At the end of 2017 we published our latest Marketing Data Report. In the report we interviewed 200 senior marketing decision makers. One of our objectives was to get their opinion on the types of data sources they were looking to adopt and the level of satisfaction with using data to inform marketing decisions.
Identifying your best customer and building relationships means utilising all insight available for each individual prospect
Our research indicated that data-driven marketers are increasingly looking to utilise a broader range of data sources, suggesting a focus on creating a 360° Single Customer View (SCV). This motivation to build a better quality data set is driven by a number of factors:
- Marketers are aware of the regulation changes that will come into effect with the General Data Protection Regulation (GDPR) and are realising that in the future consumer behaviour online is likely to become more sophisticated as consumers become more aware of privacy and the use of their data.
- 67% of marketers admitted to feeling under pressure to provide accurate real time data from stakeholders that can be used to inform and validate marketing decisions.
- 40% believe that analysing data to drive quality decisions is critical but only 20% are currently satisfied with their ability to do so.
Creating an Single Customer View
The concept of an SCV means having the right information and insight on your customer, available to use when and how you need it. Many organisations aspire to have good data processes but fall short of successfully creating a robust SCV. Typically their data holds duplicate records, across multiple systems, with no way of knowing which details are current and are unable to accurately segment customers and prospects and understand their true value.
The benefits a SCV will provide:
Mapping your customer’s trends in a single view is key to growing your customer base. In our experience of helping organisations create an SCV it will allow you to gain a true understanding of who your customers are so you can ensure you’re compliant. This will allow you to pinpoint your most profitable customers, reduce costs and give you the insight to avoid excessive contacting whilst creating an adverse risk strategy. Ultimately you’ll boost your commercial performance and increase marketing’s contribution to the business.
We think that an SCV should not be an aspiration but an essential part of your marketing strategy. Not only does it offer an opportunity to improve performance but it will also assist with your approach to GDPR. Accurate and up-to-date data will make you better placed to comply with GDPR principles of ‘Data Accuracy’ and ‘Purpose Limitation’. As such an SCV is a future proofing approach that is too powerful to ignore.
In our report, we’ll talk you through our research findings and give you further tips to help you create a more accurate view of your customer base.