Without the benefit of customer insights, brands can be tossed to and fro among the shifting tides of customer behavior. That’s why understanding customers at the behavioral level can be vital to marketers and consumer-facing brands. Here’s how to use customer insights to increase lifetime value with every interaction.
Strategize Your Customer Insights Benefits
Crafting a strategy around customer insights helps businesses tailor offerings and campaigns to the right customers for maximum impact. Instead of simply meeting consumers at every channel, a customer insights strategy goes beyond mere repetition to offer customers exactly what they need at a precise touchpoint and time. Here’s what that looks like in 4 easy steps:
Step 1: Identify High-Value Customers
First, seek out high-value customers in your existing audiences. Brands can accomplish this through a customer data platform (CDP) like Treasure Data. A CDP collects all types of customer information and unifies them into permanent customer profiles. The platform then uses its centralized database of customer profiles to group customers accurately into audience segments. Finally, a CDP applies machine learning and predictive scoring to consumer characteristics and behavior to derive insights that identify high-value customers.
Step 2: Build Lookalike High-Value Audiences
Next, apply CDP-derived insights to build lookalike audiences from existing high-value clients. This directs sales and marketing efforts to the right leads and increases the number of potential high-value loyal customers. Using a CDP, these leads can then be added to new audience segments for acquisition and nurturing.
Step 3: Orchestrate Customer Journey and Acquisition
Now that you have both existing and potential high-value clients, it’s time to make some magic. Use your customer insights to:
- Understand decision points in the acquisition journey
- Create marketing activations based on customer behavior
- Engage leads via relevant messaging and targeted interactions
- Orchestrate the customer journey through dynamic personalization
- Optimize conversion by eliminating pain points, responding to inquiries, or offering several ways to complete transactions
- Determine your brand’s strongest performing channels and touchpoints using a multi-attribution model
- Coordinate campaigns between marketing, sales, and support teams
After conversion, brands must nurture high-value customers to continue increasing their lifetime value as loyal customers.
Step 4: Nurture and Build Loyalty with Next-best Actions (NBA)
The last step is to continue building your brand’s relationship with converted customers. Best-in-class CDPs like Treasure Data employ intelligent recommendation engines that determine and suggest the Next-best Actions (NBA) to take including rewarding loyal behavior, upselling, and cross-selling. These suggestions are based on audience insights derived from analyzing millions of customer data points.
Using trends and patterns uncovered by data modeling and analysis, a CDP predicts how customers will behave and respond to certain brand interactions. CDPs further maximize customer insights benefits by coordinating efforts between sales, marketing, and customer support teams to nurture loyal customers.
In summary, brands can maximize customer insights benefits to increase lifetime value throughout the customer journey. Understanding and segmenting audiences helps identify high-value customers, who serve as models for building lookalike audiences to focus on lead acquisition. Brands can then use customer insights to craft marketing actions based on customer behavior, decision points, and needs. Lastly, continuously updated insights fuel intelligent recommendation engines for nurturing customers. Thus, with a CDP’s capabilities, brands can leverage customer insights from lead acquisition, to journey orchestration, and post-purchase nurturing.
Activate Treasure Insights to Maximize Value
Treasure Data’s Treasure Insights is a powerful suite of customer analytics that gives marketers visibility into dynamic customer behaviors by modeling and analyzing complex customer data with a few clicks. Use Treasure Insights to:
- Simplify and analyze complex customer data in a few steps
- Glean customer insights and create data-driven marketing campaigns
- Get a bird’s-eye view of marketing campaigns and performance across product lines and regions
- Review audiences, channels, and messaging to pinpoint conversion drivers
- Enhance unified customer views with increased visibility into purchase behavior, engagement, content affinity, and more
- Segment audiences according to demographic and behavioral attributes
- Use machine learning-driven insights to determine lifetime value, churn probability
- Use recommendation engines to suggest and activate NBAs
- Leverage popular data models via Attribution Dashboards
Treasure Insights comes with an extensive connector network to simplify data ingestion regardless of your existing martech stack. Create highly customizable dashboards and reports for bespoke use cases. Supply connected shopper data to marketers, sales associates, and customer service agents with our in-store software development kit (SDK) for maximum customer insights benefits.
Customize your dashboard for instant access to the customer insights you need.
Discover other Treasure Data tools to grow customer lifetime value:
Audience Studio Segment Dashboard – View audience segment characteristics, filter dashboard by date range, and compare number of profiles of up to 4 segments
Journey Orchestration – Identify and target audiences along the buying cycle with personalized campaigns; Plan unique customer journeys according to buyer preference and marketing spend; Connect activities and insights across business channels
Multi-Touch Attribution – Identify which marketing channels and touchpoint have the greatest impact on customer journeys; Track performance using interactive visualizations via Treasure Insights
To learn more about how Treasure Data can help you maximize customer insights benefits, consult an expert today. Want to learn more? Request a demo, call 1.866.899.5386, or contact us for more information.