Increase your revenue by taking a data-driven approach to building customer loyalty and achieving high retention rates
Keeping retention and loyalty at the center of any marketing strategy is essential to keep customers satisfied, happy, and spending.
“A recent Gartner report also reveals that 80% of a company’s future revenue will come from just 20% of its existing customers.“
These reports make it clear that paying no attention to retention marketing and solely focusing on customer acquisition can result in customer churn, which ultimately affects the bottom line. Coming up with loyalty programs to increase the retention rate and reduce the customer churn is not enough, until these programs are personalized according to your customer’s expectations.
SIA, Softweb’s Intelligence and Analytics platform, enables companies to monitor customers’ behavior and buying patterns. Customer segmentation is done based on the previous purchases and how frequently they visited the client’s website. Our data team uses AI algorithms to analyze a bulk of unstructured data that was gathered through text messages, e-mails, voice recordings, surveys, and social media posts.
After getting insights from customers’ data, businesses will be capable of sending personalized promotional messages and building customized loyalty programs for customers, based on the segment they belonged to. Also, they will be able to adopt a more personalized approach to address customers’ issues.