The consumer’s journey is no more a straight and narrow road. Irrespective of the kind of purchase, today consumers have “n” number of choices in terms of when, where and how to purchase. Omnichannel marketing is the only way through which businesses can successfully ensure that they catch the right consumers at the right time.
But, Omnichannel marketing ecosystem is too complex, a consumer who learns about a product through a display banner, can use a search engine to study more about it, further he/she can find a retail location using a mobile application, can arrive at a physical store to compare prices and then may finally make a purchase through their laptop. This complex consumer journey imposes a huge challenge for the marketers, i.e. to put together all the pieces of the consumer’s journey and experience at the individual consumer level. This is exactly where Single Customer View (SCV) becomes an indispensable need for the marketers, as it helps in giving the marketers a holistic picture of their consumer’s buying journey which further helps them in increasing the overall effectiveness of marketing strategies in an omnichannel ecosystem.
SCV is the backbone for an extensive range of tailored communications, executed via mobile app, website, email, social, SMS, onsite and other platforms. But how marketers can manage data better for a Single Customer View? The answer is – through a Data Management Platform (DMP).
Today, consumers are driving their own buying decisions, they are making decisions which are more informed and less linear. Consumers today engage with a brand in multiple ways either through a physical store, online store, social, mobile app and many more. And, with the rapid growth in touchpoints at which a brand engages with the consumers, it is furthermore important that each piece of information across these channels is consistent and personalized.
So, what do the marketers do now? Well, they need to provide their consumers, a seamless experience, irrespective of the channel or platform. Seamless experience means each part of the consumer’s experience needs to be consistent and complementary.
Why Should Marketers Go Omnichannel?
According to a recent study, 90 % of the Omnichannel shoppers expect their involvement with a brand to be consistent across all channels and devices. With the inflow of information that the consumer is exposed to via different channels and mediums, an omnichannel approach can bring in several benefits for businesses:
- Improved Customer Understandings – Collect a large amount of customer data and learn more about them. Insights gained through this data can help the marketers identify behavioral patterns and answer questions on purchase behavior of their audience.
- Enhanced Reputation & Credibility – Today, consumers want options to connect with the brands in their own way. So, when a brand is present across all online and offline channels it increases its exposure which enhances the overall brand reputation and credibility.
- Increased Revenues – It has been reported that brands with successful omnichannel strategies found that consumers who communicate with their brand on multiple touchpoints spend 3 times more than their single-channel counterparts. Marketers cannot miss out on this additional revenue streams, isn’t it? Also, according to sources, more than 2/3rd of shoppers can be considered omnichannel today. This number represents a significant audience size which the marketers leverage on.
Challenges Coming In The Way Of Going Omnichannel
Since the consumer’s journey is so complex today, it takes a lot of effort to achieve both; reaching customers with relevant messages and optimizing spend across different channels (offline and online). Well, the reason is simple, Omnichannel, in reality, suffers largely due to lack of consistent data across different touchpoints. It is totally impossible to understand the consumers, determine which marketing activities are effective or optimize it for best results without the holistic view of the customer activities.
Single Customer View (SCV)- The Need Of The Hour
SCV is a combined, consistent and holistic picture of the information known by a brand about its customers that can be viewed at one place. This unified view helps the brand personalize its future communications by analyzing the customer’s past behavior and interactions.
Benefits Of Single Customer View
- SCV helps to keep customer records unified and up-to-date. Updating record is crucial to building accurate and in-depth picture of the consumers and their needs.
- It provides a deep understanding of customer’s behavior and preferences which helps the companies to know their customer base better.
- It helps in predicting consumer behavior. Effective marketing relies a lot on knowing your consumers well and its get even better with SCV.
- It ensures you pick the right customers for targeting, this ensures that marketing spend is projected towards those consumers who are most likely to convert, this helps the marketers save big bucks and increases their chances for conversions.
- SCV gives a picture of how often a brand is communicating with the consumers, this helps the marketers set up rules to ensure that they are not bombarding them with too much information.
Enter Data Management Platform
Single Customer View is the gateway to Omnichannel Marketing and creating an SCV for every consumer can happen only if all data and information about them are integrated and stored into one single platform.
Omnichannel means loads of data, which means a huge challenge in arriving at a Single Customer View. A Data Management Platform helps largely in solving this challenge, by aggregating, analyzing and mapping enormous amounts of data generated by several channels and platforms:
- Internal data (first party) – Social Data, Purchase history, subscription data, inventory, Visitor Behaviour and customer profiles.
- Second Party – Data shared by business partners.
- External data (third party) – Geographic, Demographic and behavioral data of the prospects.
- Other data – Weather or Currency exchange changes.
In essence, a DMP allows creating highly advanced Single Customer View for both the existing customers and prospects. It also makes all the data available, actionable, and relevant in real-time in an automated procedure. DMPs totally break down the silos that cripple a marketer’s ability to effectively capitalize on data visions, something which happened a lot of time when marketers tried to create a Single Customer View.
Putting Together All Parts
With a numerous number of screens and devices in the hands of consumers, your brand has more data than ever before. Remember to plan, execute, and evaluate it well, as this is what would drive the effectiveness of your marketing campaigns. Begin by creating a Single View of Your Customers. Let Cuberoot help.