When we started this journey in last year, armed with deep expertise in data analytics and experience in Financial Services sector we did not expect such interesting insights on the road. We had a good idea on why ‘customer analytics’ and on our way we discovered ‘what customer analytics’ is required the most by the industry including large banks and asset management companies. Here we are sharing some our discoveries.
Customer Lifecycle Marketing
Every customer in your business follows a lifecycle from time he/she signs up to the time he/she crosses the floor to one of your competitors. Typical customer journey looks like a timeline in your business and can be grouped with commonality
A common interesting insight from all our discussions appears like in pie chart where less than 1/3rd of customer base is active over a period and large group > 50% are dormant customers. So an obvious marketing strategy is to increase the active customer segment and also decrease the dormant base by reactivation campaigns.
Now if we look within each Lifecycle State the result is something like this
Of Active customer base 57% is mid and high value customers, so you’d like to devise a special campaign for this segment of customers. And simultaneously craft a different campaign for low value customers.
Of Dormant customers 20% is mid and high value. And again you’d like to do a reactivation campaign just for this segment and see the results before going after 80% of dormant customers.
The purpose of all these findings is that you should be able to act on it easily and instantaneously.
Marketing strategy within strategy
A challenge and an opportunity is can you identify your customers to these lifecycle states ongoing basis almost every day and design and execute campaigns or communications to them based on their Lifecycle state and Value segment. I mean, can you simultaneously personalise strategy for Active-Mid value, Active-High value, Dormant-Mid value and Dormant-High value by few clicks.
Our platform Capyard (www.capyard.com) advances you to a state where automation can help you design and execute such micro strategies effortlessly while you sit back and relax, I mean you get on to next strategy. We’ll return to this subject soon and any queries just write to us at firstname.lastname@example.org and we’ll be right there for you.