How valuable would it be to know everything about your customer’s interactions with your competition? Creating a 360-degree customer view is considered the holy grail of customer intelligence, and you can create it, today.
Would you like to know how much they’re spending, when they’re spending, why they’re buying with the competition and not you, what drives their purchase behavior and what steps you can take to capture a greater share of wallet.
This consumer intelligence is fundamentally obtained and analyzed through the creation of a 360-degree customer profile platform, which your organization can create without a lot of effort and without hiring expensive consultants or data scientists.
For many organizations, creating a 360-degree platform which they can feed data into can represent the largest challenge. How do we collect the data? Where will it come from? How do we store it, keep it structured and keep it up to date? Who will own and maintain the data set internally? What privacy protections do we need to put in place, and how will our new market intelligence affect existing business?
One of the biggest risks is being late to the party. Not having up to date, real-time information on your customers’ engagement, spending and transactions with the competition means your organization is at a significant disadvantage. How do you know what your share of wallet is if you don’t know how much they’re spending with the competition? In essence, the opportunity cost of not taking action to create a platform is the biggest expense.
The first step is to understand everything about your customers; from transactions, engagement propensity, who they are connected to in their social network; and combining all of this information in a structured format so that you can easily cross-reference and compare it when creating models.
Where to capture data
Put on your creative hat and get to work. Consider the channels, partners, and process a user would go through to transact with your competitors. For example, let’s say you own a small hotel and want to know if any of your previous guests have spent more than $200 at any hotel within a 2-mile radius over the past 12 months. To answer this question, you would need to be capturing data from external sources which will help you understand the problem.
Here’s a few to get you thinking:
Partner with local governments to conduct surveys on business travel. You’ll be amazed at how many doors open when there’s a government stamp of approval on your surveys.
Marketing Intelligence: Does your hotel have a smartphone app? You can practically capture a person’s entire life on a phone by capturing sensory and location data.
Email communication: This is business intelligence 101. You should be tracking, at all times, where your guests are in the world at any point in time. Log their IP address on every email opened and clicked. Storing this in a database will enable you to paint a visual map of where your guests where in the world, and when. You’ll quickly notice if they frequent the city where your hotel is based.
Once you’ve started capturing and storing external information, you’ll want to create meaningful insights to be leveraged for commercial gain.
Now is the point where business intelligence meets data science. If you’re capturing all the right data, you’ll want to understand the propensity of customers buying your product over competitors, and what other factors may have influenced their decision to transact with you, and your competitors at any point in time.
Finally, the underlying key to designing, engineering and implementing your 360-degree customer view platform is to think with the end in mind. What does your organization want to achieve, and how will this intelligence be used in a positive way to bring new value and enhance the customer experience.
You can read more on creating a 360° customer view on hospitality.net.org