In business, your company needs to get as deep into the minds and interaction habits of your customers as possible. Too often, however, the single view of the customer is viewed as unattainable, a marketing smokescreen that can obscure business strategy and confuse communication efforts. The question that must be asked, is whether the single view approach is correct, and, if so, how can this be attained?
“A ‘single customer view’ is a readily accessible, consistent summary of a customer’s product relationships with an organisation, combined with essential customer data such as name, address, date of birth and credit information.” – Experian
The original concept of the single customer view was geared towards facilitating transactions in the financial services sector. In order to undertake transactions such as payments within a certain time frame so as to be compliant across industry, financial services companies needed to be able to provide the same data on each customer such as identification details, transaction histories, etc. Without the means of compiling this data, companies were left scrambling in order to remain compliant.
On average, 40% of businesses still store over 80% of their customers’ data spread across different systems in their organisations, representing the challenge faced – in other words, many partial faces are available, while one view is evasive. This can come down to the ways in which customers interact with your company.
Data created by customers comes from interactions across any number of channels your company may have – email, voice calls to the contact centre, social media, chats, website activity and more. Your customer may have multiple credit cards and other account details, and may use channels interchangeably, shifting from online chat to voice calls.