In order to optimize the value of your customer base, brands are
required to constantly be in a process of re-attracting, re-engaging and
re-converting their current customer base to leverage latent value.
Re-acquisition processes (acquiring them in another segment, acquiring them in
a new channel, broader share of wallet) drive cross-sell and up-sell.
It may be a basic concept that companies need to have single view of
the customer across the enterprise—the reality is that today, it’s not enough.
You need extraprise and intraprise views. Not just across your own systems but
with media partners and marketing partners. And you can’t do it with just a
technology product from a software vendor. This isn’t enough anymore. Offers
need to be consistent across channels and media, even ones the brand doesn’t
own. That’s achieving reach with certainty.
To drive cross-sell and up-sell you need to understand customer
characteristics and propensities—insights to customer segments. Expectations
are higher because of your pre-existing relationship with them.
Decisioning – once you have
your databases aligned so that you have the ability to listen and respond, how
do you then take the right applied insights to create the best and most
relevant offers? More optimized engagement—the combination of the right offer
with the right tone with creative—provides consistency with your customers and
helps create an ongoing dialogue across channels.
You can respond in real time however they come to you—whether at a
point of sale, mobile, etc …. Whether your primary metrics are RFM, Share of
Wallet or lifetime value, closed loop reporting can help you track and optimize
your performance on the segment level.