A Roadmap For Transforming Customer Data Into Demand
Accurate predictions of customer purchases is becoming easier for retail marketers to obtain, such as via Loyalty Builders’ cloud-based service. Then what? There are so many ways to use purchase timing, value, product, and loyalty predictions, it can be hard to decide where to start.
Start Slowly with Quick Wins
Start simply by targeting your campaigns using, for example, probable customer spend or probability to buy a featured product during the campaign period. Even if you can afford to target all contactable customers, you can test if customers expected to convert and spend at a higher rate actually do. “Targeting Practice” shows marketers how they can direct campaign budget and resources where they will be most effective, an important skill when campaign costs are high.
Build Momentum Around a Roadmap
After getting comfortable with campaign targeting to maximize returns, build up more capabilities and expertise. You can lift response further by personalizing content according to each customer’s product propensities. Once accomplished, you can zero in on cross-selling products customers that have never bought before. Then you can focus on loyalty and churn risk data to intervene when customers show early signs of fading interest in your brand. When ready, you can refer to summaries of all the customer-level predictions to spot opportunities and plan campaigns. Eventually, you can monitor the long-term impact of all your campaigns by tracking changes in each customer’s predicted “loyalty.” Then you can set company goals and KPI’s around loyalty and returning customers. Then keep going. There’s so much more you can do, just take it a step at a time.
Replace gut feel with science using Loyalty Builders‘ low-cost, cloud-based predictive data and related services for customer-centric marketing, product planning, campaign targeting, personalization, and loyalty building.
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