January 15, 2020
- Posted by: admin
One of the most valuable projects any large Enterprise can undertake is one to consolidate their customer information into a single, well-governed repository that all business units can leverage. Given customers are at the very heart of any Enterprises’ success, it’s no surprise that these “Customer 360” or “Single Customer View” projects are a high priority to the senior management. The impact of delivering a successful project can be massive. The Benefit of a Single Customer View project is typically:
1. The Enterprise owns a complete understanding of every customer, through identifying and documenting the quality of all available customer data asset
Benefit: increased revenue through deeper knowledge of your customers coupled with greater agility to position cross-sales and up-sales
2. Business lines are empowered with the ability to use customer data to drive optimal decisions
Benefit: quicker decision making as all stakeholders are working from standardised, clean data
3. Customer contact data can be validated in bulk as well as during the customer acquisition process, ensuring the Enterprise has up-to-date contact information available to sales, marketing and finance teams
Benefit: Operational costs will be reduced through increased efficiencies in contact engagement, e.g. bills will be sent to the correct address, marketing staff are calling the correct number
4. The Enterprise will improve revenue through sales and marketing both leveraging a Golden Source of Truth
Benefit: Avoid inappropriate or incorrect customer marketing activities and spend.
Benefit: Optimises customer retention.
Benefit: Higher conversion rates through personalisation of offers and messages.
Benefit: Deeper insight for more accurate segmentation.
Benefit: Better realisation of up-sell and cross-sell opportunities.
The Benefit of a Single Customer View – Management Buy in
One of the great things about Single Customer View projects is that senior management are relatively easy to convince that having a better, cleaner, up-to-the-minute understanding of their valuable customers is a worthwhile endeavour. The return on investment is high, and the time-to-value is relatively low.