5 Ways to Boost Customer Loyalty Using Data Analytics

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5 Ways to Boost Customer Loyalty Using Data
Analytics
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• The customer is always right.
• Although this is a phrase that has been a staple
  of business for decades, in this era of
  customer-focused marketing, it takes on both new
  shape and importance. We are living in the age of
  the smart consumer they know what they want, and
  they also know that if one business doesnt
  provide it for them, theres likely many others
  just a mouse click away that will. The crowded
  marketplace means that customers are less likely
  to remain loyal to one brand, and the advent of
  social media has also empowered consumers to
  share both positive and negative brand
  experiences online.

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• E-commerce has provided customers with a plethora
  of opportunities and choices sitting right on
  their smartphone, which can be a positive for
  businesses who pay attention to their customers
  needs and a drawback to those who arent using
  customer data to empower their marketing
  strategy. If youre not collecting and utilizing
  customer data in your efforts or are unsure of
  how to use analytics to boost your customer
  lifetime value (CLV), read on for some ideas.

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Using Data Smarter, Not Harder

• Marketers have been told for some time now that
  the key to creating more relevant, sticky
  campaigns is to use data to inform your content.
  But the utility of data analytics goes beyond the
  campaign level. Todays laser-focus on customer
  experience and journey means that data should be
  the backbone of your entire business strategy.
• However, while many businesses may realize the
  star role that CX needs to play in their efforts,
  few truly know how to use data analytics to
  improve the experience and garner true customer
  loyalty.

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• According to a recent study published by
  McKinsey, businesses use of analytics to create
  a competitive edge in customer experience is only
  at 32. This demonstrates the issues that many
  businesses are having in trying to apply data in
  a universal, transactional way across their
  entire organization.
• Great customer experiences lead to higher
  retention rates, increased brand loyalty, and
  bigger customer lifetime value (CLV). Improving
  customer experiences can seem like a
  straightforward task, but unless you base new
  tactics and strategies on tools like zero-party
  data, you might be putting in effort and
  resources in the wrong places.

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• So, what are some RIGHT ways to use data
  analytics to improve customer loyalty? Heres 5
  ideas to help you get started building that
  data-driven competitive edge.
• Segment Customers Based on Demonstrated Behavior
• Todays ultra-connected world means that both
  your current and new customers will interact with
  your brand through many different channels, but
  eventually, they will develop a preferred way in
  which they obtain the goods and services they
  need from you.

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• These preferences provide valuable insights about
  themselves, their behaviors, their lifestyles,
  and even their future purchases and areas of
  need.
• By using a Customer Data Platform like FiOs
  Insight Marketing Platform (IMP), you can segment
  users based on these various touchpoint behaviors
  on autopilot.

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• If you have an e-commerce store, a true IMP will
  allow you to segment your patrons based on their
  transaction history, number of previous
  purchases, and even their product search history,
  which can provide you with insight that informs a
  potential path for each customer. For example,
  consider the potential implications of someone
  who purchased X product 12 months ago, but then
  also looked at the upgraded version of the
  product and also downloaded the whitepaper on the
  upgrade using an email link sent to them.

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• You can use these touchpoints to know exactly
  what branded campaigns to send them, and through
  which channel (email) to which theyre most
  likely to respond. You can also infer their areas
  of interest and what other product and service
  knowledge will be beneficial for them to see.
  This type of data segmentation not only leads to
  increased sales, but also makes the customer feel
  as if youre paying attention to their needs and
  serving as a helpmate to them in their search for
  the right product. Know more visit our blog here
  https//www.groupfio.com/5-ways-to-boostcustomer
  -loyalty-using-data-analytics/