Top performers seeing 91% customer retention
Most companies recognise the importance of having a true 360-degree view of the customer, according to a study by Aberdeen Group which found that customers benefit from better service and efficiency, and sellers derive greater loyalty and more repeat business as a result.
The survey report, entitled 'Providing a 360-degree view of the customer: Better service, higher sales', noted that even in a difficult economy, top performers achieved a 91% customer retention rate and increased their net client value by 6%, while the majority of other companies saw a decline in customer spending.
These top performing companies demonstrated double the average efficiency in searching for customer data, and also achieved significantly higher satisfaction ratings from their customers.
Access to data and two-way communication forms the basis of the strategic actions being taken in the pursuit of a true 360-degree view of the customer, the study found.
"While top performers differentiate themselves by concentrating on a dialogue with the customer, those who have not yet achieved leading status still struggle to integrate multiple sources of data into a single view," explained Cindy Jutras, vice president and research fellow for Aberdeen Group. "Any attempt to integrate multiple sources of data will be impacted by the underlying technology infrastructure."
Legacy systems and outdated architectures tend to limit the ability to create a consolidated view that can be easily navigated. Ideally, the report concluded, customer-facing employees should have access to summary data, but with the ability to drill down to successive levels of detail where necessary.
Sources: Aberdeen Group / The Marketing Factbook.
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