Customer Revenue Potential Not Fullfilled
The CMO Council released a new study in December that reported 76% of senior marketers feel their companies are not achieving the full revenue potential from their customers. And less than half said they had good insights into customer retention rates, customer profitability and lifetime value.
In today’s highly complex and competitive business environment, achieving marketing and sales objectives are a challenge for even the top companies. The study identified three obstacles to optimizing full customer revenue potential:
- Lack of real time data and analytics
- Information selectively gathered, incomplete and inaccurate
- Data siloed and not available across the organization
Making customer communications more personal, relevant, targeted and timely was one of the top strategies for improving revenue and profits from their existing customer base. When asked how they were going to improve customer engagement, close to 60% said they would introduce better segmentation, profiling and targeting strategies. Other initiatives included:
- Adding or improving database marketing systems (49%)
- New customer and market analytics capabilities (30%)
- Personalizing multi-channel communications and customer touch points (30%)
- Individualizing customer communications (26%)
- Building online and interactive communities and channels (26%)
- Capturing more customer information via the web and point-of –sale (25%).
In today’s economic environment, cost reduction is a challenge faced by all marketers. While 40% of the respondents indicated one way they would improve top and bottom line results through head count, overhead and budget reductions, 39% said they would adopt marketing automation processes as another way to improve results.
Transcontinental can help you effectively and efficiently target and reach you customers. We can work with you in planning an integrated marketing campaign, including database and direct marketing services. Visit us at transcontinental-printing.com.
