Today’s business world is characterized by shrinking budgets and the need to increase profitability while fighting off competitors who are trying to grow their own market share.
In an effort to counter this, leading organizations are turning to their data to offer a competitive advantage and identify new market opportunities for their organization. For them, it’s not so much doing more with less but rather doing more with what they have. And what these organizations have is data and in the era of big data, analytics and information are the keys to unlocking unrealized revenue generation.
At Customer Portfolios, we utilize a segment-based, end-to-end, lifecycle marketing approach that’s been proven to generate incremental revenue and grow customer value naturally. The idea is to identify and motivate the ideal (think revenue!) engagement behavior at each point along the customer lifecycle.
We call it Total Customer Monetization. It means we’re deriving the greatest possible value from your customers at every step of the way, while ensuring that your relationship is a long, happy, and prosperous one.
It starts and ends with your customer data. This means gathering all available customer information and data sources and connecting these sources through a single point - e.g. your marketing database. This is the easy part. Once all customer information and data has been collected the real fun begins. The marketing database enables businesses to have a single view of the customer and in doing so allow them to know exactly who their customers are, through which channels they are engaging, what they are purchasing.
Knowing this information is only half of the monetization equation. To fully optimize and monetize your customer database, we have developed a series of strategic lifecycle marketing campaigns that are tailored to meet the needs of each customer on a 1:1 level to drive increased retention and reactivation. By understanding where each customer is along their lifecycle and knowing how they have engaged with your brand before across all marketing touch-points (in-store, mobile, email, web, online, etc.), we are able to ensure that your customers are receiving the right message at the right time.
By meeting the needs along customer lifecycle, our approach has been proven to deliver the results marketers and executives desire, including, improved customer engagement and conversion, higher customer retention rates, and ultimately, incremental revenue generation for the business.
In short, data has become the new currency (sorry, Bitcoin) for marketers and its application for customer retention and reactivation is how your organization can drive incremental revenue for the business’ bottom line.