages. First, it streamlines internal processes. By having all customer data and interactions in one place, brands can more quickly and accurately answer questions, provide support, solve problems and offer recommendations, which enhances the customer experience.
Second, an SCV improves targeting. An SCV is a critical tool for going beyond segmentation, or microsegmentation, and achieving true 1:1 personalization. Unifying customer data across all internal systems and capturing each individual’s activities across all channels in real time enables an SCV to provide insights that allow brands to deliver the best offers to customers, and fine-tune them over time.
Third, an SCV can pinpoint what steps the customer took that led it to finally buy a product. Tracking these interactions – whether it’s on social media, pay per click advertising, traditional marketing, in-store promotions or other touch points – helps brands understand the customer journey, and what factors ultimately motivates them to take the desired actions.
Creating an SCV is one of the six steps that brands must take to succeed in a customer experience strategy and reach the pinnacle of 1:1 personalization. To learn more, download our latest white paper, "The CX Effect: Why Marketers Need to be More Customer Centric."