Drive growth through personalized, data-driven, omni-channel recommendations, delivering the right communication to the right customer, in the right channel, at the right time.
Through personalisation
Engaging your audience is essential to grow your business and ensure a strong base of loyal customers. Through increasing engagement and knowing the right moments to upsell and cross-sell your other products and services, you can keep expanding your business and fulfil the goals that you set.
The key strategies that you should focus on if you want to grow your business are adoption, retention, and servicing customers. All of these strategies should be used together to acquire new customers and ensure the retention of existing customers for the growth of your business.
Adoption
The first step to consider is the adoption of the right technology and tools to help your business achieve its goals and gain new customers. When your business is undergoing a digital transformation, it’s vital to consider that digital tools need to not only provide value to your business but also improve the customer experience. It’s important to find the right tools for your business, as well as to encourage your staff to take up these tools and make use of them when acquiring and retaining customers.
Key questions for marketers
Where are you engaging consumers? (digital, offline, brick-and-mortar, etc.)?
Online
(anonymous/de-identified/digital data)
Offline
(known data)
A combination
With a few exceptions, the digital space entails heavily scrutinised privacy considerations along with the need to handle very large processing volumes of sparsely populated data. Additionally, anonymised regulations mean the precision bar is usually set relatively low. The offline space means more complete data is required to make timely, smart decisions with reduced processing volumes. However, the trade off is a significantly higher expectation around precision. Identity is difficult in each space independently; the complexities grow tremendously when you add movement between these realms, and controls must be implemented, particularly when moving data from the online realm to offline.
One thing that’s essential to keep in mind is value exchange. This is the concept of the value that customers expect to receive in return for sharing their data. The value exchange needs to be sufficient for them to believe that sharing their personal data is worth it. Thinking about value exchange when looking for the tools your business needs and encouraging your employees to use them is a must. It’s important to be able to show customers the value that they will be receiving so that they have a clear idea of what they receive in exchange for providing their data. Developing customer relationships and investing in their growth helps to demonstrate value and continue to demonstrate a value exchange over time.
Upselling and cross-selling are key strategies for increasing sales and growing your business. When you have the right data and digital tools, you can ensure you carry out upselling and cross-selling campaigns that target your customers at the right time. Audience insights from the data you collect enable the creation of more effective campaigns that are targeted and personalised for more effective results. Knowing when to upsell and cross-sell, and which products or services you should be offering at these times, becomes a lot easier when you have insightful data that reveal the answers that you need. When you are making use of a broad selection of channels, it’s crucial that your tools are able to recognise an individual across these different channels. This is where identity resolution comes in, marrying together different marketing platforms and channels so that any individual is recognised regardless of which channel they are using.
Omnichannel identity solutions
Solutions that represent the surest way to recognise, understand, and ultimately engage customers across disparate journeys and:
Increase conversions
(anonymous/de-identified/digital data)
Improve customer lifetime value
(known data)
Improve customer retention
B2B companies, in particular, are transforming digitally at a fast rate and in a number of ways. This includes the adoption of experience personalization, customer engagement, and omnichannel marketing. When using multiple channels, both identity resolution and identity management become essential. Identity resolution is used together with identity matching to provide useful solutions to the omnichannel problem. Identity management makes it possible to go beyond these and create a more unique identity graph that makes use of all identity data and references from first and second-party insights, as well as third-party referential, resolution services.
Increasing is something that many companies are striving to do. It’s important to focus on the adoption of new tools within your staff to get more from your business’s digital transformation. You want to make sure that employees are implementing the best tools for customer acquisition by showing them the value that using these tools will bring them. Using data can be a good way to get teams engaged and show them how these tools can be useful.
Completion reminders are just one of the tools that can be useful for encouraging new customers to continue their journey. When a customer stops halfway through signing up for a service or making a purchase, it’s possible to encourage them to return to the point at which they left their journey and complete what they were doing. This is an essential part of securing new customers and making use of data to do so. Completion reminders can get people to return to their shopping basket/cart, finish creating an account, or do a variety of other actions.
Retention
Customer retention is just as important, if not more so, than acquiring new customers. The cost of retaining a customer is generally much lower than acquiring new customers, with some studies showing that it could cost up to five times more to market to new customers. The right retention strategies are essential if you want to grow your business and create loyal customers. You also need crucial data and the best tools to collect, analyse and make use of that data.
If you want to retain your customers, you need to know all about them. The necessary insights to understand your customers will enable you to deliver better experiences to meet their needs. Acxiom’s InfoBase provides you with powerful customer insights so that you can leverage essential data. When you can identify, understand and target your audience better, you can improve customer retention across the board.
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There are multiple strategies that you can employ to improve customer retention. One of the most important steps brands can take is to deliver personalised experiences to customers. Demonstrating that you know your customer and what they want from you increases the chance of them purchasing from you again or continuing to use your services. When you have valuable data and insights into your audience, you can develop the best retention strategies to meet your business’s needs. In addition to developing general retention strategies, data and analytics enable the identification of who are likely to leave so that they can be targeted with personalised experiences.
Personalised customer experiences are a core strategy to implement for better customer retention. Additionally, customer insights can be used to improve everything from onboarding experiences to customer education and continue to build relationships with customers. Building trust with customers is vital for boosting retention and personalising customer experiences can help with this. It ensures you deliver the right information and experiences to your customers at the right time, building trust as customers continue to obtain value from their relationship with the brand.
Delivering better customer experiences helps to. One of the best ways to do this is through real-time customer decisioning, allowing for quick decisions that implement the right actions at the best moments. The ability to turn data into actionable insights, design robust decisioning rules, and deliver creative and content that resonates with customers on a personal and emotional level will help businesses to make better decisions in real time. This enables the reduction of churn and increase of customer retention while keeping control of the budget for retention.
Our gives businesses a way to get started with implementing real-time decisioning. It covers several phases, from a foundational phase to set the data and technology foundations to strategic and transformational stages to further develop your business’s approach. The process is one that can take time, but following our framework can help to make it easier to make these significant changes. During the strategic phase, you can begin to create greater value across the customer journey, eventually leading to the transformational stage, where advanced technology is integrated into the entire business. Getting intelligent decisioning right might not be a quick process, but it’s one of the most important things that your business can do to always roll out successful customer experiences.
Incentive optimisation is one of the key strategies that can be used to help improve customer retention. Creating intelligent incentives that are delivered to customers at crucial times encourages them to remain loyal customers and keep coming back to spend their money with your brand. Incentive optimisation involves using available data to deliver personalised and targeted incentives to customers so that new revenue is created from your existing customers. Incentives continue to demonstrate essential value exchange to your customers.
Servicing through personalisation
Servicing your customers through the use of customer relationship management is another crucial part of growing your business. There are many different ways to provide the services that your customers want and need, and the right tools make it easier to manage it all.
Delivering customer services to your customers and ensuring they receive the right care and attention is a must for the development of loyal customers. Customer relationship management (CRM) helps to personalise interactions with customers, delivering the right experience to them at the right time based on what is known about them and their previous interactions with the brand.
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Acxiom helped to reach the right customers and engage them with their products and services through data. As the technology partner for SWR, Acxiom helped the company to achieve its goal of strengthening relationships with both new and existing customers in a personalised way. Acxiom’s and services deliver value and integrated solutions. SWR has been able to gain greater insight and relevance from the data they are receiving, ensuring they have actionable insights that translate into personalised customer experiences that help them reach their goals.
Additionally, Acxiom has worked with to help them deliver the service experience that their customers deserve. Acxiom is helping Ford to use data for better understanding and engagement of their customers throughout the entire relationship, from the customer’s initial contact with the company to delivery, driving, servicing, and the enjoyment of connected cars.
Automated customer management makes use of data so that customer management is always taken care of. Automation has become more and more popular in marketing and sales, providing benefits such as saving time, removing human error, and delivering a more consistent customer experience. It also allows for personalised customer engagement and experiences with less effort.
Automation can also be used for automated lifecycle management. Automated lifecycle management covers the delivery of a range of experiences to customers throughout the lifecycle and customer journey. To achieve both customer management automation and lifecycle management automation, it’s essential to have a thorough understanding of your customers. Advanced analytics are key to rolling out automation and meeting the needs of your customers at every turn.
Using the right digital tools is vital but it’s not all about reaching customers online. It’s also vital to consider the offline customer journey and how both offline and online experiences can be connected. Online-offline integration makes the customer journey and servicing more coherent, but essential data is required to achieve it. Online and offline customer data can inform each other so that both types of experience can be improved, and customers can be serviced in a more integrated way. One way online and offline data can be combined is through capturing the data of customers who abandon their online purchases or journey. These people’s physical addresses can be used to mail printed ad materials, such as brochures or catalogues, to their homes or businesses.
Customer data helps you to identify the best new products and services to offer and when it’s the right time to roll them out. Using enhanced identity accuracy with Acxiom’s tools, you can get to know your customers and ensure you are always delivering the best experiences to them. Real-time personalisation is an essential part of servicing your customers. One of the most important requirements for this is real-time decisioning. To achieve this, it’s crucial to have the right CDP (customer data platform) for your needs. You can enhance both inbound and outbound marketing when you are making evidence-based decisions using essential customer data and actionable insights.
Grow your business
With the power of customer data at your fingertips, your business can aim for business growth. Through upselling and cross-selling, and providing more personalised customer experiences, you can achieve your goals.
Use case examples:
Where are you engaging consumers? (digital, offline, brick-and-mortar, etc.)?
Improve early engagement
Deliver relevant onboarding comms to develop a valuable customer relationship.
Increase reach and relevance
Improve online customer targeting in all channels.
Identity management
Reduce cannibalization across campaigns by connecting all touchpoint data to a single individual.
Real time decisioning
Optimise next best experiences and recommendations based on customer insights and behaviour.
Lifecycle management
Automate all campaigns in the customer journey.
Improve personalisation
Use all available data to enhance persoanlisation across sales, marketing and servicing.
Solve your toughest data challenges
We can help you understand your customers, stay ahead of regulations, and grow your business.
