The single customer view - a must-have for the modern business?
As organisations engage with their audiences via multiple channels, they are extremely likely to have multiple data sets relating to one customer. As you might expect, in some cases this glut of data can hinder the effectiveness of marketing communications and subsequent purchases – how does a business know which customer data sets are valid and to be trusted?
The answer lies in the single customer view (SCV) aka the golden record and effective master data management (MDM). The SCV is a consolidation of multiple customer data sets into one trustworthy record, in essence generating an accurate profile for each customer. This helps ensure effective marketing communications and cultivates a far greater understanding of the customer – which allow for improved performance and increased sales.
Imagine a regular customer, they’re likely to have multiple interactions with a brand over a period of time. During these interactions, they are able to provide personal information, behavioural data and technological analytics and over time, these will change and evolve. These multiple data sets result in various records for the same person but… which is trustworthy? How can an organisation ensure the customer data they have is the most accurate, useable and up to date?
Similarly, in an age where data are so valuable and can drastically enhance the customer experience, if any data is erroneous – the customer experience is weakened which can be as simple as showing an irrelevant product advert.
Retail is a prime example of an industry that benefits from the single customer view. A significant number of retailers operate with an omnichannel structure and are making a strategic business decision to become more data driven. Take UK clothing retailer ASOS for example. Although it’s a highly successful business with a large following, it would describe itself as a technology company first and foremost and not a clothing retailer.
Ask an organisation if it would like to become more data-driven and the answer is likely to be a resounding yes. Knowing where to start can be the initial stumbling block…
How to become data-driven…
In our experience, the most challenging aspect of any data-driven transformation is the initial buy-in.
Educating and convincing senior figures in the business to get behind the idea and to invest can often be the difference between success and a dream. If you’re a retailer looking to develop a single customer view, implement a product information management (PIM) system, become more data literate, explore a smart supply chain or anything else - our advice is to smart small, ideally with a conversation or a series of.
VIQTOR DAVIS has a rich heritage in helping organisations with their digital transformations and data strategies - if you’d like to discuss your requirements we’re here to help, so drop us a line.