Thursday, May 2, 2013

Ways Customer Data Helps Customer Retention

No doubt, data is key to customer acquisition.

But data should be applied to customer retention, too.

When Loyalty360 surveyed 129 executives, here's what respondents said about how data ups the retention factor.

1. Assists with campaign segmentation by identifying groups of customers with similar interests.

2. Triggers 1:1 communications, by effectuating personalized emial campaigns.

3. Builds predictive analytic models that help extract information form the collective experience of a company's customer base and use the data to predict trends, propensities, and behavior.

4. Helps to understand customer attitude and behavior, thus enhancing customer engagement.

5. Helps identify brand affinity.

6. Promotes product propensity and the ability to identify additional products the customer is likely to purchase.

7. Pinpoints channel preference.

Overall, Making Every Interaction Count: How Customer Intelligence Drives Customer Loyalty found that taking action based on the customer intelligence gained from mining and analyzing data yields bottomline results: 54.3% of respondents reported increased spend by loyalty members (54.3%)

Source: Making Every Interation Count, Joint paper of Acxiom and Loyalty360
Download the full paper here.

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