Why a Unified View of the Customer is Essential in Retail

Customers shape every business. That is why they deserve to be valued and understood. As a business owner in the retail industry, you should focus on the customers and have an accurate repository of all information related to them, starting with their name, their transaction history, preferences, and other relevant details. To enable this, a business can create a unified view of each customer which will provide a single and holistic accounting of that individual as opposed to a mixed, redundant, and mismanaged abstract of details.

Smart organizations invest in smart customer experience strategy as their customer relationship management is what is going to drive their business to further heights of success. Start using a combination of this kind of management system, email automation, an e-commerce platform, data management platforms, and other helpdesk tools to collect and store each and every piece of customer data. This allows a business to get valuable information about any customer at any given time across your marketing tech stack.

When the data is available on various different system silos, it becomes extremely challenging to access it in a meaningful way. It can take up a lot of time and effort as well. As a result of this disconnected data, you are left with incomplete and incorrect customer profiles, which could have a significant impact on your sales and revenues.This basically prevents you from getting a unified view of all your clients and patrons. If you successfully manage to unify your data, it becomes easier for your marketing teams to engage with your customers and amp up the sales of your business.

Why is a unified customer view necessary today?

A unified customer view will make sure that all your retailers are engaging with an accurate and updated understanding of their target audience. This enables them to assess the historical behavior of the customer, leading to improved, personalized and more goal-oriented customer interactions. This can have a tremendous positive impact on the success of your marketing campaigns, especially in the customized messages or personalized content areas of client communication. An incomplete customer profile will have inaccurate information with which you can never create a unique and tailored message for each member of your target audience.

 For example, in the present pandemic scenario, it is better to avoid sending a message in favor of in-store shopping or in-store incentives. Instead, you should adopt a more nuanced approach in addressing the matter with respect to the specific geographic location of your customers. Depending on the geographic hotspots of the pandemic, you have to alter your messages, tone, and offers to reflect on your endeavor to combat the spread of COVID-19. 

As a business owner, you should consider the fact that your target market is constantly adapting to a new set of conditions daily. Your product mix and the messages that you send out should also be adjusted accordingly and even rapidly if needed. Now, how do you speed up the process? This is where the unified view comes into play. It becomes a single source of truth for you based on which you can access and analyze the changing requirements and behaviors of your customers. Using this approach, you should be able to come up with a customer experience that is relevant to the current socio-economic scenario. This will also positively impact the goodwill towards your brand and you will be able to gain the trust of your target audience.

Create a unified view of your customers

1. Collate and integrate customer information across all the internal databases you have
2. Gather information about your customer activities across all your existing channels
3. Interact with customers through all relevant touchpoints with the help of the data you have collated and integrated so far.

Ways in which a unified view of the customer can help you

Greater customer behavior insights and lifetime value

You will be able to better understand the lifetime value of your customer. With the help of an acquisition source, you will be able to understand the acquisition spend and optimize outcomes if you invest in an unified view of the customer. You will be able to test customer engagement patterns in order to induce better upsell or cross-sell opportunities, and, furthermore, recognize customers who are at the risk of a lapse and be able to re-engage with them before they are completely lost.

Better segmentation and customer analysis

A unified view of the customer provides a great opportunity for you to assess the purchasing behavior of customers and identify a few inflection points where you can alter the trajectory of this purchase journey, leading to a more streamlined customer experience. This is of the utmost importance in the present day, where buyers are a little more conscious regarding any sort of insensitive offers and messages.

Improved outcome owing to the present technical assets you own

The marketing teams might experience some operational limitations while leveraging customer information to its maximum potential. The IT people might be very busy successfully implementing data warehousing and other technical solutions. Having a customer data platform can offer the best of both worlds. Your brand can sustain proper control over customer data, and the marketing team will be able to get easy access to this information that is required for making on-the-fly campaign calls. At the same time, the IT department will be able to concentrate on what it needs to do.

Boost your customer experience with a singular source of truth

Every step one takes towards the unification of data contributes to an increase in revenues based on improved customer insights across your business (source here?). Even when the world changes, you must understand that a unified view of the customer will still enable you to maintain a realistic view of your customers, based on the changing circumstances in real-time, and it will also offer a useful and timely shopping experience to them.

We live in a modern age where data is your most valuable asset. And the unified view of your customers is what you can use to drive your marketing campaigns to the next level. If you want to lear more about this topic or work with this kind of customer data platform, then you must contact us today.

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