Using Customer Insights as your North Star in 2024
Create scalable success by using your customer data insights to supercharge your marketing – ALL year round
Harnessing customer data for precise marketing
When you put customer data insights at the centre of your marketing, not only do you supercharge your ability to serve the right content to the right person at the right time – you also give increased purpose and measurability to every tactic.
A marketer’s utopia hasn’t changed a lot over the last two decades. To ensure success, we want to find the perfect marketing recipe with no waste. Which in turn maximises customer happiness, budget effectiveness and ROI.
The key tools that help marketers to reach this goal lies in the analysis of the customer base. This results in turbo-powered segmentation (customer engagement, buying and behavioural segmentation). But to get to that point an organisation’s customer data must be collected in a place that allows marketing people to work with it effectively – this is often called a Customer Data Platform.
Navigating your marketing journey
If you are at the beginning of your journey when it comes to working with your marketing database – a good place to start is this article here, where we briefly explain the benefits of bringing all your data into one location in order to determine what you have really got at your disposal. Clue: It might not be as much as you think!
If you are a little further along in your journey we have two great (and short!) articles to help you understand the benefit of measuring, monitoring and segmenting your customers by Customer LifeTime Value and Recency Frequency & Monetary Value – these are two techniques that will change how a business thinks about its customers (and the marketing function!) and how it approaches its marketing activities.
Customer LifeTime Value (CLTV) is something that no marketer should ignore in 2024. It would be easy to misconstrue CLTV as a ‘once and done’ metric – but far from it. A customers relationship with you changes over time and as such continuous monitoring to understand where a customer ‘fits’ and what segment they should sit in can and should move according to their continued (or not) engagement with you. Knowing the various CLTV metrics per segment may help you prioritise your activities by segment. What is ‘normal’ for your brand in each segment? Now that you know this, what might you do differently?
What changes are you making this year?
If you’d like to know the answers to these, and many more questions besides, regarding your customer data – get in touch to learn more.
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