Customer 360 and how it benefits your business

Today’s companies function online in one way or another and because of that, there is an ever increasing need for more organised and efficient yet safe data management programs.

One of these is customer 360.

Customer 360 is the clever concept that your business will have the advantage of a unified view of allow your customers data in one place.

Those familiar with master data management will know that customer 360 is in fact a much more narrow concept. It has however gained in popularity with IT professionals, businesses and many mainstream publications.

Why is customer 360 so popular?

But why is it so popular if it doesn’t seem to be as wide a coverage as Master Data Management?

Well, it’s quite simple if you look at it.

Businesses and organisations are retaining an increasingly high amount of data daily from their customers and as this data moves along the system it is often fragmented, duplicate, lost , incomplete, inconsistent and even out of date when arriving at the end user.

Due to this many companies simply can not answer the basic customer related questions about their target audience.

Questions like :

  • Who are my customers ?
  • Which customers are the most profitable?
  • Which existing customers could I up sell or cross sell to?
  • Which marketing efforts are working to increase sales?
  • How can the business improve it’s customer service?

All of these being vital questions to improve business performance and increase sales.

How does a company answer these questions ?

To answer these questions, companies are constantly looking towards customer 360 more and more.

Customer 360 can help to comprehensively identify their customer and identify inefficiency within the organisation there by reducing business costs, increasing revenue and at the same time providing a better customer service and experience.

Naturally there are a few challenges when implementing a customer 360 hub into your business and the main one is the inconsistencies and fragmented data from a Master Data Management system as it often does not follow the same format.

This makes keeping your customer data complete quite difficult and although it can often be restored through automation or human data capturing, there are many times where the data may actually not correlate.

But once implemented, your customer data will be handled with much more efficiency.

We’ve discussed the many benefits of installing a customer 360 for your business, and when contemplating choosing customer 360 for your business you should take the following into consideration as well:

  • Customer 360 allows you to correctly understand the demand for your products or services
  • Customer 360 allows you to understand the demand for supplies you need
  • Customer 360 allows you to do accurate sentiment analysis
  • Customer 360 allows you to know exactly what your customers are saying about you through your sentiment analysis

In conclusion your business, and for that matter any business is always looking to reduce costs and improve profits. To go this your data needs to be efficient. Your marketing needs to be on point and you need to understand your customer and their needs to continue to supply these. The more efficient your business and the more positive your customer engagement with your business the happier your customer is and the higher your sales will increase as your customer come back to purchase again.

Looking at the benefits of customer 360 and how these achieve the ultimate goal of delivering your customer that experience Whilst giving you the details you need,the only question left is why aren’t you using customer 360?

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