Using advanced data analysis to increase value per customer could make a significant difference to your company’s accounts.
It costs five times more to attract a new client than to retain an old one. Building stronger customer relationships takes an understanding of their routine and desires.
But, once you’ve achieved this, you can do much more with fewer resources. You can then reach customers in a way that’s personalised to match their purchasing tastes.
How can my company increase value per customer?
Use multiple data sets to gain insight into your customer’s behaviour, company logistics and the location-based factors that can increase value per customer.
Marketing
Brand awareness
Adapt your marketing communications to your customers’ routines by pooling insights derived from numerous complimentary data sets.
Provide customers with timely reminders of your products or service, such as a targeted email on their commute or a billboard on a route frequented by a high volume of customers.
By staying present in your customers’ minds, you will be the obvious choice when they next decide to make a related purchase.
Customer loyalty
Enhance customer loyalty and increase value per customer by providing more relevant marketing communications.
Based on previous buyer behaviour, send out personalised marketing messages with offers and deals that feature items purchased previously (or, related items).
These should be targeted at a time and/or location that’s likely to optimise engagement.
Average transaction value
Increasing average transaction value is another way to boost value per customer. This requires an intimate knowledge of their buyer behaviour and incentives that have been proven to work in the past.
Encourage customers to purchase more products at once by providing bundle deals (e.g. purchase two items and get half off a third) or by setting a clearly defined time frame (e.g. spend £20 in-store today and receive £5 off your bill).
Stock and resource allocation
Stock management
Increase value per customer by ensuring you always have the right stock in the right places at the right times.
Monitor your customer’s purchasing behaviour – including what items have been purchased, when, where and how (e.g. online/offline) they were purchased.
Overlay this data onto a map and share with your logistics team to fine-tune your inventory management.
Branch improvements
Increase value per customer by improving the overall customer experience. Persuade customers to return repeatedly by ensuring their interactions with your company are positive and memorable.
Track total customer numbers within a store’s catchment area and how regularly they’re inclined to visit. Then, use this data to decide which branches are cost-effective to upgrade and where to deploy staff to ensure a seamless customer experience.
Optimising resource deployment requires a multifaceted approach that collates and compares significant amounts of data simultaneously.
While this would once have been a major challenge for brands that operate on a national scale, advanced location intelligence software has streamlined the analysis process and enabled data to be conveniently visualised using mapping software.
Discover how Periscope® can give you the level of insight you need to optimise resource deployment and gain additional value per customer.