Customer centricity: A key priority across lines of businessJuly 23, 2020
In today’s content and product-saturated marketplace, personalization is the key to standing apart from the competition. According to a recent study by Frost & Sullivan, by 2020 customer experience is expected to overtake price and product as the key brand differentiator, and companies globally lose over $300 billion each year due to poor customer experience. Given those numbers, failure to personalize customer engagement will negatively impact an organization’s conversion and retention rates, making it difficult or impossible to remain competitive.
Personalization across all lines of business
With the addition of a customer data platform (CDP) like Dynamics 365 Customer Insights, organizations can unify data from every channel and source, deriving insights that extend directly to other business applications to enable intelligent action across the entire organization from marketing, to sales, and customer service. This not only powers omnichannel, 1:1 content, and engagement at every touchpoint, but allows organizations to know, segment, and target customers with unprecedented accuracy, leveraging every customer interaction with the business.
Having a 360-degree view of customers helps organizations determine the best action possible for each individual customer in any context or stage of the journey, whether it be acquisition, conversion, or retention, to provide the right engagement, to the right individual, at precisely the right time. Moreover, it enables all departments to share the same view and history of a customer to improve service and customer satisfaction at any point of engagement.
The goal of marketing today is no longer to simply convert a customer in a single transaction – the bigger picture is to focus on higher-value prospects that will not only be more likely to make that initial purchase, but generate ongoing business in the future. Forward-thinking marketers can leverage CDPs to unify and enhance customer data, develop rich segments, and target customers more accurately and personally. By increasing the relevancy of content and engagements and streamlining cross-channel campaigns, they can raise the likelihood of conversion, increase the ROI of marketing efforts, and gain competitive advantage with measurable results.
Marketing use cases powered by Customer Insights
- Enrich customer profiles and identify the best prospects to drive acquisition
- Enable affinity marketing to achieve greater wallet share
- Personalize offers and website experiences based on historical customer data and micro-targeted segments to increase conversion rates
- Monitor campaign effectiveness and key performance indicators to improve the ROI of marketing efforts
With an abundance of available options for every product and service, sellers need to understand their customers on a deeper level in order to be successful in selling to today’s highly selective consumer. It’s about providing the right offer to the right audience at the right time, and to do that requires not only complete customer data compiled from all sources of previous interactions, but the means to create detailed segments that enable highly targeted sales engagement. Organizations like Marston’s, a large pub chain based in the UK, are leveraging Customer Insights to collect and interpret customer data in order to provide personal engagement to every patron, from customized email offers and reservation preferences, to personalized drink recommendations from staff members, driving greater sales and repeat business.
Watch this video to learn how Marston’s is raising the bar for customer experiences with Customer Insights.
Sales use cases powered by Customer Insights
- Gain insights to identify opportunities, predict customer intent, and foster stronger relationships
- Foster relationships with a complete view of a customer’s interactions to better understand the health of the relationship
- Increase customer lifetime value with data-driven next best action suggestions and intelligent cross-sell and upsell recommendations
- Deliver consistent cross-channel experiences enabling an online-offline feedback loop
The future of service lies in delivering frictionless, convenient, and personalized service through any channel that a customer chooses. By democratizing data and empowering every call center or customer service representative with 360-degree customer profiles, organizations can provide proactive, omnichannel support that leaves customers feeling valued and understood, ultimately strengthening loyalty, trust, and retention. Tivoli Gardens, one of the world’s oldest and largest amusement parks, is leveraging Customer Insights to track customer behaviors and preferences to provide personal service that strengthens retention, from sending a loyalty offer for an upcoming event based on a customer’s interests, to greeting customers by name with personal activity recommendations when they visit the park.
Service use cases powered by Customer Insights
- Leverage holistic customer profiles to accelerate issue resolution and improve customer satisfaction
- Utilize AI and machine learning to proactively detect anomalies and strengthen trust
- Implement self-service tools and chatbots that allow customers to resolve issues themselves
- Deliver personalized loyalty offers to increase customer lifetime values and reduce churn
To learn more, download the eBook below or visit the Dynamics 365 Customer Insights website.