According to Econsultancy, a key trend to look out for in financial services marketing in 2016 is what’s referred to as a Single Customer View. 20% of financial brands are already utilising this method of handling big data. Experian define a Single Customer View as “an aggregated, consistent and holistic representation of the data known by an organisation about its customers”. But why is this the hot topic of big data analysis in 2016? Here are our top 5 benefits of using a Single Customer View to analyse big data.
1. Customer profiles constantly update in real time
Digital marketing magazine note how important it is to keep customer records updated. Even so, “approximately 1 in 10 customer records you store will become out of date every 3 months”. By using a Single Customer View, the customer’s profile is constantly updating, growing with every interaction between brand and customer. In 2016, these constant updates are more important than ever with the ever increasing need to refresh your data, building an accurate in-depth picture of your customer and their needs.
2. Guided marketing to improve customer journeys
The insight into customer’s behaviour and preferences which a Single Customer View provides, helps companies get to know their customer base better, helping to focus marketing efforts directly towards customer needs. “86% of marketers agree that consumers expect them to know where they are, what they are doing and to provide a more relevant experience” (Econsultancy). This enables companies to supply relevant and useful experiences to clients improving their customer journey.
3. Predict future demand
A Single Customer View enables companies to collate customer’s past behaviour, past purchases, history and interaction preferences. This data can then be modelled to predict future demand and marketing materials can be tailored to meet that challenge. “Consumers are often in a specific state of mind while interacting with your brand.” MyCustomer magazine regard the Single Customer View approach to big data as the way to tap into this fountain of knowledge using highly relevant communication to capitalise on predicted actions of individuals.
4. Strength in segmentation
Lifestyle segmentation can be applied to your Single Customer View records, to build deeper and broader insights into the customer’s lifestyle, behaviours and preferences. This is especially enticing to marketers targeting key demographics segments. Experian state that “47% of financial services marketers use demographic data from a third party to enrich their own data”. With a Single Customer View companies can create their own segmented demographic data using their own customer base thereby cutting out the middleman.
5. Culminating in Cross Channel Engagement
Having built this deep personal knowledge of the customer, we can meet them at the most appropriate time, in the most appropriate place, be that on our website or through social media. Cross channel communication is what customers are coming to expect in the financial services. The Aberdeen Group note that “Companies with extremely strong cross channel customer engagement retain on average 89% of their customers, compared to 33% for companies with weak cross channel customer engagement”. Financial companies know the lifetime value of consumers and how that keeps the wolf from their door during the winter months.
We hope you enjoyed our top 5 benefits of the Single Customer View. For more insight into how to get from a Single Customer View to combined Cross Channel communication please click below to request a Demo and see how Knexus can strengthen your customer engagement.
Knexus delivers optimum, personalized content experiences using a powerful content matching engine that searches a brand's relevant content (across multiple systems) to match with user data (eg. CRM, transaction history, social behaviour). Delivery is fully automated or manual depending on your preference.