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October 14, 2015

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Customer Analytics

October 14, 2015

 
Customer analytics refers to the processes and technologies that give organizations the insight necessary to deliver offers and information that are valuable, interesting, relevant and timely. 
 

Customers are more connected than ever, empowering them with information to make good buying decisions.  With growing mobile access to information anywhere, anytime, such as, where to shop, what to buy, and how much to pay, it is increasingly important to predict how customers will behave when interacting with your company. The deeper your understanding of customers' buying habits and lifestyle, the more accurate your predictions of future buying behaviors will be – and the more successful you will be at delivering relevant offers that attract and engage rather than alienate customers.

 

With customer analytics, you can:

  • Increase response rates, customer loyalty and, ultimately, ROI by contacting the right customers with highly relevant offers and messages.

  • Reduce campaign costs by targeting those customers most likely to respond.

  • Decrease attrition by accurately predicting customers most likely to leave and developing the right proactive campaigns to retain them.

  • Deliver the right message by segmenting customers more effectively and better understanding target populations.

 

You don’t have to have a million dollar budget to begin your customer analytics process.  Start by collecting basic demographic data along with family information.  This information is primarily available to you through your existing customers. Surveys can be used to help understand why they purchased from your company and what their experience was. 

 

A professional advertising/marketing company can assist you in designing your survey, building your database, appending additional info from various outside sources, compiling and analyzing the data and developing a plan of action.

 

Don’t overlook the opportunity for relationship management in your customer analytics efforts.  If you think similar people might be good prospects, how valuable do you think an actual customer who has already purchased from you could be? 

 

Communicate with them through re-targeting, newsletters, loyalty and retention programs about how they can better enjoy the things they already purchased from you by sharing ways other customers have enjoyed your products and services. Give them opportunities to monetize their relationships through referrals.  Add value in the mind of the customer with the goal of accumulating the data you need to attract new opporunities.

 

If you are interested in creating or improving your analytics process, call your TWG Advertising representative to discuss the steps necessary to get it going.

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