New customer acquisition is costly. And customers are increasingly demanding, fickle, and empowered with endless options — new and old — to spend their dollars. So brands are rightly focused on increasing retention and share of wallet to maximize customer value.
Brands know that data holds the key to making the customer value gains they want to see. But they struggle to leverage that data in the right way. Here are 3 fresh approaches many brands are not using, but should consider, to improve customer value.
1. The More Data, The Merrier
You are collecting some data — likely even a lot of data — about your customers. You’ve got some demographics, geography/location, and purchase history. You may have their customer service history and website behavior as well.
Don’t stop there. Do you know their marital status, education level, income? How about the words they said when talking to a customer service rep? How about their tweets? How loyal to your brand are their friends, family, and coworkers in their social networks?
And don’t stop with your customers. What about the enterprise itself? You’ve got a wealth of data about every aspect of the business, including sales data, ops data, and much more.
Why is this important?