Customer acquisition fluctuates for many reasons, including season change, weather, and completely unforeseeable circumstances. In the third part of our webinar trilogy, Senior Sales Consultant Maxi Nelkenbrecher and Corporate Development Manager Marius Busen will deal with use case examples for downswings in customer acquisition.
During these phases, customer acquisition collapses and strong customer relationship management becomes essential for bridging the dry spell. The importance of customer retention becomes most apparent during downswings: A five percent increase in customer loyalty means a 25-95% increase in sales (Reichheld & Shefter, 2000).
Activating and Developing Existing Customers
Downswings in customer acquisition occur for various reasons. Acquisition rates can collapse due to the changing weather, seasons, special events, and other factors. You can’t always foresee downswings, but by activating and developing existing customers you can overcome them. The secret to long-term customer relationships is deep personalization that creates memorable experiences and goes far beyond simply addressing customers by name. Today’s customers expect personalized, relevant messages at the right time and through the right channel. Real-time personalization increases sales by up to 20 percent (McKinsey & Company 2017).
But providing customers with personalized content isn’t always easy. The right technology can help: Marketing automation with a CDP enables effective personalization on a large scale. CDPs merge data from all available sources into 360-degree profiles, allowing marketers to understand each individual customer and deliver content that responds to their interests and needs in real-time.
These use cases can help you get more out of existing customers during downswings:
- Reactivation campaigns
- Shopping cart abandonment campaigns
- Window shopper conversion campaigns
- Back-in-stock campaigns
- Price reduction campaigns
- Cross- and up-selling
- Reparation campaigns
- Referral programs for friends and family
- Loyalty increase through NPS
Check out the webinar recording which includes a demonstration of a real-time back-in-stock / price reduction campaign.