There are countless ways competitors lure away your customers. That’s why savvy marketers develop customer retention strategies to anticipate behaviors, engage customers, reward loyalty and retain loyal customers longer.
The most successful weapon to fight customer attrition is creating a personalized customer experience. — B2C, Nov 2015
Customer Retention Strategies — Benefits
Marketers anticipate customers; they track visits and purchases. Then they engage customers with relevant offers. And reward loyalty with promotions on items frequently purchased, or on complementary items. And if a loyal customer hasn’t visited when expected, marketers tempt the individual with an offer she can’t refuse. It’s all about offers customers care about. These offers encourage shopping. And add that special treatment consumers expect.
Loyalty isn’t something that can simply be “bought” with rewards. Loyal behavior can only be cultivated over time by consistently knowing, meeting and anticipating customer needs. — Loyalty360, Oct 2015
Customer Retention Strategies — Challenges
Retention analytics are not rocket science. They include: RFM (recency, frequency, monetary), customer segmentation and shopping cart analytics. The sales data holds the details. And the retention strategy can be tailored to customer segments, or even individuals. The data management and data mining, however, are complex and require a deep dive into transactions and complex joins with customer and product data.
Even if CMOs recognize they need to build stronger relationships with consumers through analytics, many struggle sifting through vast amounts of data, coming up with actionable insights. — IBM Big Data Hub, Nov 2015
Most business analysts lack data management skills, or aren’t trained in data mining. They can’t manage complex data. So they create inappropriate and error-filled analytics. And in-house reporting tools fail when data is out of reach or too complex.
Marketers don’t get the customer picture they need and lose confidence in both reporting and data.
Customer Retention Strategies — IDP
Effective use of customer data is a competitive weapon. And the foundation to successful customer retention is accurate, reliable data. At IDP, we understand that your data is challenging, and that you have limited resources.
A problem marketers run into is they don’t have the skillset to understand and manage data, along with tools to analyze and gather data… — Forbes, Oct 2015
We remove the requirement that business analysts manage complex data. We bridge the gap between data management and analytics. So analysts focus on statistics and not on data.
At IDP, we manage large data volumes with complex structures; we integrate disparate data sources and build rock-solid analytical data sets, even in the face of difficult data. And we always collaborate with marketing to generate marketable results.