Ahhh, that nirvana, Single Customer View. I remember discussing it with retailers in the 90’s and 00’s when selling enterprise order management, it seemed an impossible dream for enterprises, especially when websites, for example, were often created as a silo operation, building a wall between customer experiences.

A recent Harvard Business Review study (in conjunction with SAS, Intel and Accenture), discusses how real-time analytics can drive significant experience improvements by connecting the dots between customer interactions. The study freely admits that it’s not an easy journey; requiring unification of platforms, proactive analytics and contextual interactions, supported by large volumes of data, a solid strategy and a unified data and analytics infrastructure.

However, a brand that goes on this journey will begin to see the world through their customer’s eyes and use that to respond to and dynamically shape the customer interaction:

  • 58% have seen a significant increase in customer retention and loyalty as a result of using customer analytics
  • More than 50% have seen that real-time analytics has improved the customer journey
  • Nearly three quarters are increasing spending in this area

What does it deliver to the business?

One of the biggest advantages is that it delivers is live interaction with customers wherever they interact with your brand and from whatever device. This is important because, as we’ve seen time and again, it’s very easy to make incorrect assumptions about your customers. This type of interaction means you really do have the information needed to understand your customer and the ability to respond accordingly. Why they buy, how they buy and what they’re buying. You can then use that information to interact with them in a more relevant, personal way.

Sounds easy doesn’t it?

But only 16% of companies are “very effective” at delivering this, according to the study, and 30% are “not effective” at all. The rest falling somewhere in between.

But, if you’re serious about making your business customer centric, you can’t really afford to not do it. Being customer centric makes it easier to be more accurate with demand planning and product availability for example, and helps you meet competitive and regulatory pressures as well as increasing loyalty and driving more informed marketing. The benefits are real, and positively impact profitability.

About Callimedia:

At Callimedia we help companies improve how they engage, acquire and retain customers – and can help you gain a better understanding of your customers. We can then use that understanding to make your marketing perform better across integrated digital and print campaigns.

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2018-07-23T15:20:19+00:00
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