I’ve Got the Customer Data…. Now What?
Leverage big data for your omnichannel marketing strategies
Big data is everywhere, but do you know what to do with it?
Marketers are tapping into customer data to generate insights that have never been available before.
If you aren’t leveraging this gold mine of information, you’re missing out on a vast opportunity to surprise and delight your prospects and customers.
The problem for most marketers isn’t the lack of such data.
In fact, you’re probably sitting on a large amount of information gathered from various customer touch points—website, email, social media, call center, live chat, or in-store interactions.
All this information can be very overwhelming if you don’t have a plan to utilize it for your business.
What can you do with this data to advance your marketing and sales efforts?
Optimize Pricing at Customer-Product Level
McKinsey has found that on average, a 1 percent price increase translates into an 8.7 percent rise in operating profits.
Yet up to 30 percent of all pricing decisions made by companies fail to deliver the best price.
The ability to analyze customer preferences and behaviors can help you fine-tune pricing of each product for individual customers to maximize profit.
Attain Greater Customer Responsiveness With Relationship-Driven Strategies
A Forrester study found that 36% of B2C marketers are actively using analytics and data mining to plan relationship-driven strategies.
These strategies have been found to increase customer acquisition, reduce customer churn, and improve existing products for more sales.
You can leverage data and implement the insights with a robust customer relationship management (CRM) platform to build relationships with your customers. The key is to give them what they want when they want it to increase engagement, loyalty, and customer lifetime value.
Embed Intelligence Into Contextual Marketing
By bringing together evolving customer preferences and interactions across channels, marketers can now take contextual marketing to the next level.
When a customer enters a search term on your website or app, you can combine the search term with the customer’s purchasing history to improve the relevance of the search results and product recommendations.
Develop Customer-Centric Strategies
The use of customer data and single customer view turns the focus from executing discrete campaigns to managing customer lifecycle.
Through improving customer experience across all touch points, companies are better positioned to cultivate long-term relationships that lead to greater customer loyalty and lifetime value.
Optimize Go-To Market Plans Using Geoanalytics
Customer data can show you how demand differs across geographic regions.
Using this insight, you can align your sales and go-to-market strategies with territories that have the greatest sales potential to increase sales, improve supply chain efficiency, and reduce cost.
Identify VIP Buyers To Increase Sales
By analyzing average purchase amount, lifetime value, acquisition cost, and retention, you can identify your “VIP” customers that are of highest value to your business.
You can then focus your customer care efforts to nurture relationships with this segment with a personalized shopping experience and targeted content or offers to increase engagement and loyalty.
Deliver Consistent Omnichannel Customer Experience
The use of robust Customer Data Management (CDM) technologies is making it possible for businesses to orchestrate excellent omnichannel customer experiences across a selling network.
This allows you to effectively move prospects along the buyer’s journey to engage with and purchase from your brand.
The technologies for tapping into the power of customer data are now available at your fingertips.
You can finally collect data, collate information, generate insights, and turn them into implementable strategies that will dramatically increase your marketing ROI.
Discover how NectarOm’s suite of tools can help you leverage customer data and take your marketing to the next level.