Customer Centricity 101: Single View of Customer

Single view of customer is fundamental to customer centricity

There is a multitude of data sets that the organization has access to which can be brought together to develop customer insights and deliver delightful customer experience.

The challenge sometime could stem from different functions owning data, lack of accountability of a single role to own the consolidation, limited capability of the tech platform or then it simply not being a priority.

Various sources of data being:

• Customer Satisfaction Survey
• Net Promoter Score
• Brand Track
• Usage & Attitude Research
• Lead Management System
• Media buying
• App analytics
• Website analytics
• CRM
• Social Media
• Loyalty Program
• Surveys
• Customer Care touchpoints-Call Center/Helpdesk
• Customer data from store/retail: feedback/returns
• Email / SMS / WhatsApp Marketing
• 3^rd party/ industry reports
• Online Reviews/ Customer Testimonials
• Search Trends
• Product Usage
• Production unit/manufacturing/machines
• Supply Chain-Inventory, Transportation, Warehousing

Customer Segmentation 101: Creating Personas

You’ve nailed the objective for Customer Segmentation

Primary & Secondary data has been gathered and analyzed.

Quantitative & qualitative research is commissioned

So what should you now expect the research agency to come back with? PERSONAS

Persona

Name of the cohort followed & demographic details of who it comprises of.

A description which creates an archetype of background, experience, education, income, roles & responsibilities etc.

Needs & Goals:

What does the user want to achieve, personally & professionally.

Frustrations:

What are the obstacles in achieving those goals?

Motivations:

What are they thinking? Attitudes that help or hurt, perceptions & beliefs they follow & their impact on behavior?

How do they make choices, assess risk, balance consequences & payoffs.

What are the decision drivers & the said & unsaid reason for the purchase?

Buying Process:

What process do they follow-shopping journey, time they take, purchase probability. Impact of seasonality & time taken to complete buying cycle

Shopping preference: Affordability (economical or premium), Touhpoints (Online or offline), Level of personalization

Channels

Where they are buying from, where are they present and where do they frequent.

Stakeholders

Who is the decision maker, who influences them, role of sellers and touchpoints.

Content

What content & information do they seek- where, when & why. How do they share information?

Servicing

How much of customer service do they need, when, where and how-degree of engagement they seek (DIY/DIFM/DIWM/DKCS)

Why do Customer Segmentation?

Segmentation is a strategic & intensive engagement that can build a competitive advantage.

Personas are created based on one or a combination of demographic, psychographic, behavioral, life-stages, affluence segments. Refer to 11 types & attributes here: https://bit.ly/3fr9dzY

The idea is unlock more & better business.

However to unleash this potential power, there must be clarity on the objective.

Example:

Identify latent customer needs

Generate Revenue

    ▫ Acquire New Customer

    ▫ Improve Rate of Renewal/Retention

    ▫ Sell more to a customer: Cross-sell /Upsell

    ▫ Increase the customer lifetime value

Customer Experience

    ▫ Create Integrated Customer Journey

    ▫ Define Path to purchase

    ▫ Role of the organization in the life of a customer-Relationship Management

    ▫ Build Loyalty

Marketing

    ▫ Messaging

    ▫ Media Mix

Customer Servicing

    ▫ Improve servicing based on susceptibility to churn, frequency of servicing, optimal touchpoint, proactive resolutions

    ▫  Improve Processes (RCA)-Decrease number of service issues

    ▫ Enable Sales teams

Innovate

    ▫ Identify Whitespaces-Customer/Business Model/Channel

    ▫ New Product Development

    ▫ Process &Technology

    ▫ Pricing

Customer Segmentation 101: Defining attributes to segment Target Audience

What are the various types of customer segmentations and their respective attributes that help define target audience?

1. Geographic: Where are they located?
   • Region/State/Cities/Town/Village
   • Rural/ Urban
   • IP (internet)
   • Language
2. Demographic: Who are they? Census Data
   • Age.
   • Gender.
   • Marital status.
   • # of children
   • Occupation.
   • Income.
   • Education
3. Psychographic: What are their Needs?
   • Interests
   • Personality
   • Lifestyle
   • Social Status
   • Activities, Interests, Opinions (AIO)
   • Attitudes
   • Values
   • Tech Savviness
4. Behavioral: What drives their Buying Process?
   • Usage
   • Benefits Sought
   • Loyalty
   • Actions Taken Online
   • Stages
   • Timing/ Occasion
   • Buyer Readiness
5. Affluence: Household Income:
   • Globals: >10L
   • Strivers: 5-10L
   • Seekers: 2-5L
   • Aspirers: .9-2L
   • Deprived: <.9L
6. Life Stage:
   • Teenagers & Students
   • Single Adults
   • Childless Couple (rented Home)
   • Childless Couple (Own Home)
   • Young Families
   • Single Parents
   • Well Established Families
   • Empty Nesters
   • Retired
   • Solitary Survivors
7. Predictive: Historical Data
   1. Supervised Learning
   2. Unsupervised Learning
   3. Reinforced Learning
8. Financial
   1. Financial holdings
   2. Financial Preference
   3. Financial Know how
9. Engagement:
   1. DIY: Do it yourself
   2. DIFM: Do it for me
   3. DIWM: Do it with me
   4. DKCS: Don’t know can’t say
10. Generational
    1. Gen Z
    2. Millenials
    3. Generation X
    4. Baby Boomers
    5. Silent Generation.
11. Firmographics (B2B)
    1.  Annual revenue
    2.  Number of employees
    3.  Industry
    4.  Type of product – B2B or B2C
    5.  Number of years in business
    6. Location