Customer Portfolios' Blog

How to Speak CP – Part II

IMG_4598.jpgLearn the lingo of our analytical and marketing experts…  

CP is celebrating our 16th Birthday this month! We started out in the fall of 2001, with two main offices: a basement in Hopkinton and my kitchen in Wenham. In 2004, we attended a client meeting at Harpoon Brewery, and I mentioned we were looking for office space in Boston. We moved into the Harpoon Brewery on the first floor, then expanded into a larger space on the second floor a few years later. In August 2010, we were asked to leave so Harpoon could build their 10,000 square feet beer hall. Despite our recommendation to create an office within the beer hall, we made sure we found an office close by, so we can frequently visit our first location for office Happy Hours.

Over the past 16 years, we have created a “CP language,” a common vernacular used to describe our products and services we provide for our clients and the impact becoming more customer-centric has on their business. To celebrate our 16th birthday, we are teaching others how to speak CP by compiling 16 common phrases that we hear around the office every day. In part one, we called out phrases such as customer-in-the-center, mid-brain marketing, and customer data. Check out part two of the list below:

9) Customer Profile - We collect all your disparate customer data to create a Customer Profile for each customer within a marketing database, everything from POS, OMS, email, ecommerce, and any mobile data to start the process of creating a unified customer view. By creating unique Customer Profile for each customer, we can identify trends and behaviors that will help us predict future value and next best offers.

10) Next Best Offer – Using customer data, we provide recommendations for personalized offers that will encourage customers to stay with a brand and grow their relationship. These offers may range from strategic discounts to targeted product recommendations, but the key is making the right offer, to the right person, at the right time, to encourage them to stay loyal to the brand. We analyze brands’ customer data to uncover insights about the best approach to next best offer that will move a customer forward in their lifecycle with the brand.

11) Lifecycle Marketing – is knowing and influencing the path that a customer takes from prospect, to single purchase, all the way to best customer. We analyze a brand’s data help determine a lifecycle marketing strategy and execute triggered lifecycle communications to encourage customers through the lifecycle to increase their future value. Check out this primer on Lifecycle Marketing here.

12) Omnichannel Marketing – Customers are interacting with brands through many channels and devices, which means brands need to be able to communicate with relevant offers and messages regardless of the channel or device. In addition to collecting customer data from all available touchpoints, we work with other marketing tech partners to distribute communications across all channels that create a seamless customer experience.

13) Perfect Pixel – Perfect Pixel is a one-of-a-kind data collector that sits on your website and that collects customer behavior and information and connects a customer’s digital ID to their CRM ID, enhancing the profile with your customer’s online clickstream. With Perfect Pixel, brands can close the loop on marketing and attribute in-store sales to online activity.

14) Customer Loyalty – We define customer loyalty as when a customer is more likely than not to purchase from you again. It is a stage in the lifecycle, not enrollment in a program. That being said, we believe that the right communication and offers can drive customer loyalty, and help brands set up lifecycle marketing programs that will get customers over that threshold.

15) Customer Lifetime Value – Customer lifetime value is the amount a customer has spent to date combined with their expected future value (i.e., the amount they are going spend with a brand in the future). Many companies already try to calculate this, but their thinking is often misguided and only think of lifetime value as what consumers have spent to date. Meaning, they are missing out on any future customer behavior.

16) Incremental Revenue – When a customer takes a step forward in their relationship, by making another purchase, they are increasing their revenue contribution to the brand. With every ensuing purchase, a customer contributes immediate revenue to the brand, but also increases their future value contribution to the brand. In doing so, brands see both immediate, and long-term gain, paving the way for a sustainable solution to grow the brands.

With the MarTech landscape growing bigger every year, we are proud that we’ve been an innovative disruptor, with a pulse of the market. No matter what new technology comes our way, we will keep our focus on your customers, and make the next 16 years just as sweet as the last.

 

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