No business, local government, or agency is ever surprised by this simple statement. However, the way they do business is often very different. Information living in silos. Departments, teams, not communicating. Leaders, executives, failing to communicate goals and strategies clearly.
From the time you begin marketing to potential customers through the point of sale, from the delivery of services through calls between customers and your customer service team… With these touch points you are demonstrating your perceived value of your customers (potential and existing). While many companies focus on great messaging and sales techniques too few companies focus on developing a complete view of their customers to maximize the relationship throughout the lifetime of this relationship.
Have you ever?
Had a problem with a product or service and called into customer support? Maybe you had a problem with your iPod or maybe it was an issue with your voter registration. Either way you started off by making a simple phone call to get the problem resolved.
As you were transferred from person to person, each asking you the same basic questions, you begin to slowly realize that there is no consistent understanding of who you are, what your problems are. This lack of understanding leads to frustration for everyone…. You do not feel the love.
MarketingProfs released some great information in a post titled Access to Customer Data = Retention, Sales, covering the importance of this complete customer view, you should give it a read. The first paragraph says it well:
“Companies that have access to a holistic view of customer data achieve better customer service and efficiency, improved loyalty, and more repeat business from their established customers, according to a study by Aberdeen Group and VeraCentra.”
- Best in class companies, those that excel at this whole customer view, see a 91% customer retention rate and an increase in net customer value (NCV) of 6% year over year.
- The lowest performing companies, the laggards, see a 62% retention rate and a decrease of NCV by 9% year over year.
If these number fail to get your attention you should make some popcorn and watch Sleeping Beauty as a fairly tale existence is probably more to your liking.
While I will let you read the full article, these are the key practices demonstrated by the best companies:
- 80% capture customer history and make it visible to all customer-facing staff.
- 77% have a single or primary point of contact in their company for each customer.
- 52% have a technology-based common view of the customer.
- 72% monitor customer satisfaction.
These companies are not locking data in silos, they are blasting customer information throughout the organization enabling all areas of the company to see the complete picture of the customer.
Are you investing in the necessary strategies and tools to enable yourself to be a best of breed organization or are you satisfied with being just one of the crowd?