Article Published: September 29, 2014
Article Published: September 29, 2014
As customers continue to gain unparalleled means of interacting with and influencing the successes of companies, a personalized and flexible customer-centric marketing strategy has become critical. By analyzing the customer experience through various market segmentations, companies will gain the knowledge they need in order to affect market share and increase ROI.
Without the proper strategy and culture, marketing campaigns remain futile and expensive. Organizations need a proven approach enabling them to walk, run, and then, fly with the goal of focusing on strengthened company-customer partnerships.
Chances are you have a lot of valuable customer information across every channel you service. You’ve been in many marathons to keep up with demand and ever changing business needs. Just as soon as you cross the finish line, you are on another mad dash to keep up with enhanced initiatives.
What is the shortest path to increased ROI? Start by “walking” through the organization to assess the state of your current data, infrastructure and processes so you can create the right solutions.
In parallel, begin your “run” through the next level. Create milestone road maps by identifying opportunities for improvements and grouping them into logical and more sustainable sprints. Determine effective ways to break through status quo culture hurdles, limitations in processes and business intelligence quicksand.
To remain effective, businesses must exceed customer expectations by transitioning from enhancing relationships with customers to building partnerships with them. The more you learn about your customers, the more opportunities you find for enhancing your strategies, business processes and analytics, the higher you will “fly.”
Processes pertaining to how customers purchase products or services remain isolated where reporting is limited to analyzing one channel or the other, but not depicting the customer journey. This creates gaps in your otherwise perfect marketing strategy. Multichannel and omnichannel analyses allow organizations to share valuable information and profile customers across all channels. This is a key component to beginning to create customer partnerships that will result in continued brand loyalty.
Business decisions based on analysis-ready data are crucial to achieving positive results. With a universe of data scattered throughout several systems and undocumented legacy solutions comes the need for an organized approach to Data Management and Architecture. SDLC Partners’ high performing team of experts can help you execute by identifying and mapping out relevant sources of data as well as devising a strategy to incorporate missing pieces. Through this process, our business analysts collaborate with key stakeholders to create practical business processes and business rules aligned to your company’s overall vision. The data architects will determine the best methods to house the data into a collective, manageable reporting system.
Now with the centralization of invaluable data, our team can help build a comprehensive consumer-centric reporting solution capable of delivering key insights to help improve your outreach and offerings. The team utilizes tools and techniques including data mining, data visualization, statistical and predictive modeling, and marketing channel analyses. We can build the tools to identify logical customer groups in which to measure acquisition targets, retention and attrition rates.
Businesses invest heavily in marketing campaigns, but often have little understanding of their value. Campaign effectiveness utilizes control groups which are measured against campaigns in order to establish campaign “lift” and “shift.” Incremental revenue and margin dollars are compared against campaign cost dollars to infer ROI.
A powerful analytics system, however, isn’t just about measuring what has happened. It is also about what could or will happen. Based on customer valuation models and retention indicators, which customers will leave, when, and why? Which customers should we concentrate on? What are the opportunities for up- or cross-selling across products? How much more revenue can be made from impulse buying if we, at no cost, ship expensive online purchases to stores for pick-up?
SDLC Partners has the breadth of knowledge and the experience to help you create and execute the consumer analytics strategy that will enable you to walk, run, and fly your way to increased ROI and market share year over year.