 |
 |
Developing and improving the relationship with your customers requires a credible retention strategy; one that reduces churn and builds customer loyalty. We help clients define important customer segments that allow them to focus marketing budget on the most appropriate areas, rather than wasting resource on inappropriate initiatives or customers.
However, with one eye on profitability, the level of client service provided is unlikely to be the same for every customer.
Matrix-Data’s analysis of client databases provides valuable insight into customer’s buying habits. By working through these patterns we develop different customer segments to generate behaviour models. This helps our clients decide on the most appropriate course of action and customer service level.
Examples of Matrix-Data’s retention and growth strategies include:
Welcoming new customers
Once a prospect has purchased from your company, a welcome message helps to reassure them they have made the correct choice in buying from you. At Matrix-Data we have a wealth of experience in managing the delivery of these messages cost effectively. They could be in the form of an e-mail, welcome pack in the post or a telephone call thanking them for their business.
For example, one of our customers tried to experiment with ‘welcome calls’, made to new customers just after receipt of their first order. After 6 months, it was found that the welcomed customers were spending about 30 percent more than the non-welcomed. Furthermore, 92 percent of those customers who had been ‘welcomed’ were still active, against only 86 percent of those who had not received a welcome call.
Back to top
Up-selling to existing customers
Enhanced communication improves the customer relationship by building loyalty and facilitates opportunities to sell better and higher value products and services. Understanding what the customer wants, and when, is vital, as is recording the information accurately. Matrix-Data is constantly involved in helping our clients pinpoint such opportunities through our customer intelligence analysis and database management skills. This includes information such as knowing when to contact customers to re-order or profiling them to assess their propensity to buy more.
Back to top
Cross-selling products and services
This involves selling the customer a wider range of products and services than they originally came to you for. Detailed analysis of your customer database and an insight into their requirements will enable your company to promote a wider range to your existing customers. Matrix-Data’s analytical techniques help to identify which customers are most likely to be receptive to new products.
Back to top
Renewing annually driven business
This concept is similar to Up-selling but is usually far more relevant to most businesses. Most customers simply want to renew their existing product or service rather than upgrade it.
Detailed customer analysis and insight enables companies to know precisely when to contact customers. This increases the likelihood of re-order and reduces irrelevant marketing communications spend. Matrix-Data’s technology is ideal for seamlessly generating alert intelligence based on the monitoring of previous behaviour.
Back to top
Reactivating lapsed customers
If all else has failed, re-establishing contact with lapsed customers should form an important part of any retention strategy.
The reasons for non-renewal are numerous, but at least knowing that the customer has had an historic requirement for your product or service means they may need it again in the future. Good database management can assist you in knowing who should be approached and when.
Back to top
For more information please email sales@matrix-data.co.uk or telephone 020 7074 1200.
|
|
