At some point in the lifespan of any company you need to be asking yourself…
A big part of succeeding in business is figuring out what your customers want and then offering it to them in a way that both meets their needs and helps your company grow. The more you know about your customers, the easier this becomes. That’s why having a 360-degree view of your customers is so crucial for today’s businesses. Today we will answer some questions you may have, including:
In the physical world, 360 degrees refers to a full circle, and having a 360-degree view means you can see everything around you from all angles with no blind spots.
In the world of business, having a 360-degree view of your customers means you understand every aspect of their relationship with your company and have a complete picture of who they are. You can use today’s big data technologies to gain this comprehensive customer view more quickly and easily than you ever could have before. Understanding your customers in this way enables you to provide them with experiences tailored to their preferences and to better predict their behaviors.
A 360-degree data model contains a substantial amount of data about each customer, as your goal is to create as complete a view as possible. It includes information about their past interactions with your company, information about who they are, and predictions about what their behavior as it relates to your organization might look like in the future. You can break down the types of 360-degree customer view data into information about the past, present, and future.
An essential part of the model is the history of all of the interactions each customer has had with your company. This includes event-level data such as information about:
You should include details about all of these interactions in your records, including things customers told you during the sales cycle or during customer service calls. This is only a sample of the kinds of past data you can include, and you may want to gather other types of data as well depending on your goals.
Data about the present includes information about each customer’s account and whether there is a current or recent order, ongoing technical support issues, or unresolved customer service complaints. It can also include information about where they are in the sales cycle and marketing funnel. This information provides context into the interactions your company will have with its customers.
You also need to keep track of information about each customer. For B2C customers, this might include demographic data and information about their preferences and interests. For B2B customers, it should include data about the business, who the contact is, and what their role is at their organization.
By analyzing past and present data about customers, companies can make predictions about what the future relationship with each customer might look like. You can, for instance, look at buying patterns and recently viewed items to predict future purchase behaviors. You can also group customers into segments based on the attributes they have in common and analyze how each segment interacts with your company. You can use these insights to predict how new customers or leads with similar characteristics might behave. Predicting future behavior is somewhat tricky compared to gathering past and present data, but modern analytics tools enable you to make more accurate predictions than ever before.
Creating a 360-degree model requires collecting a wide range of information and combining it into one system to form a comprehensive view of your customers. You can then use this information to inform your interactions with customers and drive improved results.
Having a 360-degree view of your customer allows you to understand your consumers better, which enables you to meet their needs more effectively. This leads to happier customers and, ultimately, business growth. Some of the benefits of a 360-degree customer view include:
By analyzing customer data, you can gain valuable insights about how your customers interact with your brand, what messaging will best resonate with them and what drives them to make purchases, visit your website or take other desired actions. You can use these insights to increase customer satisfaction and grow your brand.
The more data you have on your customers and the more complete your view of them is, the more precise these insights will be. This is why it’s useful to collect a wide variety of first-party data and combine it with second-party and third-party data from the Lotame Data Exchange. You can then analyze this information using Lotame Analytics or another business intelligence platform to derive valuable insights from it.
By gaining access to these valuable insights, you can create more unique, personalized customer experiences. The more you know about your audience, the more accurately you can tailor your messaging to their preferences.
Your customer insights could help to inform an ad campaign, for instance. Insights might reveal a significant portion of your customers are sports fans and engage more with ads when they’re in video format. This discovery would lead you to use sports-related videos in your ad campaign. You could even go a step further and send customers different ads based on their interests. You could, for example, send one group of customers ads featuring athletes, another group ads featuring athletes and yet another group ads featuring movie stars.
If you’re a publisher, you could use these insights to customize the content on your website to people’s interests in a similar fashion. You could even predict what a visitor might like by comparing their attributes to those of other customers.
If you take a 360-degree approach, your sales, customer service and technical support teams will all have access to the same information about each customer. This includes their basic demographic information, contact preferences, purchase history and more. Your team can use this information to adjust their interactions based on the customer, creating a more personalized experience.
When you tailor your interactions based on your customers’ preferences and offer them more personalized experiences, you’ll likely increase customer loyalty. Understanding your customers’ preferences enables you to meet their needs without them having to ask, and to interact with them in a way that inspires them to engage.
Personalization, which having a 360-degree view of your customer enables, is key to building customer loyalty. In addition to matching users’ preferences, personalization also helps create a feeling of connection with your brand. Even something as simple as using someone’s first name in an email could help.
This personalization is one aspect of improving customer experience, which has a strong influence on a customer’s lifetime value.
Having a comprehensive view of their customers also enables organizations to make better business decisions when planning for the future. Quality data should back up all major business decisions, and data about your customers is one of the most important kinds of data to have, as your customers sustain your business and enable it to grow.
A 360-degree view of your customers enables better predictive analytics. Predicting future customer behaviors gives you important information on which you can base both short-term and long-term business plans. The predictive analytics insights enabled by your customer data can help inform decisions about everything from where to run your next marketing campaign to where you should build your next warehouse.
A 360-degree model can also help you to reduce your marketing costs and boost the return on investment of your marketing campaigns. The more data you have on your audience, the more accurately you can target your campaigns. Without a 360-degree view, you may have to target a larger group of customers and some of your ads may reach audiences that won’t convert, which results in wasted ad dollars. With improved targeting, more of your audience will convert, leading to improved ROI on your marketing campaigns. These improved campaign insights can enable you to more cost-effectively convert leads, reach new audiences and up-sell and cross-sell customers.
So, how do you go about building a 360-degree view of your customers? The building blocks of this view are customer data, and you need several different types to create a complete picture of who your customers are. You also need to have the tools to manage all of this data effectively and use it in a way that brings value to your customers and your business. Here are four things you need to build a 360-degree customer view.
First-party data refers to data you collect yourself directly from your customers. This kind of data is highly relevant to your business since it’s about your actual customers and is inexpensive to gather since it comes straight from your users.
To get a 360-degree view of your customers, it’s important to gather first-party data from a variety of both online and offline sources, including websites, social media, ads, your customer relationship management system, email list subscription forms and more. The more data you gather, the more complete your picture will be. By collecting first-party data from a variety of sources, you’ll create a more complete picture of your customers.
You also need to organize this data and determine which information belongs to which customers. Lotame’s Audience Management platform allows you to unify, enrich and target first-party audiences across browsers, devices and platforms. This data will be the foundation of your 360-degree customer view.
Another critical part of a 360-degree model is second-party and third-party data. Second-party data is someone else’s first-party data, and you buy the data directly from the company that collected it from their customers. Third-party data is data you purchase from data aggregators who are not the original collectors of the data but instead pull it from a variety of sources.
You can use this second-party and third-party data to augment your first-party data and discover new insights about your audience. You can get this data from a variety of sources. You can purchase second-party data directly from other companies and buy second-party and third-party data from data marketplaces. Lotame Data Exchange is the world’s largest second- and third-party data marketplace and provides access to quality data.
Our second-party marketplace connects you to hundreds of premium sellers and gives you a clear view of the data’s sources and the criteria used to create each segment. With the Lotame second-party data marketplace, you have the tools you need to acquire high-quality data through completely transparent transactions.
Our third-party marketplace gives you access to thousands of audience segments, including our proprietary Pre-Packaged, Precision Demographic and Co-Branded Audiences. Our audience segments are also available in more than 55 advertising platforms. The marketplace features more than 5,000 pre-packaged segments, and we can also custom-build segments on request.
Additionally, we can create custom blends of first-, second- and third- party data to help you meet your business’ data needs.
To derive value from your data, you need to analyze it to gain insights you can use to improve your understanding of your audience and how you interact with them. You can analyze your first-party data to learn more about your current customers and then augment that with second-party and third-party data to get deeper insights. It’s also crucial that you keep your data organized and determine what data will help you reach your goals to prevent data overload.
When you start to dig through your first-party data, you’ll notice many of your customers have certain attributes in common. One useful way to organize your audience using this information is with market segmentation, which involves splitting your audience into groups based on shared characteristics. For example, you might create one segment for customers who live in the city, one for those living in a rural area and one for those living in the suburbs. You can then customize your campaigns for each of these groups.
Finding second-party and third-party data for customers with attributes similar to those of your current customers can help you to learn more about your audience and expand your reach. For example, if you know your customers are mostly middle-aged women living in the U.S., you could purchase data matching those demographics and analyze it to learn about what topics your audience might be interested in. If you know your audience is into sports, you could purchase an audience segment of sports enthusiasts to learn what their demographics are like.
Expand your audience through Lotame’s predictive modeling capabilities or robust and trusted 2nd- or 3rd-party data exchange, helping you gain better insights into your customers. Using Lotame’s Audience Builder, you can build audiences based on various attributes and test different strategies to see what works best. Lotame Audience Optimizer can help you find new audiences by using predictive and lookalike modeling to build audiences of new customers that are similar to your current customers. This tool can also automatically adjust your targets as your campaigns run to help them perform better.
Predictive analytics is a crucial part of creating a 360-degree view of your customers, as it helps you to predict future actions and to adjust your strategies accordingly. These insights can help you improve the success of your campaigns and drive more conversions.
As you analyze the information you gathered from across the customer journey and from various types of audience segments, you’ll start to see patterns in customer behaviors. By analyzing the attributes of your leads, you can determine which ones make someone most likely to convert. Then, in the future, you can focus your marketing efforts on these kinds of individuals.
You can also assess whether leads tend to show more dissatisfaction at any point in the buying journey, and if you notice a pattern, you can adjust your process to eliminate the issue. You might find that this problem only occurs with certain types of customers. In the future, you could automatically adjust your marketing or sales tactics when dealing with these kinds of leads.
You can conduct similar analyses for a variety of other situations. The more you learn about your customers’ behavior patterns, the better you can anticipate their actions and needs in the future to boost sales and customer satisfaction.
Our Analytics tools make it easy to gain the insights you need to better your business. Using our Audience Analytics and Campaign Analytics tools, you can learn more about how people interact with their content and how the attributes of your customers relate to how likely they will convert. These insights can help you to develop improved target audiences, enhance campaign performance and improve your content personalization.
To get a 360-degree view of your customers, you need to collect the right data, organize it, analyze it and then use it to inform your campaigns, content and business decisions. Lotame has the tools and the expertise to help you do this. Learn more about how Lotame’s interoperable, flexible solutions can help you achieve a 360-degree view of your customer, contact us or request a demo today.