The concept that provides a comprehensive analysis and individual approach to customers is called the 360 ​​° Customer View.

When you are in the position of the consumer, you are certainly cluttered with all kinds of different offers through as many communication channels you use. No matter which category of products or services you desire, the range of possible options is more than abundant. Often there are no particular differences between the offers so decision you need to take can be based merely on a well-designed presentation.

When you are in the position of the companies trying to sell products or services this sea of ​​various offers makes your fight for new or retention of existing customers very difficult.

As a company which has a wide range of products and services to offer, your main task is to acquire and retain clients. In order to reach them in today’s competition it’s more than necessary to access them in a way they can relate to. To do this effectively, you need a good tool – the one that should enable you to collect different customers’ information and then to process them so as to provide a good basis for creating personalized campaigns.

The concept that provides a comprehensive analysis and individual approach to customers is called the 360 ​​° Customer View.

In addition to CRM software packages, which represent the basic tool for managing customer relationships, companies that are implementing the 360 ​​° Customer View concept are increasingly using social network monitoring tools and predictive analytics tools. It is necessary to integrate these tools to make the data accurate, current and avoid excessive duplication.

Information exchanged over the Internet, and above all through social networks, allows one to get a very detailed insight into clients’ behavior. With the help of predictive analytics, personalized marketing strategies and campaigns can be defined to suit the specificities of potential and existing customers.

Predictive analytics and learning processes (machine learning) allow you to create the next best offer and the next best action. By using complex mathematical and statistical methods for all events and user interactions, the probability of outcomes of future activities can be calculated. The system detects the pattern and gives a recommendation on how to form a relationship with a specific client or clients’ segment. When particular buyer positively responds to an offer, that same offer can be quickly and easily advertized on other similar clients. With every acceptance or rejection, the system learns and then updates and adjusts the algorithm.

Client segmentation is essentially the best practice in managing customer relationships. The 360 ​​° Customer View concept starts from assigning clients to a distinct segment and then it is allocating appropriate resources depending on how much the customer and the segment contributes to the profitability of the company. Business processes within the company can thus be arranged so that, for example, clients with low profitability, or even with negative profitability, are redirected to self-service. This approach gives an alternative and enables company to keep these clients by reducing the cost of providing services as opposed to just dropping them.

The 360 ​​° Customer View concept is actually a comprehensive user profile record which includes collection of several sets (segments) of customer’s data gathered to understand what’s important for each client. The first, common set of data which is usually used for defining marketing campaigns, are demographic data. Today, this is no longer enough.

Companies are aware their core systems and social networks offer much more data that can enrich user profiles. The data on financial transactions, sales, frequency of purchases and costs are the next set to be included in the analysis. After these, data about complaints collected from the databases of the call centers can be added. This way, communication with each client can be profiled in details.

In addition to transactional data, there are additional interesting data about the client which can anticipate to the large extent his/hers future activities and interests. Data on education, occupation, number of household members and total income can expand the field for campaigns on family members or members of groups he/she belongs to, thus opening up the possibility for defining more precise campaigns towards clients.

The data collected from the Internet tells more about what he/she likes, wants and is interested in. There is no doubt that these data can show more about clients from financial and other historical data. In addition to being the most useful they are also the most challenging for usage because behavioral trends change rapidly. They need to be constantly monitored so that campaigns and sales activities are well-adapted and current. Such updated profile records improve the customers’ segmentation and contribute to strengthen loyalty.

When a combination of demographic, transaction, client specific and social data is included in the client segmentation, companies can significantly improve their business through improving relationships with the most valuable customers. They also get flexibility in aligning messages, products and services with clients’ interests. They better understand the expectations and preferences of clients.

The impression is that this “Big Brother”, who sees everything, is not that bad at all. Wouldn’t you agree? All information it founded about your passions – shopping, will help you make the decision every time you sweep your card because you will buy exactly what suits your character.