Customer Loyalty and Analytics: 5 Strategies to Reduce Churn

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Customer Loyalty and Analytics 5 Strategies to
Reduce Churn
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(No Transcript)
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• Think customer loyalty programs are all about
  getting generic discounts, points and rewards?
  Think again. Today, customer loyalty has become a
  major focus for brands as they Today, its more
  about offering customers something as
  personalized as possible, so that they feel truly
  special.In the globalized world of today,
  competition is cut-throat. Businesses are popping
  up everywhere, and customers have a variety of
  options available. In such a world, the
  experience becomes a huge differentiator.

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• A good experience makes for long-term happy
  customers. A good understanding of your customers
  is the key to delivering such an experience.
  Thats where customer loyalty analytics can be
  very useful. With the help of big data, you can
  learn about your buyers and tailor an experience
  that matches their expectations. Customer loyalty
  analytics can also be useful in developing
  customer-centric marketing strategies that give a
  higher return on investment.

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• We are living in the age of the smart consumer
  they know what they want, and they also know that
  if one business doesnt provide it for them,
  theres likely many others just a mouse click
  away that will. The crowded marketplace means
  that customers are less likely to remain loyal to
  one brand, and the advent of social media has
  also empowered consumers to share both positive
  and negative brand experiences online.

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• E-commerce has provided customers with a plethora
  of opportunities and choices sitting right on
  their smartphone, which can be a positive for
  businesses who pay attention to their customers
  needs and a drawback to those who arent using
  customer data to empower their marketing
  strategy. If youre not collecting and utilizing
  customer data in your efforts or are unsure of
  how to use analytics to boost your customer
  lifetime value (CLV), read on for some ideas.

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Using Data The Smart Way

• Marketers have been told for some time now that
  the key to creating more relevant, sticky
  campaigns is to use data to inform your content.
  But utility of data analytics goes beyond the
  campaign level. Todays laser-focus on customer
  experience and journey means that data should be
  the backbone of your entire business strategy.

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• However, while many businesses may realize the
  star role that CX needs to play in their efforts,
  few truly know how to use data analytics to
  improve the experience and garner true customer
  loyalty. According to a recent study published by
  McKinsey, businesses use of analytics to create
  a competitive edge in customer experience is only
  at 32. This demonstrates the issues that many
  businesses are having in trying to apply data in
  a universal, transactional way across their
  entire organization.

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• Great customer experiences lead to higher
  retention rates, increased brand loyalty, and
  bigger customer lifetime value (CLV). Improving
  customer experiences can seem like a
  straightforward task, but unless you base new
  tactics and strategies on tools like zero-party
  data, you might be putting in effort and
  resources in the wrong places.
• So, what are some RIGHT ways to use data
  analytics to improve customer loyalty? Heres 5
  ideas to help you get started building that
  data-driven competitive edge.

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1. Segment Customers The Smart Way

• Todays ultra-connected world means that both
  your current and new customers will interact with
  your brand through many different channels, but
  eventually, they will develop a preferred way in
  which they obtain the goods and services they
  need from you. These preferences provide valuable
  insights about themselves, their behaviors, their
  lifestyles, and even their future purchases and
  areas of need.

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• By using a CDP like FiOs Insight Marketing
  Platform (IMP), you can segment users based on
  these various touchpoint behaviors on autopilot.
• If you have an e-commerce store, a true IMP will
  allow you to segment your patrons based on their
  transaction history, number of previous
  purchases, and even their product search history,
  which can provide you with insight that informs a
  potential path for each customer. For example,
  consider the potential implications of someone
  who purchased X product 12 months ago, but then
  also looked at the upgraded version of the
  product and also downloaded the whitepaper on the
  upgrade using an email link sent to them.

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• You can use these touchpoints to know exactly
  what branded campaigns to send them, and through
  which channel (email) to which theyre most
  likely to respond. You can also infer their areas
  of interest and what other product and service
  knowledge will be beneficial for them to see.
  This type of data segmentation not only leads to
  increased sales, but also makes the customer feel
  as if youre paying attention to their needs and
  serving as a helpmate to them in their search for
  the right product.

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2. Nurture Leads

• Once you begin using data to inform on a
  customers interests, pain points, and
  preferences, consider sharing non-promotional
  content thats meant to nurture them through the
  know-like-trust cycle. The more relevant the
  content, the more likely they are to remain on
  your outreach list and to convert into customers.
• Consider this example youre a marketing agency
  that provides SEO services to companies looking
  to increase their standing on SERPs. Some of your
  clients want to just improve their sites overall
  SEO, while others are looking to go deeper and
  boost the backlinks to their sites.

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• By collecting the right data, you can ensure
  youre providing the right expert advice to each
  group. The overall SEO segment would get
  informative blog posts or video walkthroughs
  about various SEO-boosting website tactics they
  can use to maximize their websites potential,
  and the backlinks group would receive tips on
  prospecting sites for pitching ideas or articles
  on how to submit their products and services to
  influencers.

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• By not always pitching but providing value-add
  content, your organization is seen as an asset
  that is invested in your customers, and this
  builds trust and loyalty. Know more about
  Customer Loyalty and Analytics 5 Strategies to
  Reduce Churn please visit here
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  ytics-5-strategies-to-reduce-churn/