How valuable would it be to know everything about your customer’s interactions with your competition? Creating a 360-degree customer view is considered the holy grail of customer intelligence, and you can create it, today
Would you like to know how much they’re spending, when they’re spending, why they’re buying with the competition and not you, what drives their purchase behavior and what steps you can take to capture a greater share of wallet.
This consumer intelligence is fundamentally obtained and analyzed through the creation of a 360-degree customer profile platform, which your organization can create without a lot of effort and without hiring expensive consultants or data scientists.
For many organizations, creating a 360-degree platform which they can feed data into can represent the largest challenge. How do we collect the data? Where will it come from? How do we store it, keep it structured and keep it up to date? Who will own and maintain the data set internally? What privacy protections do we need to put in place, and how will our new market intelligence affect existing business?
While I won’t go into in-depth detail on all of these questions, it is important to note that having a full 360-degree view of your customers is becoming the new norm.
For many organizations, the biggest risk is being late to the party. Not having up to date, real-time information on your customers’ engagement, spending and transactions with the competition means your organization is at a significant disadvantage. How do you know what your share of wallet is if you don’t know how much they’re spending with the competition? In essence, the opportunity cost of not taking action to create a platform is the biggest expense.
Creating the 360-degree view platform
In an early article, titled ‘How to Commercialize your Frequent Flyer Program Data,’ I spoke about how the NSA doesn’t yet run a commercial division where it sells personal user data, and you’ll need to create your own. Engineering a platform to work for your economic goals is key.