To fuel your business, you need repeat customers. Research shows sixty-five percent of a brand’s business comes from returning customers.
During a time when businesses are shouting their messages on every platform and channel, marketers must ask themselves one question: How can we land more loyal, repeat customers?
The solution in today’s digitally driven world is data.
Businesses need a treasure-trove of customer data to rely on. Using robust customer data, you can understand what your customers are all about. Data can show you what your customers like, what products they’re interested in, when they come in, average check size, and what the lifetime value of each customer is.
Marketing trends are shifting toward data-driven strategies for several reasons.
Data enables you to identify, engage, and reward the right customers
It used to be that marketers and business owners didn’t have much data to base decisions on. Nowadays, you have a lot more robust data to use to power your marketing efforts. Data-driven customer engagement platforms like Thanx enable you to see at-a-glance who your best customers are so you can reward them and grow your business. You can also see how each of your campaigns perform to ensure your programs are ROI positive.
Data allows you to segment your audience for massive relevance
With data, there are no more guessing games. Marketers have a tendency to assume they know their customers, but the truth is, every audience is made up of several different facets that are impossible to see without data.
Data gives way to a whole new kind of targeted, personalized messaging so you can send the right message to the right person at the right time. It used to be that you had to send the same message or offer to everyone and hope it worked. Those days are long over. Today’s customer engagement programs allow you to segment your customers based on a multitude of behaviors enabling you to send them offers that will resonate and get acted on all while driving more revenue and ROI for your business.
Data enables you to re-engage customers and avoid churn
Did you know that almost 80% of your revenue usually comes from just one-fifth of your customers? And acquiring new customers is important, but it’s seven times more cost effective to gain an incremental visit from an existing customer.
By identifying your top customers who drive the lion’s share of your revenue and engage them personally you can increase visit frequency and spending while reducing churn.
In this post, we’ve touched on just a few ways data can benefit your business and help it grow.
To learn more about the challenges that marketers face when it comes to data, check out this insightful infographic, The Eye-Opening Truth About Data-Driven Marketing from our friends at Campaign Monitor.