What if you had a customer and prospect universe at your fingertips? A view of every customer and would-be customer means the ability to create segmentation frameworks, understand walletshare and pursue the best prospects. Data—whether collected over years or purchased—abounds. Market leaders are leveraging their data to create customer and prospect universes, where every customer and potential customer are identified, recorded and stored for analysis. This single view of the customer means targeting, segmentation and niche strategies are all possible.
A single view of the customer (SVOC)—sounds great, right? The hype around this insight isn’t unfounded, but an SVOC can seem out of reach for most marketers. Many companies have spent a great deal of time and money attempting to create an operational SVOC, a solution that integrates front- and back-end systems. These solutions are complex and require almost perfect mastery of data to see the expected benefits. There is an alternative. We’re going to introduce the concept of the analytical SVOC, which leverages a modern data architecture platform, is more cost effective, and generates value more quickly. In other words, this approach is a more feasible option, and Clarity Insights is recommending this as an initial SVOC solution to get marketers the prospect and customer visibility they need.
If you’ve ever applied for a loan and found out another “Mary Turner” or “Beau Langston” has tanked your credit, you know how important entity resolution is.
Marketers have to know which Mary Turner swiped through their Instagram ad and has the handle @marygeauxround. (Maybe she’s an LSU fan?) This is one way the integration of internal data sets—ad performance, like the Instagram post—and external data sets—purchased data that provides names and locations, or email addresses and phone numbers—can quickly change an organization’s understanding of the customer.
Through the use of machine learning, these various points of data can be used to match information to a single customer, creating a more vivid picture, a SVOC.
Once you know your customer, and you realize that Dan Simmons is CFO at a startup, wearing at least two other hats—CIO and head of HR—you can start to determine walletshare. But we don’t think of walletshare as customer spending alone. Rather, it’s more about your relationship to the customer or prospect: which products or services can you provide the meet the needs of that customer?
In Dan’s case, maybe you can provide accounting software, an add-on for HR-related accounting and consulting services. Knowing your customer means knowing how impactful a relationship you can cultivate.
Seg men ta tion
But that’s not all that internal and external data sets can do for marketers. The depth of customer insight produced from a single view of the customer also lends itself to segmentation and personalization.
Dan lives on the east coast, has a $500K budget and frequently opens emails with promotion codes. Your marketing team is going to be at a startup conference in Boston in a couple of months, so you send Dan a personalized invitation to see you at the booth—for a 15% reduction in first year fees.
Personalization on an individual level is possible, but segmentation is that personalization at large. These segmentation frameworks can do more than just deliver the right messages—they can also determine the right audience.
Internal data culled from your SVOC can be modeled and applied to new external data sets, providing insight into which prospects are a good fit for your various segments, and which prospects are not the right fit based on their attributes. These insights save marketers time and money otherwise wasted on unlikely customers.
The single view of the customer is a marketer’s greatest weapon, and you can start out simply. To learn more about SVOC, download our newest ebook, Beyond the Single View of the Customer. To get started within your own organization, let’s talk today.