|
:: RATCHETING-UP CUSTOMER RETENTION: 5 THINGS YOU NEED TO KNOW
Where do you start when you measure the success of your marketing programs? Do you start with ROI (Return on Investment) or ROC (Return on Customer)?
The tides are changing – no longer is a marketing program’s success measured on the number of customers acquired. The objective of a successful program needs to be the total lifetime value of that customer. Based on results from a poll conducted during a recent Chief Marketer webinar, 76.8% of marketers who responded said most new customers are susceptible to leaving within the first 3 months.
Marketers need to follow what happens to the customer after the initial interaction. Are they still a customer? Have they purchased more? Are they continuing to engage? Your new customer is only as good as their likelihood of remaining a customer and their total lifetime value. Below are five things you need to do to ensure you’re not only acquiring customers, but that you’re acquiring the right customers:
-
Leverage customer data: Create preference centers to capture customer needs and product interests and take the time to do pre-purchase analytics to ensure you’re targeting the customers that best fit your target and can benefit most from your value proposition.
- Map out customer lifecycle: Determine what events will trigger what offer or communication to which customer. This allows you to create a path for each customer.
- Create a communications stream: Leverage customer information and analytics to determine who the best customers are for which products and services.
- Event-trigger communications over 1 channel to start: Start with 2-3 streams of communications using one channel, measure the impact and results, and adjust as necessary.
- Tailor your message: Using new technology to develop templates that allow you to use dynamic content allows you to create hundreds of versions. The more relevant your communications, the more successful your programs.
|
