In a world of overwhelming business information, it is crucial for sales representatives to have a clear overview. Lack of insight can lead to customer misunderstanding and duplicate work for sales. Building a connection and adding value is as important as identifying opportunities. A 360-degree customer view, based on an understanding of the industry and specific customer situations, makes sales processes more efficient. This enables sales to position solutions in a relevant way, with a personalized offering that goes beyond standard pitches. Additionally, various departments within the organization, including marketing, finance, and customer service, benefit from a complete customer view for targeted initiatives, risk management, and improved customer service.
The ingredients to achieve a 360-degree customer view
Your own data
You likely have a lot of customer data within the company. This data is probably in your CRM system and/or your ERP system. Clearly map out which data is located where and consider that different departments may use different platforms to store this data. These are called data silos. Ideally, you want to break these silos and integrate everything.
Interesting read: How to create an effective Master Data Management strategy for your CRM
External data
While your internal data already contains a lot of information, external data can complement this. Think of buying signals you can add, such as mergers, acquisitions, product launches, and more. You can also add comprehensive business information to your system, such as company structures and credit ratings. All this information is useful if you want a complete picture of a customer to provide a more personalized pitch during the sales conversation.
Predictive data
No, we're not talking about a crystal ball that you look through to predict what a customer will do, but we're talking about predictive analytics. Predictive data uses historical data, trends, and AI to make predictions. This allows you to predict whether a cross- or upsell can succeed, whether a customer is leaving, and understand how the market will develop. You can use this to make well-timed offers to customers and proactively assist them with developments that impact their business.
Listing the benefits
By identifying parent and subsidiary companies and monitoring sales triggers, you can quickly recognize cross- and upsell opportunities. This not only provides economies of scale for the entire client's enterprise but also strengthens your reliability as a partner. Building sustainable customer relationships, supported by well-timed communication, leads to higher customer loyalty. A 360-degree customer view saves time and costs through more targeted marketing and sales campaigns, preventing waste on unsuitable target groups. This results not only in a better customer experience but also in less churn, as customers can rely on a proactive and well-informed collaborative partner.
The term master data management has not been mentioned once, and yet you've just seen various applications of master data management. After all, building a 360-degree customer profile involves collecting various pieces of data from different departments and sources. This results in a satisfied customer, confident sales, and provides many growth opportunities. Want to read more about master data management? You can do so here.
Haven't finished reading about a 360-degree customer view after this article? Download the comprehensive whitepaper.
