7 Ways to Leverage Customer Retention Program Data
Customer data is the foundation of any successful customer retention program because it enables you to better profile customers. If you want to increase customer loyalty, you need to have an in-depth understanding of your customers’ wants and needs. And in order to understand customers, you need to understand the data that describes them.
The best way to stand out from your competition is to analyze customer data and use it to identify trends and opportunities. By leveraging data from your customer retention data base, you can transform knowledge of customer behavior and lifestyle/demographic information into actionable insights. Here are 7 ways to leverage data from your customer retention program:
1. Personalize the experience
Your customers want a personalized shopping experience. Prior to the advent of technology-driven retention programs, delivering personalized experiences on such a large scale was virtually impossible. Today, you can capture and analyze customer activity and provide your best customers with the personalized attention they deserve.
2. Segment your customers
Determine the lifetime value of your customers, segment them according to their value, and treat them differently based on their profitability. Evaluate how specific customers react to specific offers.
3. Gain insight from social media
Social media is a two-way communication channel that enables you to obtain valuable feedback from your customers. Taking the time to learn about your customers’ preferences is worthwhile. By asking questions and listening, you’ll be able to anticipate your customers’ future needs.
4. Measure everything
Establish performance metrics and measure everything. Set customer retention program goals that are based on your business objectives. You’ll have an easier time securing the budget and organizational buy-in required to justify the investment in a customer retention program if you are able to provide tangible return-on-investment metrics to executive sponsors.
5. Determine what provides a superior customer experience
If customers buy from you on a regular basis, don’t disappoint them. Determine what provides a superior experience to your customers and use that information to enhance interactions and communications.
6. Train customer-facing staff
Train customer-facing staff to ensure that they also create value with the customer intelligence gained from your customer retention program. In order for a retention program to succeed, employees at all levels of your organization must embrace it and share the same vision.
7. Focus primarily on positive responders – not all customers
Don’t waste your valuable resources targeting indifferent customers. Rather than targeting all types of customers in your retention program data base, focus primarily on positive responders.
Contact LoyalMark Today
If you’re looking for an effective customer retention program management tool that enables you to track customer data and transform it into profitable insights, give us a call at 1-866-233-6326 or fill out our form to get one of our experts to call you with a quote.