When financial institutions evaluate their marketing priorities there’s a misguided emphasis on customer acquisition. It’s a pervasive oversight – disproportionately allocating budget and resources to acquisition marketing while neglecting the profound growth outcomes that come from engagement marketing. The prevalent focus on new customer acquisition results in suboptimal resource utilization, stunted growth opportunities, and a loss in customer loyalty. According to Harvard Business Review: ➡️ Retention is 5X more cost-effective than acquisition ➡️ A modest 5% increase in retention can elevate profits by 25-95% ➡️ Engagement marketing can enhance usage by 34% Forrester’s 2024 CX report revealed a sharp decline in customer engagement, reaching it's lowest point this year compared to any other time in the last decade. It's now table stakes for organizations to recalibrate their strategies, emphasizing the cultivation and expansion of their existing customer base to achieve sustainable success. By prioritizing engagement marketing, companies can unlock substantial business growth and drive long-term value for their customers. #MarketingStrategy #CustomerRetention #Fintech #CustomerEngagement #BusinessGrowth
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In the dynamically changing business environment of today, fostering customer loyalty is no easy feat. Yet, companies are finding gratification in leveraging strategic digital rewards to set their brand apart by boosting customer retention. 🎯 It is a remarkable identifier of how consumer behavior is shifting towards a realm where recognition and rewards play a pivotal role. Here's the prediction: ✔️ The horizon of business strategies will revolutionize with an increased inclination toward digital rewards and digitally savvy customer retention programs. Couple of thoughts: • By providing valuable and accessible rewards through digital mediums, businesses can create a stronger bond with their customers. This is the forefront of cultivating a deep sense of loyalty that today's customer seeks. • The competitive landscape continues to evolve, yet the core of driving customer retention remains rooted in a gratifying customer experience. Deploying digital rewards tremendously enhances that experience. This newfound approach isn’t just a blip - it’s the future of brand-customer relationships. On this exciting journey, brands need to identify, strategize, and monetize dynamic reward mechanisms to truly understand their customers. 💭 Some end thoughts: As the digital landscape progresses and becomes more saturated, digital rewards are poised to emerge as decisive factors in consumer decision-making. Brands who adapt to this revolution will likely foster deeper relationships with their customers, creating longtime advocates for their product or service. From a proactive perspective, continuously reimagining reward strategies will safeguard brands in maintaining a lead role in the competitive business ecosystem. Let's boldly embrace the unfolding digital reward revolution towards heightened brand loyalty and superior customer retention! #DigitalRewards #CustomerRetention #BrandLoyalty
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Customer Lifetime Value (CLV) isn't just a number; it's the heartbeat of sustainable growth. Yet, many businesses undervalue its profound impact on revenue strategies. Discover how strategic adjustments in your customer engagement can turn the tables on traditional revenue models. Here's how: 𝟏. 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐃𝐚𝐭𝐚 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬: Dive deep into customer data to identify behavioural patterns and tailor personalised experiences that boost retention. 𝟐. 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐘𝐨𝐮𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬: Not all customers are equal. Develop targeted strategies for high-value segments to maximise returns. 𝟑. 𝐄𝐧𝐡𝐚𝐧𝐜𝐞 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐈𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐨𝐧𝐬: Every touchpoint is an opportunity. Ensure your team's interactions are aligned with customer expectations to increase satisfaction and loyalty. 𝟒. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤 𝐋𝐨𝐨𝐩𝐬: Use customer feedback to refine your offerings continually. This will help you stay relevant and valuable to your customer base. 𝟓. 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐚𝐜𝐭𝐢𝐯𝐞 𝐑𝐞𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: Don't wait for churn to act. Initiate retention campaigns that engage customers at critical moments in their journey. 𝟔. 𝐎𝐩𝐭𝐢𝐦𝐢𝐬𝐞 𝐔𝐩𝐬𝐞𝐥𝐥 𝐚𝐧𝐝 𝐂𝐫𝐨𝐬𝐬-𝐬𝐞𝐥𝐥 𝐓𝐞𝐜𝐡𝐧𝐢𝐪𝐮𝐞𝐬: Understand your customers' needs and present them with offers that are hard to refuse at the right time. 𝟕. 𝐔𝐬𝐞 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐯𝐞 𝐌𝐨𝐝𝐞𝐥𝐥𝐢𝐧𝐠: Predict future buying behaviours based on historical data to create compelling offers that resonate with individual customer needs. 𝟖. 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧: Empower customers with knowledge about how to get the most from your products or services, leading to increased satisfaction and loyalty. 𝟗. 𝐁𝐮𝐢𝐥𝐝 𝐚 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲: Encourage customers to connect with each other and share their experiences. This can enhance loyalty and increase lifetime value. #B2BMarketingStrategies #RevenueGeneration #CLVStrategies #CustomerEngagement #DataAnalytics #PersonalisedExperiences #B2BMarketing #DemandGeneration #SaaSMarketing #ABM #GTM
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🚀 FREE WHITEPAPER on The Power of Loyalty Analytics & KPIs! 📈 💻🔗 https://lnkd.in/gtkxjKZt This FREE #whitepaper from Brierley | Capillary is your guide to transforming brand loyalty by leveraging key #data & #analytics! From mastering #KPIs to leveraging the BLQ, you’ll learn how to create dynamic, effective loyalty programs that resonate with customers. 🎯 What You'll Discover: ▶️ The significance of leveraging essential loyalty KPIs for sustained brand success. ▶️ Innovative strategies to elevate your loyalty program & stand out. ▶️ Cutting-edge techniques to enhance customer engagement & forge stronger connections. ▶️ A strategic analytical approach that harnesses sophisticated methods for an impactful loyalty program. 🌟 Key Benefits: ✔️ Transform customer interactions into actionable insights. ✔️ Navigate the complexities of consumer behavior with data-driven strategies. ✔️ Optimize your loyalty solutions for maximum engagement & loyalty. ✔️ Enhance #CX to boost retention rates & foster deeper loyalty. 💻 Download NOW & begin your journey towards loyalty analytics excellence! Let’s enhance your #LoyaltyProgram together for groundbreaking #CustomerLoyalty & brand success! 🔗 https://lnkd.in/gtkxjKZt #LoyaltyMarketing #DigitalMarketing #CustomerExperience #DataAnalytics #CustomerRetention #BrandLoyalty #whitepapers
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🔍 Focusing on the Customer Journey It’s like a skewer running left to right across the BIG PICTURE Board! What tends to happen is teams relate to the conversation and are able to fill out elements of the journey, then the penny drops, that’s not the whole thing! It’s a strong reminder that maintaining consistent, meaningful interactions with customers is a real challenge. But what if you could see the full journey, from the first touchpoint to post-purchase support, and spot opportunities for deeper connection? Well, that’s why it’s a central axis to the BIG PICTURE Board. Here are 3 examples of how to create a more engaging Customer Journey by connecting different aspects of your business- anchors if you like on the Board to work out from: 💡Initial Contact (Marketing & Customer): The first time a Customer interacts with your business is crucial. Focusing in Marketing using the Customer symbol helps you visualise how well your marketing efforts are aligned with how your Customer is experiencing. Use the Measure Symbol to track how effectively your campaigns attract and engage your audience; 💡Purchase Decision (Sales & Money): When your customer moves closer to making a purchase, mapping their journey with both in Sales using the Money symbol allows you to ensure your sales process is seamless, and that financial aspects (like pricing and payment methods) are easy and transparent, reducing friction; and 💡Post-Purchase Support (Operations & Customer Care): After the sale, the Customer experience doesn’t stop. By linking the Operations and Customer Care areas of the Board, you can improve the quality of your product/service delivery and ensure your Customer support is proactive and responsive, enhancing long-term satisfaction. By mapping these touchpoints and their connections, you can see where gaps exist and turn them into opportunities for improvement. If you have time you can explore how the Customer Journey loops back around and maps to value and purpose. It’s like deep Business Analysis in the form of a damn good conversation! 💡 Want to dig deeper? Check out our BIG PICTURE Masterclass https://lnkd.in/eEsGU4VF #CustomerEngagement #BusinessGrowth #SME #CustomerJourney #BIGPICTURE #BusinessStrategy #CustomerSatisfaction
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Dot-joiner helping make business better, more human. Founder @YourBigPic creating Wicked Outcomes™ from Challenges. Creator of BIG PICTURE® the collaboration tool. Let's connect OUR dots!
This pattern is in my DNA thinking about a business. Not just the first pass through but the the value eddy current in Operations and the loop back around with or without Marketing. I love to apply it to different kinds of business thinking and combine it with the other Symbols. Always leads to a wholesome conversation. #CustomerEngagement #BusinessGrowth #SME #CustomerJourney #BIGPICTURE #BusinessStrategy #CustomerSatisfaction
🔍 Focusing on the Customer Journey It’s like a skewer running left to right across the BIG PICTURE Board! What tends to happen is teams relate to the conversation and are able to fill out elements of the journey, then the penny drops, that’s not the whole thing! It’s a strong reminder that maintaining consistent, meaningful interactions with customers is a real challenge. But what if you could see the full journey, from the first touchpoint to post-purchase support, and spot opportunities for deeper connection? Well, that’s why it’s a central axis to the BIG PICTURE Board. Here are 3 examples of how to create a more engaging Customer Journey by connecting different aspects of your business- anchors if you like on the Board to work out from: 💡Initial Contact (Marketing & Customer): The first time a Customer interacts with your business is crucial. Focusing in Marketing using the Customer symbol helps you visualise how well your marketing efforts are aligned with how your Customer is experiencing. Use the Measure Symbol to track how effectively your campaigns attract and engage your audience; 💡Purchase Decision (Sales & Money): When your customer moves closer to making a purchase, mapping their journey with both in Sales using the Money symbol allows you to ensure your sales process is seamless, and that financial aspects (like pricing and payment methods) are easy and transparent, reducing friction; and 💡Post-Purchase Support (Operations & Customer Care): After the sale, the Customer experience doesn’t stop. By linking the Operations and Customer Care areas of the Board, you can improve the quality of your product/service delivery and ensure your Customer support is proactive and responsive, enhancing long-term satisfaction. By mapping these touchpoints and their connections, you can see where gaps exist and turn them into opportunities for improvement. If you have time you can explore how the Customer Journey loops back around and maps to value and purpose. It’s like deep Business Analysis in the form of a damn good conversation! 💡 Want to dig deeper? Check out our BIG PICTURE Masterclass https://lnkd.in/eEsGU4VF #CustomerEngagement #BusinessGrowth #SME #CustomerJourney #BIGPICTURE #BusinessStrategy #CustomerSatisfaction
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How well do you know your customers? Your revenue depends on it! Understanding the differences among them is key to creating marketing strategies that truly resonate. Every customer has unique preferences, needs, and motivations. 💭 You have to understand the sources of the customer heterogeneity and how to deal with it — because ONE SIZE DOESN'T FIT ALL! 🌍 In a world where 5️⃣2️⃣ % of customers will switch to a competitor after just 1️⃣ negative experience, businesses must focus on delivering outstanding customer experience. 🌟 Your ability to cater to the unique needs and preferences of your customers can make or break your success, because: Businesses with more personalized marketing grew 6️⃣0️⃣ % more than those with little or no personalization (Kurve data). Only 1️⃣ in 7️⃣ people feel represented in the ads that they see (DataReportal research). 7️⃣1️⃣ % of customers expect companies to deliver personalized interactions (according to McKinsey & Company). Curious to learn how to better tailor your marketing to meet the diverse needs of your customers? 🤔 Swipe through our latest carousel to explore the important factors that can help you succeed. 📊 💬 What strategies have you found most effective in addressing customer diversity? Let us know in the comments! #InnoMakerPartners #customerheterogeinty #marketing #STP #STPstrategy #knowyourcustomer
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According to Marketing Week's 2024 Language of Effectiveness survey of 1,200+ marketers, businesses are still prioritizing new customer acquisition over rewarding and retaining existing customers. 📊 Key Findings: - 33% focus on new customer acquisition. - Only 26.2% measure customer lifetime value. - Just 25.1% track customer retention rates. - Customer retention is the second least popular metric after brand affinity. As a brand consultant, I find this to be concerning, but it is also an opportunity. Here's why: 🔹 Balance is Key: While acquiring new customers is important, retaining existing ones is often more cost-effective and leads to higher lifetime value. 🔹 Missed Insights: Brands are missing out on valuable data by not focusing enough on retention and lifetime value. 🔹 Build Strong Relationships: Customer retention and brand affinity are crucial for long-term success. 💡 Recommendations: Balance Strategies: Equally prioritize new customer acquisition and retention. Enhance Experience: Collect feedback and personalize interactions. Foster Affinity: Invest in storytelling and community building. By balancing acquisition with retention and focusing on key metrics, brands can build stronger, more profitable relationships. What's your take on this trend? #MarketingInsights #CustomerRetention #BrandStrategy #CustomerExperience #CLV
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MarTech | Dog Dad 🐾 | Home Chef👨🏽🍳 | Behavioral Insights | Customer Experiences | Multichannel Marketing | Journey Orchestration | Real Estate
First-party customer behavioral data can significantly enhance customer satisfaction, boost revenue, and elevate the marketing team's effectiveness. 🚀 Our insights stem from a comprehensive study by Forrester Consulting, engaging 1,200 marketing leaders worldwide. Curious to explore the outcomes of this global research? Dive into the details here: https://lnkd.in/gmK94wfB #DataStrategy #FirstPartyData #AcousticConnect
The Top Benefits of Customer Behavioral Signal Data for Marketing
marketingprofs.com
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🚀 FREE WHITEPAPER on The Power of Loyalty Analytics & #KPIs! 📈 💻🔗 https://lnkd.in/gtkxjKZt Our new FREE #whitepaper is your guide to transforming brand loyalty by leveraging key #data & #analytics! From mastering #KPIs to leveraging the BLQ for strategic advantage, you’ll learn how to create dynamic, effective loyalty programs that resonate with customers. 🎯 What You'll Discover: ▶️ Leveraging essential loyalty KPIs for sustained brand success. ▶️ Innovative strategies to elevate your loyalty program & stand out. ▶️ Cutting-edge techniques to enhance customer engagement. ▶️ Strategic analytical approach for an impactful loyalty program. 🌟 Key Benefits: ✔️ Transform customer interactions into actionable insights. ✔️ Navigate consumer behavior with data-driven strategies. ✔️ Optimize loyalty solutions for maximum engagement. ✔️ Enhance #CX to boost retention rate. 💻 Download NOW & begin your journey towards loyalty analytics excellence! Let’s enhance your #LoyaltyProgram together for groundbreaking #CustomerLoyalty & brand success! 🔗 https://lnkd.in/gtkxjKZt #LoyaltyMarketing #DigitalMarketing #CustomerExperience #DataAnalytics #CustomerRetention #BrandLoyalty #whitepapers
FREE Whitepaper: Loyalty Analytics - Introduction to KPIs & Metrics | CapillaryTech
capillarytech.com
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We Turn Data into Meaningful and Actionable Business Insights for Customer Lifetime Value Optimization
𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐂𝐋𝐕: 𝐓𝐡𝐞 𝐃𝐍𝐀 𝐨𝐟 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐑𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩𝐬 Understanding and maximizing #customerlifetimevalue (CLV) is critical for businesses aiming to foster long-term relationships and drive profitability. CLV represents the total worth to a business of a customer over the whole period of their relationship. Just as DNA contains the genetic instructions for the development, functioning, growth, and reproduction of all known organisms, CLV encapsulates the essential data about a customer’s value to the company. It’s a metric that goes beyond transactional data, embedding customer behaviors, preferences, and engagement levels, thus offering a comprehensive view of the customer’s worth. 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐋𝐢𝐟𝐞𝐭𝐢𝐦𝐞 𝐕𝐚𝐥𝐮𝐞 𝐢𝐬 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 “𝐡𝐚𝐜𝐤𝐞𝐝.” 𝐈𝐭 𝐧𝐞𝐞𝐝𝐬 𝐭𝐨 𝐛𝐞 𝐞𝐚𝐫𝐧𝐞𝐝. But each customer has unique wants, preferences, and needs. To enhance CLV, businesses need to implement strategies focused on identify the profitable customers and execute actions to improve their satisfaction, retention, and loyalty. Personalized experiences, exceptional customer service, loyalty programs, and consistent engagement across all touchpoints are fundamental. Furthermore, leveraging data analytics for deeper insights into customer behavior and preferences can inform product development and innovation, ensuring that offerings remain relevant and compelling. First party data is key. You know more about your customers than anybody else. Use your own data to understand your most valuable customers and create tailored and memorable experiences for them. With the right customer data, customer lifetime value (CLV) helps you better direct marketing resources and shift your goals from short-sighted quarterly profits to long-term customer relationships that are likely to produce even greater profits.
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3moWell said!