SCV creates marketing headache
The rise of the single customer view – often hailed as data nirvana – has created a real headache for marketers as consumers now expect brands to know everything about them, and will punish them if they don’t use it.
New research from Experian Marketing Services shows that as more and more people embrace the multi-channel environment in their own lives, sharing information across multiple online and offline networks, they are demanding businesses do the same.
Some 84% of consumers said they would no longer buy from an organisation that failed to take account of their preferences, purchasing history and other customer information. Meanwhile, more than half would actively recommend and endorse a company that effectively managed and linked its customer data to inform marketing campaigns.
Nigel Wilson, Experian Marketing Services managing director of data and analytics, said: “Personalised marketing campaigns driven by the insight gained from a single customer view (SCV) across all channels can bring hugely positive results for businesses. Yet there is growing intolerance of brands that fail to get the basics right and some clear evidence that marketers are struggling to effectively link their data.”
With multi-channel consumers growing used to the tailored experience they receive from online and social media channels, the stakes are getting higher for marketers.
The survey of more than 2,000 consumers found that almost half (43%) would make additional purchases or return their custom to an organisation that had correctly marketed products to them based on their personal situation.
Almost three in five (57%) said they would actively recommend the company to others, while 26% would go out of their way to leave a positive online review. Meanwhile, 22% would sign up for promotional emails and 32% would sign up for an organisation’s loyalty scheme.
Overall, 84% of respondents identified with one of the three following cardinal sins of marketing as enough to make them vote with their feet and take their business elsewhere:
- Trying to sell them something they said they did not want (52%)
- Contacting them in a way that they had flagged as unwanted (45%)
- Offering them products they have already refused (36%)
The need for an effective SCV is made all the more immediate by the deluge of customer data from digital and traditional channels, now hitting organisations. Experian’s research shows that driving a cross channel customer engagement programme without a consistent summary of an individual’s interactions with an organisation is impossible.
“Consumers are ready to reward the businesses that treat them as an individual and tailor their communications to fit their personal circumstances. If you don’t have a clear view of who your customers are, then it stands to reason that you won’t be able to connect with them in way in the way they want,” said Wilson. “The marketers that bring together everything that they know about a customer and use intelligent analytics to ensure that the products and services they are suggesting to them are right for their needs will be the sure winners.”