For just about any business that offers services or products, finding and obtaining new customers is a key strategy for growth. But retaining already existing customers is also one of the most essential priorities you should embrace. Why?
Because existing customers are essential to your bottom line and getting them to come back means they have a high lifetime value. They make repeat purchases, and also serve as your cheerleaders because their loyalty leads to better brand awareness as they spread the word about how much they like you.
Consider this example of the benefits of customer retention: Research from Harvard Business Review finds it is much more costly to acquire a new customer than to retain an existing one. But the same study also reveals that increasing retention rates by just 5% leads to profit gains of 25 – 95%. These are figures that should not be ignored.
You Need the Right Tools to Retain Customers
Companies are not putting enough of a premium on customer retention. Research from Sailthru finds only 16% of companies put their primary marketing focus on customer retention, despite its clear benefits.
Perhaps one of the factors leading to this disconnect is a lack of tools to make customer retention a seamless effort. Today, customers expect a positive and even personal experience with the brands they frequent.
Personalising the customer approach is difficult. It requires an omnichannel experience where the buyer feels recognised; from apps to desktop to in-store purchasing. Effective personalisation requires businesses to understand their customer needs and offer meaningful product recommendations, and to anticipate future trends so the customer feels like the business really “gets” them.
Breaking down siloed customer data
The first step in personalising the customer experience is a holistic view of the customer profile. But that’s easier said than done. Many organisations still have silos of customer information, and struggle to truly understand identity information. They need a central view of this information to drive better customer service, improve sales and increase efficiencies. They need customer data unification that is connected to all customer touchpoints.
Without unified customer profiles, it is difficult to develop a personalisation strategy that works across channels. A complete and unified data profile is the only way to offer relevant information such as a preferred way to shop and point of sale information.
How Businesses Can Unify Customer Profiles
To truly win at the customer retention and unification game you must bring together all your transactional, observational, and behavioral data for consumers and enterprises into one area. Enter Dynamics 365 Customer Insights. Dynamics 365 Customer Insights is a customer data platform (CDP) that can help you achieve a holistic view of your customers, enriched with artificial intelligence.
The platform allows you to connect and unify your customer data from disparate systems with ease using pre-built connectors. It allows you to define a customized profile incorporating suitable measures for your business. This allows you to easily define segments or have them suggested by AI-driven recommendations. Additionally, prebuilt Machine Leaning templates are available to predict churn or next action.
These insights enable you to maximize customer lifetime value based on unified customer profiles.
Are you ready to transform into a customer-centric organisation where marketing, sales, and service professionals have the insights they need to personalise engagement? See results faster with a ready-to-go CDP designed to deliver insights that can be acted upon with minimal training and IT assistance.
In partnership with Microsoft, MOQ are offering eligible customers an incentive for up to $5,000 AUD to stand up Dynamics 365 Customer Insights as a Proof of Concept. We will educate your team on the capabilities of the product and drive a greater understanding of your needs for unified customer information across your organisation. Microsoft Dynamics 365 Customer Insights gives your organisation the ability to unify customer data across multiple sources, allowing other tools like AI, Machine Learning and Power BI to provide intelligent actionable insights derived from unified customer data. Find out if you're eligible today!