Just having the right customer analytics in place isn't enough to maximise customer relationship management and database marketing efforts. The Customer Journey is simple in principle and execution – yet key to boosting CRM and data marketing activities aimed at growing sales. It is intrinsically linked to our view that more profit from customers can be driven from five actions:
- Acquiring new customers
- Persuading existing customers to spend more
- Getting customers to buy more often
- Less attrition – customer retention
- By encouraging product switching from lower margin to higher margin
By understanding the customer journey, companies can determine which customers have decreased, increased or stayed the same. This kind of customer insight is critical in deciding what action must be taken to build customer loyalty, i.e. to encourage defecting customers to stay or conversely, identifying very loyal customers and taking pre-emptive action to make sure they don't defect.
If you would like more information on how we can help your business with the Customer Journey and other aspects of CRM and data marketing, feel free to contact us