Magazine article CRM Magazine
The 360-Degree View Must Go Further: Competitive Advantage Requires a Multidimensional View of Customers
Although a 360-degree view of the customer can provide valuable insights into customer histories and other factors, its scope is limited, according to a new report by Forrester Research.
How is it possible to get more than a 360-degree view of the customer? Take a multidimensional approach that relies on faster, more agile analytics and predictive capabilities, according to the report "The Future of Customer Data Management."
"The 360-degree view does not in-elude all of the data that is now available about the customer," say Mike Gualtieri, a Forrester analyst and coauthor of the report.
It also gives limited insight into customer behavior, sentiment, and experiences across channels and touch points and fails to take into account customer-generated content on social media and mobile usage.
The multidimensional view, the report states, "uses all of the available information about [customers], including information pertaining to psychographics, social networks, smart devices, geolocation, and Internet usage, to deliver individualized and contextual products, services, and experiences."
As an example, the report imagines a mobile app for the Cheesecake Factory that can call up a menu and make recommendations based on a user's stored preferences, but then takes personalization a step further by pulling data from her Nike+ FuelBand to see that she ran six miles this morning and is, therefore, entitled to a dessert today.
"And then there's a lot more that we can infer using analytics to fill in the blanks," Gualtieri continues.
But, the report notes, to make this happen, companies will need a next-generation customer data management (CDM) platform that can harness big data and predictive analytics. …