As a business you collect vast amounts of data about your customers, but are you using it effectively? Rising customer acquisition costs mean that you need to take a more proactive role to improve client retention. The insight that call tracking technology provides enables you to create and cultivate strong relationships that promote loyalty and deliver customer lifetime value.
Turning data into insight
The former Chairman and CEO of General Electric, Jack Welch, once said: “An organisation’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”
Those words still ring true today.
Consumers are more demanding now. To gain – and maintain – your competitive advantage, you need to learn to utilise your data more efficiently.
Your website, call centre, email, mobile, purchase history and social media channels are just a handful of ways you can capture information about your customers and prospects – and use it to your benefit.
Drilling down into consumer data allows you to target prospects based on their actual behaviour. It also helps you to predict future actions based on previous consumer behaviour, allowing you to up-sell and cross-sell products with increased efficiency. Take Amazon’s recommendations as an example:
Turning insight into action
This data can also be used to discover what customer segments will respond best to particular messages, which offers will they find more relevant and compelling and which channel will elicit the optimum response, enabling you to reach the right audience more effectively.
For marketers, this knowledge is critical. Data drives marketing strategies: our blog on Programmatic Marketing goes into more detail about how this is evolving.
Keep your existing clients and contacts engaged
According to a Marketing Sherpa report, 55% of Chief Marketing Officers state that the average sales cycle is longer than three months.
Start the process early. For example, nurturing your existing contacts and leads during the Christmas period means that, by the time the new financial year begins, they’ll be much more responsive to you.
Newsletters, offers or previews of new products or services are all great ways of keeping your existing subscribers engaged. You never know where these initiatives could lead: By offering an existing customer a free trial of a new service, you may end up converting them at the end of it.