Companies that have access to a holistic view of customer data achieve better customer service and efficiency, improved loyalty, and more repeat business from their established customers, according to a study by Aberdeen Group and VeraCentra.
Even in a tough economy, high-performing, "Best-in-Class" companies achieved a 91% customer retention rate and increased their net client value (NCV) 6%, while "Industry Average" and "Laggard" companies registered declines in NCV of 2% and 9%, respectively, the study found.
Best-in-Class companies also achieved significantly higher customer satisfaction levels than Laggard companies (88% vs. 32%) while spending less than half the time searching for customer data, according to the study titled Providing a 360° View of the Customer: Better Service—Higher Sales.
Below, other findings from the study.
Customer service and sales are the two dominant factors that drive the need for better customer data: 42% of companies cite improving the customer experience and 32% cite the demand for higher levels of services by customers—better, more efficient delivery of products and services.
Common Characteristics of Best-in-Class Companies
Among five key structural categories—process, organization, knowledge, technology, and performance—Best-in-Class companies share some common characteristics:
- 80% capture customer history and make it visible to all customer-facing staff.
- 77% have a single or primary point of contact in their company for each customer.
- 52% have a technology-based common view of the customer.
- 72% monitor customer satisfaction on a regular basis.