Unlocking the power of data of retention marketing is something that is too often ignored by businesses. They fail to make use of this goldmine of customer retention intelligence that can add more substance and quality to their new sales campaigns. They can help optimize the budgets of new sales campaigns by way of critical decisions made on the strength of organized and validated data.
- Finding Newer And Unexplored Target Markets
Launching a product in new markets, without proper data analysis of its past performance is not profitable. In fact, such an ambiguous exercise can blow-up the cost of new sales programs. Business Intelligence considers data in multiple perspectives. Retention data can indicate the market receptiveness of your product. They can throw up the reasons for which customers love your product. Accordingly the product portfolio can be strengthened and enriched, to yield a positive response even in new markets. Customer retention data can help your business identify new and untried target markets. Such validated and processed data can help in addressing the entry barriers that exist in new markets. When these barriers are negotiated with expertise, acquiring new customers and effecting new sales become less challenging. When customer retention necessitates building of new and interesting attributes in products, their selling probabilities in new markets also improve.
- Retention Data Increases Lead Generation Possibilities
Attracting good leads can be considered as one of the most useful functions of customer retention data. Having a structured retention marketing plan, number-crunches the data, thereby leading to heightened knowledge of the online behaviour of customers. This throws light of what excites the website visitors and the online target audience for the sales campaigns. The response rate of these marketing endeavours can influence the way in which strategies are planned for new leads. Planning the new sales campaign becomes more optimized and purposeful, in the light of data on the main touch points of existing customers with the products offered. For example, one crucial areas of retention is customer service. Analytics is customer service, scan customer complaints, feedbacks and suggestions. These real-time learning experiences can help in crafting new products, new uses in existing products and also new ways of reaching out and attracting leads.
- Automation Of The Pre-Sales Processes
Pre-sales is the areas that absorbs more energy from the sales personnel every time a new sales campaign is launched. Proper data management during past sales can result in better automation of the pre-sales processes. The pre-sales processes are the sum total of all those selling activities performed before a customer is acquired. The sales process gathers momentum in the right direction only when the right salesperson is assigned to the right lead. This is where retention data has a key role to play. Nowadays, businesses record all aspects of sales and it is not a big challenge to find out how and why some selling endeavours have resulted in success while the others have not. This indicates the effectiveness of sales force with respect to different kinds of customers as well as products. The assignment of the best-fitting sales resource to the lead is tantamount to 90% of the pre-sales job accomplished in advance.
- The Power Of Referral Marketing In Inciting Fresh Sales
There is nothing like word-of-mouth publicity that can bring in fresh sales. It is far effective than all other means of business development, for the simple reason that buyer recommendations are objective and neutral. Data on customer feedback and user generated content can help a business capitalize on positive recommendations and learn from critical feedback. When a customer refers a product to his follower or fan base, the business can sharpen its selling strategies on the new target market. Data analysis reveals useful demographics of the customer and his referral network like their age, income, occupations and buying references that can act as precedents in formulating new sales strategy. The viral effect of positive reviews of a product over social media are translated into meaningful formats by slicing and dicing retention data. This helps in promoting referral marketing on large scale, thus enhancing the reach-out of new sales campaigns.
- Brand Awareness Is The Catalyst For New Sales
One of the biggest advantages of following and monitoring the customer journey with your brand is that it can influence the brand awareness in the market. Data on customer feedback, preferences, pain points and competitor selling strategies can lead to better product positioning. Brand awareness is directly linked to product positioning. Thanks to superior technology, we live in an age where data analysis is not a post-mortem exercise but is done real-time. Such real time processing of data, enables businesses to assess the awareness of products in the respective markets. New sales campaigns will stand better optimized if brand awareness has been pre-created due to the vast database of existing clients. New customers will think twice to shop for a products that does not have positive ratings or reviews. With accurate data on customer acceptance on hand, the business can command its selling terms authoritatively in new markets.
- Customer Retention Data Can Be Synthesized For Actionable Insights
Retention data analysis is a value added business function. It is the continuous recording, storage and analysis of the interactions of existing customers with the business. Due to proper formatting, analysis and reporting, such data become the basis for drawing insights. Insights are not mere passive inferences of existing state of affairs, but are actionable guides for the future. They are useful instruments to bring in fresh sales. Even a happily retained customer is bound to leave one day and hence the importance of acquisition can never be underestimated. Retention must lead to expanded sales as well as the acquisition of new client bases.
With costs of acquisitions hitting the roof, it is advantageous for businesses to cash in on the data pertaining to existing clients. New sales campaigns can be shaped better and in a more targeted manner with hands-on information from retention data analysis.