In the competitive market of B2B sales, you want to take advantage of every available opportunity to stand out. Creating a 360-degree view of your customer provides you with a look at the customer from all angles, shedding light on their experience at each touchpoint across all products, systems, devices, and interaction channels within your company. The more you know about your customers, the better you can to provide an optimal customer experience for them. As we’ve talked about before on this blog, a good customer journey experience (CJX) is today’s currency.
Here, we’ll discuss why 360-degree customer views are important and what information you should look for when you take a complete picture for customer success.
A 360-degree view provides you with a start-to-finish picture of the customer journey. By closely monitoring and analyzing the customer experience, you gain insight into the customer’s thoughts, feelings, and behaviors. This enables B2B companies to apply the learned insights and improve the product and the experience, providing customers with the best customer success across all channels. Who wouldn’t want that? Yet according to Gartner, less than 10% of companies have a 360-degree view of their customers and only half of those companies are able to use the information to grow the business.
One reason why companies struggle to achieve a 360-degree view of customers is the data management involved. It can be challenging to collect and analyze the right customer data to deliver the right service at the appropriate time. It’s important to have customer relationship management (CRM) software to manage all this prized customer information. CRMs enable B2B companies to record and share meaningful data about a customer though the CRM is only as valuable as the information in it. Therefore, it’s imperative that the CRM not only exists, but adoption across all company teams, as well as optimization of the data, is necessary for success. For companies that don’t have CRM experts in-house, outsourcing administration is an affordable and efficient option to avoid missing out on the growth potential.
CRM system org health management empowers expert managed service providers (MSPs) to handle large amounts of customer data, providing your team with the support they need and enabling them to focus on additional company strategic business initiatives that drive success and revenue growth.
A second reason why more companies don’t have a 360-degree view of their customers is a lack of understanding about the type of information companies should collect. Without a proper process in place, it becomes information overload. A 360-degree view of the customer includes hard and soft data. Hard data includes concrete facts associated with a customer’s experience – purchase history, engagement with company or product marketing materials (such as email newsletters or participation in a webinar), and customer service interactions like chats or the completion of a satisfaction survey. Soft data centers on a customer’s emotions or sentiments throughout their journey. This combination of customer sociodemographic, psychographic, and behavioral insights aids in the identification of future influences that will prevent customer churn and maximize your opportunity to upsell and cross-sell. The meaningful data obliges companies to provide each customer with a personalized experience that strengthens customer loyalty.
The benefits of a 360-degree view of the customer far outweigh the challenges. Companies that embrace this approach gain customer intelligence, save on costs, increase the ability to create customized experiences, improve collaboration across internal departments, and boost customer loyalty.
A 360-degree view of the customer captures customer data so that you can improve a customer’s lifetime value. This in turn boosts your bottom line, reduces churn, increases upsell and cross-sell opportunities, and strengthens customer satisfaction. Know what information to look for in a 360-degree view and how to use it to improve the customer journey experience.