This white paper discusses best practices in how to grow your business through new and existing customers with the right mix of advocacy, purchasing, and retention loyalty.

Download Here to view this white paper.  And don’t worry, at Avoid Irrelevance, we never ask you to submit your name or email to receive our material.  But, if you do like the information, it would be great to have you join our site group.

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“keep sending me spam and irrelevant messages and I will disconnect from you and your brand.”

Acquiring and retaining motivated and engaged consumers is the number one problem facing 50 % of marketers, yet sadly, 27.5 % of marketers admit they have not mobilized brand loyalists to become active advocacy agents. What’s worse – nearly 20%  don’t even have a strategy for leveraging loyalty and brand preference among club members.

Despite these findings, 78% of consumers surveyed say they are very, or pretty, satisfied with their loyalty and rewards program experiences and 52%  say these programs and club memberships strongly motivates, or is a big factor, in influencing buying decisions. Consumers want to be engaged as well over half of the respondents say they want more compelling personal benefi ts and services, as well as more relevant offers or individualized deals.

The loyalty report captures the insights of over 700 global consumers and 600 senior global marketers. At over 130-pages, the report includes detailed findings from both the marketer and consumer survey, a loyalty leader ranking as determined by the marketing and consumer panels, and dozens of qualitative interviews with global brand leaders.

Go here to download a complimentary executive summary of findings

www.loyaltyleaders.org

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1. Data Analytics is Critical for Precision Marketing
2. Precision Marketing Identifies High Value Customers

However, staying relevant, valued and connected to customers has become the number one challenge for marketers.  Seventy-six percent of marketers reported not realizing the full revenue potential from their current customer base.  Other key findings from this study include:

• While 64 percent of consumers say promotional offers dominate both the email and traditional mail they receive, only 41 percent view these as must-read communications.
• Of the 91 percent of consumers who opt out or unsubscribe to emails, 46 percent are driven to brand defection because the messages are simply not relevant.
• Yet, while marketers continue to weigh the pros and cons of email versus printed postal mail, consumers are much more concerned about the level of individualization and understanding of their needs and relationship with the brand.

“Lee the end message is clear, this economy has shifted influence and power to the customer” said Liz Miller, VP of the CMO Council,  “and the consumers are  saying in very clear words STOP sending me mass messaged, irrelevant (and irritating) waste or  I will take my business to a company that actually takes the time to know me.”

You can download the report at

www.precisionpromotion.org

Related posts:

1. Data Analytics is Critical for Precision Marketing
2. Precision Marketing Identifies High Value Customers

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As customer acquisition and retention remain a top focus for 2010, your key to competitive success remains within your existing customer data. If your data is not properly analyzed, segmented, and predictive, your competitive advantage is at risk. In addition, a report from Harvard Business and Bain Consulting states that US companies lose nearly 50% of their customers every five years.

Become PREDICTIVE, Become RELEVANT, Become a HERO.

Download Here to view this case study.  And don’t worry, at Avoid Irrelevance, we never ask you to submit your name or email to receive our material.  But, if you do like the information, it would be great to have you join our site group.

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A milestone research initiative to benchmark the state of customer revenue realization, encouraging the adoption and the uses of technologies, solutions and professional services that drive deeper interaction and communication with customers. Centered around Customer Revenue Optimization (CRO), this report drills into targeted strategies and solutions that …

Download Report

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Some believe the ability to leverage data analytics is only in the domain of power companies, but today this is not so. Data analytics is now a critical skill for marketing professionals as companies attempt to deal with increasing market pressures and economy. Marketers who embrace data, analytics, and campaign measurement will be well positioned to provide proven returns back to the business.{+}

In the Routes to Revenue report, 76% of the top marketers stated they were not realizing full customer value mainly due to data integrity, isolation and inaccuracy.  In fact, many predicted they would be improving their ability to access meaningful data to drive personalization and more meaningful call to actions.   Today, the challenge isn’t data, rather the challenge is generating insights and meaning from the data. By applying analytics to the data, we can gather necessary insights needed to facilitate faster customer call to actions and relevant conversations which will help improve bottom line results.

Best Western International’s ™ recent work with InfoPrint Solutions Company ™ demonstrated the value of applying data analytics within existing customer segments (gold, gold plus, platinum, and diamond). For example, data interrogation within the segments was implemented to determine who had or did not have the co-branded Best Western Credit Card.  Traditionally, Best Western would have provided all customer segments an insert to apply for the   credit card, regardless if the loyalty member was card holder or not.  The TransPromo document placed the marketing imagery and messaging in a key location to drive non card holders to apply.  The response was about 500% over the control group.* Again supporting the principals of Precision Marketing  – keep the communication targeted, relevant and timely.

Customer segmentation is not enough to drive impactful business results.  Leverage technology to drive predictive modeling should improve campaign relevancy and improve brand interaction.  Remember, the days of counting web hits is soon coming to an end as social media grows as the tool of choice for information and research. Brands that provide relevant information based on deeper customer knowledge will be ahead of the competition – taking market share.{+}

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1. Precision Marketing Identifies High Value Customers
2. Relevancy Drives Response

It’s shocking that in this struggling global economy, a 76 percent of senior marketers believe they are not realizing the full revenue potential of their current customers. In addition, only 46.5 percent say they have good insights into retention rates, customer profitability and lifetime value, which was reported by the Chief Marketing Officer (CMO) Council in a “Routes to Revenue™”.

In tough times marketers want to keep their customer delighted to avoid flight.  One CMO recently shared, “2010 is about keeping your current fish in the net happy.” So it is not surprising that the Routes to Revenue™ international audit of some 650 senior marketers revealed that making communications more personal and relevant was among the top strategies for realizing greater revenue and profitability from existing customers in 2009.

But not all customers are created equal.  In fact, before starting any conversation on customer retention strategy, an understanding the economic value of your customer is key. In fact, recently many studies have been challenging the 80/20 rule. (80% of revenue is generated from the top 20% of customers)  So targeting all of your customers may not be financially prudent.

In business school, customer economic value was estimated by using a “rule of thumb” – top 1/3 of your customer’s are the most profitable, next 1/3 was average, and the bottom 1/3- unprofitable.   My friend Liz Miller always reminds me,”What good is targeting a customer that does not pay the bill?”

Customer Retention, Customer Re-activation and Customer Recovery are key topics of discussion for 2010.  If you have any thoughts, please join our community or post a comment.

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