Providing a 360 Degree View of the Customer
Better Service - Higher Sales
Whether driven by lack of product differentiation, customer demand for better service, or simply the need to improve the customer experience, companies are seeking to better understand their customers in order to more effectively acquire and retain business. This report provides a road map for improving customer satisfaction and retention without losing sight of customer profitability by integrating multiple sources of data to complete the full 360° view of the customer.
A true 360° view of the customer is a win-win situation for all parties involved: buyers benefit from better service and efficiency, and sellers derive improved loyalty and, inevitably, more repeat business from established customers. A scant 4% of 377 survey respondents felt they had achieved the full potential of business from existing customers. In businesses where product delivered has become a commodity or a fragmented market makes differentiation difficult, personalized customer service can become an effective means of creating that differentiation. Intimate knowledge of the customer is essential to providing personalized service regardless of company size.
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In the context of a complete customer view playing a key role in providing better service and higher sales, the connection with Sales Force Automation (SFA) and CRM for service or support is apparent. However, there is a connection to the marketing side of the house as well.
There is also value in looking at customers or groups of customers in the aggregate. For instance, marketing campaigns can be better targeted to reflect actual customer preferences; coupling this with the singular view of the individual customer allows these campaigns to be personalized to individual customers or customer groups. So each of the three of these solutions plays a role in translating the view CRM provides into better service and higher sales. Figure 5 illustrates that those better equipped to satisfy and retain customers and gain client share (NCV) are also better equipped with these CRM solutions. Not only are the top performers more likely to adopt these solutions, but they are also most likely to provide mobile access to CRM and SFA solutions.
How Demand Metric Can Help
If you are researching enterprise applications in an effort to gain more accurate customer insight, check out the following templates:
Business Case for CRM Template
CRM Program Maturity Assessment
Marketing Automation Maturity Assessment
Marketing Automation Business Case Template
Customer Centric Strategy Checklist
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