A recent study that has been commissioned by Experian has shown that over 70 percent of companies in the UK understand that there is a significant competitive advantage in using insight and data in order to put their customers right at the centre of their business model.
However, only 30 percent of that 70 percent figure are using a strategy known as single customer view or SCV. SCV has a strong focus on customer service on the individual level and the fact that so few companies are embracing this philosophy is disappointing when you consider that over 80 percent of customers say that they will take their business elsewhere if they are displeased with the customer service they get from the business.
SCV is a strategy which aims to bring a greater focus for businesses on providing a greater level of engagement with their customers and driving personalised services towards them. This research has shown that despite there being a clear competitive advantage in developing a strategy like this, businesses are simply not taking advantage of the opportunity.
The survey also looked at the various reasons why people will not embracing this strategy and became clear that there were a multitude of different problems. Nearly 70 percent of organisations said that one of the main problems with creating an SCV were people related, a smaller, yet significant number, around 52 percent said that the collection of data itself was the main issue.
Of the businesses surveyed nearly 60 percent agreed that if they had an effective SCV implemented they would overcome a significant number of inefficiencies in their business. Of the 60 percent, 40 percent said that this would be a cost inefficiency that was overcome, whereas 90 percent said that they would be able to reduce costs on an overall level.