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Customer 360

This document provides an overview of customer 360 and digital transformation. It discusses how digital transformation is forcing companies to change their business models and adapt to new customer expectations. Maintaining a customer 360 view by integrating customer data from all departments and channels allows companies to provide personalized, seamless experiences and gain valuable customer insights. This approach benefits companies through highly engaged customers who are more loyal and purchase more frequently. However, many companies have not started their digital transformation or are worried it may be too late for them. Maintaining a customer 360 view presents challenges of operational inefficiency, a lack of customer insights, and excessive costs if not implemented properly.

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NIKHIL DEVAGUPTAPU
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82 views5 pages

Customer 360

This document provides an overview of customer 360 and digital transformation. It discusses how digital transformation is forcing companies to change their business models and adapt to new customer expectations. Maintaining a customer 360 view by integrating customer data from all departments and channels allows companies to provide personalized, seamless experiences and gain valuable customer insights. This approach benefits companies through highly engaged customers who are more loyal and purchase more frequently. However, many companies have not started their digital transformation or are worried it may be too late for them. Maintaining a customer 360 view presents challenges of operational inefficiency, a lack of customer insights, and excessive costs if not implemented properly.

Uploaded by

NIKHIL DEVAGUPTAPU
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Customer 360

An overview
Digital Transformation
Digital transformation is forcing companies to change their business models and adapt to the
new market reality. 56% of consumers have higher expectations for
customer service than a year ago.
CHANGE driven by customer. Customer Journey Strategy
— 2018 State of Global Customer Service, Microsoft
Contextual, relevent content
anytime, anywhere, any format
on device of their choosing

34% of companies believing they’ll fully adopt digital transformation within 12 months or less.
-research from IDC 2019 ( 2/3 of the CEO's of Global 2000 Companies)
47% of companies haven’t started their digital transformation yet – while 59% are worried that it might
already be too late for them. 55% of businesses believe they have less than a year before they
start to suffer financially and lose market share. -State of Digital Business Report 2019

Benefits in highly engaged customers.


• Six times more likely to try a new product or service from their preferred brand
• Four times more likely to have referred your brand to their friends, family and connections
26% increase in
• Two times more likely to make a purchase with their preferred brand
profitability
• Buy 90% more frequently, spend 60% more per purchase, and have 3x the annual value
-A study from MIT
The New, Digitally Conscious Customer
Data Gathering
• Marketing- website, email, tradeshows etc
Digital technology has transformed consumer habits. • Accounting- billing, receiving, credit reports etc
Mobile devices, apps, machine learning, automation and much more allow customers
• Shipping records to get what they want
almost exactly at the moment they need it. • Sales- CRM, ERP, contact lists etc
• Customer Support- service requests, after sales su
etc
60%-80% of customers who describe themselves satisfied
• Integrated communication and analytics
do not go back to do more business with the company that
creates multiple streams of information, Understand, quantify and
review communication. satisfied them. - Bain & Company 2018
• Meet customers where they are New customer aquisition is 5%- 25% more expensive.
customers are managed as single entities across,prevents the
loss of information, increases the quality of customer service, and -HBR
gives customers quality rewards
• Obtain data from every transaction
Managing every channel for each customer
• Target specific audiance
marketing and retail experiences is free to focus on select target
markets
• Integrate business Pain Points
communication enables integrated customer service, sales, • Operational inefficiency to scale Customer Experience, time-
merchandising, inventory, and enterprise resource planning consuming, Difficulty in data sharing and compiling, eccesive
• Channel communication management costs.
what information customers want from your business in each • Lack of insights due to disparate view of customers, and
channel inability to find higher priority issues.
• Experience and service focused shopping
Benefits
• Personalized Engagement : be sure to have the most recent and accurate information about each
customer available at every touchpoint.
• Seamless Experiences : customer will have a consistent experience regardless of where interaction
happens. For example: customer service need not reconfirm purchase details.
• Customer Insights and Segmentation : By gathering all customer information you will be able to build
more accurate customer behavior models.
• Predictive Analytics and Mapping : Improve forecasts by gathered information from across data silos
to a a Master Record for predicting what a customer might do next. For Example: Map the home and
shopping locations for customers to invite customers to special events or special offers.
THANK YOU

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