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Speedeon Data Blog

The right data can bring back your best customers

Posted by Rachel Pankiw on Jul 14, 2017 2:14:38 PM

 

Like other phases of the Customer Lifecycle, an effective win-back strategy requires a clear understanding of objectives and a careful analysis of data. You need to identify which customers to target, determine what attrition looks like for your particular brand, and establish which win-back strategies should be implemented to optimize re-engagement. Typically, a win-back strategy begins with an analysis of CRM data, purchase history, and other relevant customer data. A model such as an RFM (recency, frequency, and monetary value) or lifetime value model can determine the past and potential value of a customer or customer group, further fine tuning your win-back resources. 

 

Predict the Future with Predictive Models

Once customer groups have been segmented, you can use a predictive model to determine which lapsed members are most likely to respond to a variety of win-back offers. This will further help with optimizing audience selection and offer criteria. For example, a data model can be used to analyze past purchase behavior and uncover hidden trends and patterns within those shoppers whom you’ve lost. Response models can be developed to identify both cross sell and upsell opportunities in addition to ranking customers based on the likelihood that they will respond to a particular offer. An RFM model can be particularly useful for determining who your best customers are as it looks at key attributes, including how often they shop, how much they spend, and how recently they interacted with your brand. This additional insight will determine the best win-back strategies to re-engage customers while ensuring an optimal allocation of marketing resources. 

 

Engage Your Customers Where It Matters To Them

The deployment of a multi-channel, fully integrated marketing communications program will ensure optimization of both customer response and reactivation. Today’s customers expect a range of communications across multiple platforms and devices.

Cross-channel audience creation facilitates truly integrated marketing and impactful targeting and retargeting strategies across display and mobile advertising, social media, email, direct mail, and other engagement channels.

Once specific target audiences and messaging strategies have been determined through audience segmentation, predictive modeling, and other advanced segmentation strategies, customer records can be connected to all relevant online and offline channels and your win back strategy can be initiated.

 

 

 

 

Topics: Data Modeling, win back strategy, RFM model, customer segmentation, Data Analytics