Think of your company as a giant bucket of water. The water in your bucket represents your customers—the lifeblood of your business. Every drop of water that leaks out of your bucket is a lost customer, lost sales and lost future revenue.
Trying to keep the bucket full by pouring more water into it (acquiring new customers), is a short term strategy and a waste of money.
Now imagine how quickly your business would grow if you could identify where the leaks are and fix the leaky bucket!
HOW LEAKY IS YOUR BUCKET? CONSIDER THE FOLLOWING QUESTIONS:
•Do you know who your best customers are?
•Do you know who your worst customers are?
•Do you know which customers you just lost, and which ones you’re about to lose?
•Can you identify customers who buy often, but spend very little?
•Can you target the customers who spend the most at your store?
If you answered NO, to any of the questions above, then your bucket has more holes than you think.
HOW TO FIX THE LEAKY BUCKET
Every time your customers interact with your business, they are telling you something! Through what they do and the DATA these actions create;
THE DATA “SPEAKS” WHEN THEY DON’T, THE DATA BECOMES THEIR VOICE.
An action or inaction is them putting up their hand. Seeing the raised hand and reacting to it appropriately, is how you plug the leaks in your bucket to maximise the VALUE from your customers.
Sounds good, BUT … How do I listen to my customers? How do I react to what they are telling me?
TURN DATA INTO KNOWLEDGE
A goldmine of untapped customer data lies unused within your business – turning this data into customer insights is how you start tapping into this rich resource. However, insight is a nice to have, pretty graph in a report no-one ever reads unless it is actionable. (Definition, actionable: adjective: able to be done or acted on; having practical value)
Creating insights which are actionable is a difficult task that even seasoned analysts struggle with.
So how do you create actionable insights from your customer data?
UNDERSTAND CUSTOMER BEHAVIOUR
Customer data analytics, segmentation & behavioural modelling allows us to understand when, how often, how much and what customers buy or do when they interact with your business. Customer interactions can be based on purchases, visits, logins, promotional responses or any other relevant customer events, or combinations thereof.
Analysing customer behavioural is one of the most basic, yet powerful marketing concepts, but is often forgotten or simply not used. Interestingly enough, this is where Amazon started their journey.
“Behavioural analytics is powerful because once you understand how your customers behave you can influence, react to or change their behaviour using the most appropriate form of relevant and targeted customer communication”
You can’t change a customer’s age, sex, gender, income or product preferences, but you can certainly influence or change their behaviour. Behaviour also cuts across demographics e.g. a 65 year-old grandmother can purchase as much, and as often as a 30 year-old male without any children. Targeting you customers based on demographics alone means wasted opportunities.
USING CUSTOMER BEHAVIOUR
Customer behavioural analysis, segmentation & modelling is a potent marketing & business tool because it provides a multi-dimensional and dynamic view of your customers across the following key dimensions:
•Understanding Customer Lifecycle = “the right message, to the right customer at the right time”
•Understanding Customer Engagement = “ability to drive repeat behaviour”
•Understanding Customer Value = “where to invest time, effort and money”
• Understanding Changing Behaviour = “pro-active, surprise & delight vs. reactive, often too late”
Click here …To find out more about customer behavioural analytics and boosting business growth
BUT THAT’S NOT ALL…
Behavioural analytics will enable the following key areas:
•Increase conversion rates (prospect to customer)
•Drive customer retention, value and engagement
•Prevent customer churn
•Foster repeat purchase behaviour
•Boost cross-sell and up-sell
•Optimise marketing spend
•Grow customer life time value.
•Targeted new customer acquisition.
•Creates the foundation for “test & learn”
HOW DO I GET TO KNOW MY CUSTOMERS?
Customerlink specialises in developing & implementing data analytics & marketing solutions that will help you know, grow and keep your customers.
Every business, big or small, is different.
We custom-build solutions for: YOUR customers, YOUR business, YOUR budget.
We specialise in helping SME’s, online businesses – B2B or B2C
• CONTACT US NOW … for quick & easy tips on how to grow and keep your customers.
• OR Get in touch ….To find out more about customer analytics and how to maximise customer value and grow your business.
• Click here to visit our website
• OR Email Chris@customerlink.co.za