As promised, we are back to Customer Lifecycle Marketing and this time we will take a step further to share some examples of important Purchase and Demographic variables we found during our discussions. We took step further to integrate these valuable dimensions with customer lifecycle marketing and implemented for our customers. Here we share some examples:
Customer Purchase variables
- Customer Asset Value Purchase Recency Purchase Frequency
- Customer Lifetime Profit/Loss Lifetime Purchase Value Relationship Age
- Customer Risk Profile
Now, opportunity here is that within each lifecycle state you can microsegment customers having common purchase behaviour. Mckinsey & Company’s recent report talks on Putting behavioral psychology to work
- For example newly acquired high purchase value customer with high risk profile should be attention grabber for and CRM should pick this alert instantaneously and proactively put them in best service route.
- Similarly, if out of Inactive customer base a high life time purchase value customer with a long relationship age drops off i.e. his/her Asset Value got to nil. This is a big red alert CRM has to pick up immediately to speak to the customers.
Customer Demographic variables
- Customer Gender Occupation Income Group
- Customer Age Geography Marital Status
- KYC Status
In addition to purchase behaviour it is important to look at demographic dimensions which provides additional hawk eye to customer. You can overlay each or all of these demographic variables at each lifecycle state and microsegment customers having common characteristics.
- To take an example of what we found that millennials (age group 20-35 years as of 2016) tend to be more in high risk category compared to other age groups and Active % is also higher. So your sales and marketing team armed with such insight is much better equipped to recommend appropriate products to them and not batch and blast all customers with same product recommendation.
There are dozens and dozens of such intelligent retention alerts built into the Capyard (www.capyard.com) all geared to increase customer retention and add to your revenue.
Last but not the least, we pose you a question – Can you do all this effortlessly in few clicks and that too at a scale? If you have hundred thousands of customers and would like to run an intelligent retention strategy you require technology solution like Capyard. Please check us out at www.capyard.com or write to us at firstname.lastname@example.org, we are available 24/7.