Notes adapted from an Experian presentation
Companies would do well to focus less on new customer acquisition. More on customer wallet share.
It harks back to the old adage ‘it costs more to get a new customer than it does to keep an existing customer’.
Prospecting is expensive. Consumers are more cautious to buy new brands.
Focus on understanding the customer. Reduce your churn rate. Save money. Increase profitability.
Increase your customer insight. This can come through existing customer data, and also monitoring new behavioural data of website traffic, and campaign split test results. Things that direct response marketers have been doing for 150 years (minus the website bit)
Transactional data analytics: Buying behaviour – when (frequency), what (grade/basket mix/etc), how (process/multichannel touch points), how much (volume/quantity).
Then beyond transactional data comes demographic profiling, overlaid on your customer base. With the development of propensity modelling using insight-append tools such as MOSAIC and ACORN.
Insight. Targeting. Adapt channel mix. Touchpoint frequency. Relevance (message adaptation)
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