It’s About Long-Term Customer Experience
It makes sense to manage your customers with a long-term point of view. A repeat customer spends 67% more than a new one and companies are finding success with longer-play customer interaction strategies that bring about new growth and profitability. It not just about landing that new account, keeping customers long-term is also important. As a result, CMO’s are refocusing their efforts to maximize long-term customer experience.
The idea is to maximize revenue at every step along the customer journey with your company — from acquisition to upsell/cross-sell to loyalty and retention. But it takes careful coordination of process, technology and people to make it work. How can you make the most of your efforts? Here are three activities to consider:
Dig More Deeply With Analytics
It’s hard to sell more to your customers when you don’t really know much about them. Savvy organizations gain value through more inclusive analytics; collecting data from new and disparate sources to gain a 360-degree view of their customers.
Leverage Loyalty Programs
Only about half of companies today can identify their most loyal customers. Can you? Deeper analytics means deeper understanding of who your most loyal customers are and the ability to design high-impact loyalty programs. Build success with integrated, cross-functional programs and campaigns that take advantage of a better understanding of customer preferences and predispositions. One way is to create loyalty programs to maximize customer lifetime value and experience.
Ongoing Customer Experience
Optimizing the ongoing “customer experience” is creating real and quantifiable value for companies. The key is crafting customer experience strategies that are truly linked to the broader strategy of the business. One way is to assess the many points at which you interact with customers—online, mobile, social media and in print—and determine the right level message, delivery and experience to deliver.
What Next?
Best-in-class organizations understand where customers are in the different phases of their journey with the company and they work to manage the experiences and grow brand loyalty. To reach this classification requires investments in people, process and technology. Contact us today to learn more.