Customer acquisition & retention
Adding and keeping a new customer in a congested market is a difficult and expensive task. It’s up to the marketing team to understand their ideal buyers’ needs in order to allocate resources, execute effective programs, and lower the total cost of customer acquisition and customer turnover through the use of data.
Next best offer
Now that a new customer has just purchased a new product or service, what’s next? Recommend the next best offer in order to increase conversion upsell rates and total customer value. Consumer buying behaviors are captured in clickstream, CRM, and marketing automation systems, so leverage it.
It costs ten times more to acquire a new customer versus keeping an existing one in the fold. It’s important that organizations collect every interaction in order to identify leading indicators of unhappy customers, keep their existing customers, and improve net promoter scores.