As consumers become less tolerant towards brands which fail to deliver the best customer service, businesses need to constantly come up with fresh ideas to keep customers loyal. However, according to new research from Experian, just over a quarter of UK businesses intend to design and implement a single customer view (SCV) strategy, which aims to provide a comprehensive personalised experience and boost engagement.
The research shows that although nearly three quarters of businesses acknowledge the importance of adopting a customer-oriented approach, SCV is considered an option by only 29% of respondents. In comparison, 84% of consumers are ready to abandon a business if they are not satisfied with the customer service they receive and almost half of consumers would willingly sign up for various loyalty schemes provided by brands, if they are pleased with the service.
When asked about the main barriers that prevent them from adopting an SCV strategy, two in three businesses cite people-related reasons, whereas 52% admit they have difficulties gathering and processing relevant data.
However, as many as 85% of those polled say they could have managed better with a number of business problems they faced over the past 12 months if they had used an SCV strategy. More than half of businesses think that having a single customer view in place might help them tackle various problems, including reducing costs.