Every single customer is different but do you treat them differently? This is the Holy Grail of many marketers and businesses, but it can be achieved where it really matters. Almost 78% of the retailers recently surveyed by the Economist Intelligence Unit said they had seen a positive economic return from their investments in strategic data analysis.
Many businesses are prioritising data collection with a view to improving decision-making, efficiency and interaction with customers. This detailed information, often available in real-time, is a marketing departments dream as it allows them to target relevant and timely messages and promotions to their customers. Longer term, the extra data can be used to inform the whole business strategy as the data analysis can indicate trends and preferences of customers.
So what’s it all about – why would you go to the trouble of getting more data and creating complex targeting models and strategies? It’s simple, because it will drive loyalty among your customers. Make them feel important and they’ll respect you for it. 64% of the survey responders reported increased brand loyalty as a general gain, with 52% saying the increased sales performance by using data to inform ‘next logical purchase’. Think Amazon who leads in this area; you buy something and they helpfully show you what other’s bought after or looked at.
From a business perspective, it’s difficult enough creating a true omni-channel experience for customers, so that customers receive a consistently rewarding and satisfying experience whichever channel they choose to transact in. But with intelligent use of data, customers preferences can be analysed and used to inform automate the omni-channel experience.
So we encourage you, get to know your customers better and loyalty will follow.