Data for successful 1:1 customer engagement
Mike Connolly, August 5, 2014
Why is customer engagement important? Why can’t you just focus on sales and intimate your customers only when you have the next product or service? Why should you keep your customers engaged with messages and educational documents? Does it really matter?
We are not the only ones who are saying, “Yes, it matters”. Expert analysts have discovered that highly engaged customers are more loyal and profitable than average customers, irrespective of the good and the bad economic times. This holds true for all varied industry segments including B2B and B2C. There is a strong connection between customer engagement and key business outcomes.
A report from Gallup Business journal stated, ‘a customer who is fully engaged, represents an average 23% premium in terms of share of wallet, profitability, revenue, and relationship growth when compared to the average customer. On the contrary, an actively disengaged customer represents a 13% discount in those same measures. In short, when customers believe they are getting more out of a business, they give more to it.’
Some excerpts from the report of major industries are something like this
- Retail banking industry – Fully engaged customers bring 37% more annual revenue to their primary bank than their disengaged counterparts.
- Consumer electronics industry – Engaged shoppers make 44% more visits per year to their preferred retailer than the disengaged shoppers.
- Hospitality industry – Hotel guests are known to spend 46% more per year than actively disengaged guests.
- Insurance industry – Fully engaged policy owners purchase 22% more types of insurance products than actively disengaged policy owners.
When company offerings match the customer expectations, they realize bigger rewards in terms of loyalty and profits. Though it can be difficult for businesses to connect with their customers on an emotional level, many of the companies have proven that it can be done. However, the first step relies on the quality of data you are using.
Lake B2B has its customers from across the industries and has succeeded in connecting with their niche target audience. Customer Engagement is among the top agendas of discussion during DMA 2014, at San Diego between October 25 and 30. To know more about our services, leave your message here or meet us at DMA, booth # 400. Relevant, responsible, and real-time experiences are the hallmarks of successful 1:1 customer engagement strategies.