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Apr

Customer Insights: now is the time to get personal

Last month we published an article introducing Dynamics 365 Customer Insights, Microsoft’s comprehensive, out-of-the-box, scalable,  360-degree customer solution built on the Azure data platform.

Well, the world couldn’t look more different in the space of barely a month since that article was posted. Customer mobility is now severely restricted, trade is almost entirely online and limited to essential items only, and supply chains are straining under the pressure of unprecedented disruption.

So, under this new reality, let’s take a look at how Dynamics 365 Customer Insights can play a role in getting you closer to your customers and surviving new market dynamics.

Customer Insights: now is the time to get personal

Reducing the cost of insight

Traditionally, getting a unified view of the customer that truly takes all data into consideration has been complex and costly. In many organisations, Dynamics 365 Customer Insights can deliver almost immediate insights at a surprisingly low cost per customer.

Dynamics 365 Customer Insights: Single customer view with recommendations
Figure 1: Single customer view with recommendations

Reducing the cost of acquiring, servicing, and retaining customers is a fundamental imperative for every organisation, but this has now become much more attainable with Dynamics 365 Customer Insights. For example, if you’re a not-for-profit organisation and you know that donors prefer to be contacted at a particular time and in a certain way, then you can avoid wasting your time (and theirs) soliciting donations when they are unlikely to say yes.

Alternatively, you can understand which customers prefer emails versus those that want a personal phone call. This can help you determine how to staff contact centres, potentially saving money on human operators by implementing chatbots and self-service portals if that’s what your customers prefer.

Staying one step ahead

Knowledge is power, especially when it comes to determining how to engage with customers. The more you know about your customers, the easier it is to give them what they need. Using built-in Azure machine learning (ML) and artificial intelligence (AI) models, Dynamics 365 Customer Insights can provide recommendations to predict customer churn well in advance of the customer leaving. Similarly, it can predict which customers are most likely to become high-value customers.

Dynamics 365 Customer Insights: Enterprise wide insights
Figure 2: Enterprise wide insights

This knowledge can help you decide the next best action for every customer every time, personalising the experience at every touchpoint, not just the few you can see.

Using manual systems, it has been possible to detect things like customer churn for some time. However, if you can combine churn predictions with data about whether the customer has visited specific channels or exhibited certain behaviours, then the next offer you send them can be more precise, personalised, and compelling. The result can be a dramatic increase in customer retention, as well as a lower cost of retention per customer.

Finding every customer’s sweet spot

Dynamics 365 Customer Insights brings together transactional, observational, and behavioural data in real time to give you a holistic view of every customer. This can show you where your cross-sell and upsell opportunities exist for each customer, so you can offer products that are relevant and appealing to them. Dynamics 365 Customer Insights gives you a level of specificity that hasn’t been possible before, thanks to the platform’s AI-driven insights and recommendations. Armed with real-time insights, your sales and marketing efforts can focus on personalised offers that have the highest chance of success with your customers.

Dynamics 365: Sales Hub contact data enriched with Customer Insights data
Figure 3: Dynamics 365 Sales Hub contact data enriched with Customer Insights data

Personalise to survive

Before the COVID-19 outbreak surfaced, the year 2020 was forecast to see customer experience overtake price and product as the key brand differentiator. Personalisation is driving competitive differentiation in this content- and product-saturated market.

Now, delivering personalised customer experiences will not only be the key brand differentiator but the key to brand survival. Businesses today are having to rapidly re-examine their competitive models in a shrinking global market that is operating in a landscape of transforming customer buying behaviours and patterns. Those who act now to secure competitive differentiation through personalised engagement will be those who go on to thrive in this new market reality.

The goal of marketing today is no longer to simply convert a customer in a single transaction. The bigger picture is to focus on higher-value prospects that will not only be more likely to make that initial purchase, but to generate ongoing business in the future. Forward-thinking marketers can leverage Dynamics 365 Customer Insights to unify and enhance customer data, develop rich segments, and target customers more accurately and personally.

If you’d like to find out how Dynamics 365 Customer Insights can take your customer engagement strategy to the next level, contact us today.

We can conduct a rapid proof of concept to demonstrate where you can gain value, and you can start as small as you like to get a sense of just how powerful this solution really is. For as little as 20 cents per customer, we can help transform your customer engagement and thrive in your market.

 

This blog is part of the #ReimagineWork series. For more experts' insights, clients' experiences and to download our datasheets, click the banner.

For more experts' insights, clients' experience and to download our datasheets, click the banner #datareimagine

Posted by: Travis Barker, General Manager Market Development, Data & AI | 15 April 2020

Tags: Data Analytics, Data Insights, Dynamics 365, Customer insights, #CXreimagine, #datareimagine, COVID-19, #ReimagineWork


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