What are the real benefits of a single customer view?
Companies that lack a single view of their customers are at a real disadvantage, according to a new white paper from Infor and Peppers & Rogers, which highlights a growing problem of personalised communications that lack personal relevance.
The paper, entitled The Payoffs of a Single View, aims to provide an in-depth look at the "single view" strategies of several global companies that have successfully applied this approach.
Misunderstood strategy For many years, the authors argue, "a single view of the customer" has been misunderstood as both a phrase and a strategy. What it should not mean is simply developing a database or even conducting data mining exercises.
When a single view is achieved - a complex operation in itself - the paper suggests that it becomes "the best way to stay relevant and effective for all customer-facing activities".
Relationships are long term In the current business landscape, traditional one-way marketing and the costs associated with it are being questioned. Yet customers are continually barraged with marketing messages and loyalty programmes aimed at short-term relationships from competitors or with irrelevant messages from companies with which they currently do business.
Profits and long-term enterprise health are at stake with every effort to attain, attract, or grow customers. Developing a single view of the customer is a well-worn customer strategy solution whose importance has magnified time and technology improvements.
Key challenges The paper explores successful strategies and the technologies used by global pioneers of the sought-after 'single view', such as Bell Canada, Turkcell, Essilor and Interval International.
The key challenges addressed include:
- Unifying disparate databases in the wake of mergers and acquisitions;
- Measuring changing customer needs to communicate the most relevant offer for retention, acquisition, and an overall increase in customer value;
- Retaining customers in the face of new competitors by embracing new technologies.
The white paper has been made available for free download from Peppers & Rogers' web site - click here (free registration required).