Company News • 05.09.2014
Customer Centric Marketing Gains Traction, Redefining the Retail Landscape
New White Paper from LoyaltyOne reveals how customer centricity results in increased sales and ROI
Retailers implementing next generation customer centric marketing solutions to deliver customized product and service offerings can see incremental sales increases of up to 4% as compared with traditional customer marketing approaches, according to a newly released white paper from LoyaltyOne.
Titled, The Customer Centric Marketing Revolution: How next-generation capabilities are delivering winning results in the world of personalization, the paper shows how retail marketers are establishing a direct dialogue with customers and delivering more relevant and enticing offers to simultaneously create lasting loyalty and improve margins.
The Customer Centric Marketing Revolution concludes that an enterprise-wide, customer-centric marketing strategy based on a holistic understanding of the customer can deliver impressive results. In LoyaltyOne case studies, response rates range from 10-80%, and returns on investment of 40-150% using customer-centric strategies, compared with 4% response rates and less than 15% ROI for traditional marketing approaches.
“Customers want more relevance in the offers they receive and retailers have traditionally struggled to show positive campaign performance. Deploying a customer-centric marketing approach, retailers attain new marketing opportunities starting with always-on, dynamic, insight-driven and personalized communications that drives innovation and cross-selling, rewards the right customers for the right behaviors and more,” said Graeme McVie, Vice President and General Manager, Business Development, for LoyaltyOne.
The Customer Centric Marketing Revolution suggests a three-phase approach to implementing a new personalized strategy, starting with preparing data and aligning the business. From there, retailers should build their intelligence assets to understand each individual customer’s needs and define integrated marketing strategies. Third, companies should iterate and collaborate to optimize marketing investments across the value chain to deliver wins for the customers, manufacturers and retailers. The result of the effort is retailers seeing significant competitive advantage by finely tuning their analytics platform to create dynamic capabilities that power ongoing personalized marketing activities.
Please visit the following link to download the white paper: www.loyalty.com/customercentricmarketing.
Also available is a short video of Graeme McVie discussing how customer centricity is redefining the retail landscape:
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