Also referred to as a “Golden Record” or “360-degree Customer View”, a Single Customer View (SCV) is the process of collecting data from disparate online and offline data sources, then matching and merging it to form a single, accurate record for each customer. Sometimes this process is performed by a Customer Data Platform, which also acts as a database to house the SCV and make it accessible to your marketing tools.
The data sources fed into a Single Customer View can be chosen by an organization depending on its purpose, but often it contains information including address, email, telephone, and demographic information, along with suppression information, transactional data and communication history. This data can come from many your systems, including ESPs, CRM, website, PoS, in-store, E-commerce platforms, social media channels and more.
At the same time as bringing all these data sources together, a Single Customer View matches and merges duplicate customer data, enhancing it with additional third party data to fill gaps in your records, broaden your insight and verify the data you already have.
The benefits of a Single Customer View include enhanced accuracy and intelligence, and a foundation for more accurate customer segmentation, personalization strategies and relevant, engaging marketing campaigns.
Many believe Data Warehouses and a Single Customer View are similar, but the two serve different purposes. The primary difference between a Data Warehouse and Single Customer View is that a Data Warehouse is a Big Data storage solution, housing all of an organization’s business data in an unstructured repository. A Single Customer View, on the other hand, is created using specific business data that has been unified and structured for a purpose.
Another difference is the volume of data within a Data Warehouse. Due to its size and complexity, a Data Warehouse requires management by IT, and contains data that falls under the purview of multiple departments. The data unified by a Single Customer View is structured to meet the specific needs of marketers, as opposed to those of Human Resources, Sales or Finance departments.
By isolating and organizing data around individual customers, a Single Customer View provides marketers with the ability to employ personalized marketing more effectively, as well as consolidate multiple data sources that relate to an individual customer. This eliminates the potential for inaccuracies and redundancies, i.e. sending the wrong marketing communication to the wrong person, receiving the same communication twice, or not receiving anything at all.
If a customer has utilized multiple emails or telephone numbers, the Single Customer View allows marketers to view them all in the same place, rather than worry about sorting through multiple data sets all relating to the same individual.
By organizing the data around the customer it relates to as opposed to the source from which it was gathered, a Single Customer View allows marketers to develop a more accurate picture of customer behavior across multiple platforms, devices, or websites. This means marketing that is more comprehensive and personalized for that customer’s habits and values. As such, Single Customer View is the most effective way to achieve the “360-degree View” of the customer.
When paired with other tools, an SCV can provide data that can be better visualized and analyzed, strengthening the accuracy and the efficacy of marketing initiatives that rely on the personalization and organization Single Customer View facilitates.
The video below describes how the Single Customer View process is integrated with the BlueVenn Customer Marketing Platform.
A Single Customer View for retail is highly desirable and the most obvious application, but an SCV is also very valuable for banking and insurance organizations. While more complex, there are also many benefits of a B2B Single Customer View, for more intelligence decisions, to reduce inefficiencies and better account management.
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