The 360-degree view of
the consumer is a well-explored concept, but it is not adequate in the digital
age. Every firm, whether it is Google or Amazon, is deploying tools to
understand customers in a bid to serve them better. A 360-degree view demanded
that a company consults its internal data to segment customers and create
marketing strategies. It has become imperative for companies to look outside
their channels, to platforms like social media and reviews to gain insight into
the motivations of their customers. The 720-degree view of the customer is
further discussed below.
What is the
720-degree view of the customer?
A 720-degree view of the customer refers to a three-dimensional understanding of customers, based on deep analytics. It includes information on every customer’s level of influence, buying behavior, needs, and patterns. A 720-degree view will enable retailers to offer relevant products and experiences and to predict future behavior. If done right, this concept should assist retailers leverage on emerging technologies, mobile commerce, social media, cloud-based services, and analytics to sustain lifelong customer relationships
What Does a
720-Degree View of the Customer Entail?
Every business desires to cut costs, gain an edge over its competitors, and grow its customer base. So how exactly will a 720-degree view of the customer help a firm advance its cause?
Social media channels help retailers interact
more effectively and deeply with their customers. It offers reliable insights
into what customers would appreciate in products, services, and marketing
campaigns. Retailers can not only evaluate feedback, but they can also deliver
real-time customer service. A business that integrates its services with social
media will be able to assess customer behavior through tools like dislikes and
likes. Some platforms also enable customers to buy products directly.
Customer analytics will construct more detailed customer profiles by
integrating different data sources like demographics, transactional data, and
location. When this internal data is added to information from external
channels like social media, the result is a comprehensive view of the customer’s
needs and wants. A firm will subsequently implement more-informed decisions on
inventory, supply chain management, pricing, marketing, customer segmentation,
and marketing. Analytics further come in handy when monitoring transactions,
personalized services, waiting times, website performance.
The modern customer demands convenience and
device compatibility. Mobile commerce also accounts for a significant amount of
retail sales, and retailers can explore multi-channel shopping experiences. By
leveraging a 720-degree view of every customer, firms can provide consumers
with the personalized experiences and flexibility they want. Marketing
campaigns will also be very targeted as they will be based on the transactional
behaviors of customers. Mobile commerce can take the form of mobile
applications for secure payment systems, targeted messaging, and push
notifications to inform consumers of special offers. The goal should be to
provide differentiated shopper analytics.
Cloud-based solutions provide real-time data across multiple channels, which illustrates an enhanced of customer. Real-time analytics influence decision-making in retail and they also harmonize the physical and retail digital environments. The management will be empowered to detect sales trends as transactions take place.
The Importance of
the 720-Degree Customer View
Traditional marketers were all about marketing
to groups of similar individuals, which is often termed as segmentation. This technique
is, however, giving way to the more effective concept of personalized
marketing. Marketing is currently channeled through a host of platforms,
including social media, affiliate marketing, pay-per-click, and mobile. The
modern marketer has to integrate the information from all these sources and
match them to a real name and address. Companies can no longer depend on a
fragmented view of the customer, as there has to be an emphasis on
personalization. A 720-degree customer view can offer benefits like:
Firms can improve customer acquisition by
depending on the segment differences revealed from a new database of customer
intelligence. Consumer analytics will expose any opportunities to be taken
advantage of while external data sources will reveal competitor tactics. There
are always segment opportunities in any market, which are best revealed by
real-time consumer data.
Marketers who rely on enhanced digital data can
contribute to cost management in a firm. It takes less investment to serve
loyal and satisfied consumers because a firm is directing addressing their
needs. Technology can be used to set customized pricing goals and to segment
New Products and
Real-time data, in addition to third-party information, have a crucial impact on pricing. Only firms with a robust and relevant competitor and customer analytics and data can take advantage of this importance. Marketers with a 720-degree view of the consumer across many channels will be able to utilize opportunities for new products and personalized pricing to support business growth
The first 360 degrees include an enterprise-wide
and timely view of all consumer interactions with the firm. The other 360
degrees consists of the customer’s relevant online interactions, which
supplements the internal data a company holds. The modern customer is making
their buying decisions online, and it is where purchasing decisions are
influenced. Can you predict a surge in demand before your competitors? A
720-degree view will help you anticipate trends while monitoring the current
View and Big Data
Firms are always trying to make decision-making as accurate as possible, and this is being made more accessible by Big Data and analytics. To deliver customer-centric experiences, businesses require a 720-degree view of every customer collected with the help of in-depth analysis.
Big Data analytical capabilities enable monitoring
of after-sales service-associated processes and the effective management of
technology for customer satisfaction. A firm invested in being in front of the
curve should maintain relevant databases of external and internal data with
global smart meters. Designing specific products to various segments is made
easier with the use of Big Data analytics. The analytics will also improve
asset utilization and fault prediction. Big Data helps a company maintain a
clearly-defined roadmap for growth
It is the dream of every enterprise to tap into
customer behavior and create a rich profile for each customer. The importance
of personalized customer experiences cannot be understated in the digital era.
The objective remains to develop products that can be advertised and delivered
to customers who want them, via their preferred platforms, and at a lower