Every business is a unique enterprise that caters to different demographics; however, all businesses share a common denominator that is often overlooked their customers. Customers are the livelihood and reason for existence of many service and sales-based corporations. Businesses are facing economic uncertainty and secretly allowing customer retention rates to decline. Most, if not all, organizations write the decline off as part of the recession; however, the decline is due to businesses devaluing customer needs.
Unlike tangible goods, customers gain value over time and increase the value of the company. In an effort to increase profitability and marketing efficiency businesses need to focus on keeping their existing customers. You can stretch your marketing efforts by building, nurturing, and developing customer relationships. Existing customers will spend 33 percent more money in your establishment when compared to new customers.
Each customer is a unique individual whom has different wants, needs, and tastes. Modern marketing requires going beyond the traditional demographics by utilizing identification-based marketing systems. General marketing campaigns are ineffective and does not allow for personalization – an essential element in customer retention. Identifying customer needs is the basis of any successful business model. Customer identification should occur in the background without interfering with the transaction.
Using common payment gateways, Bloodhound ID can identify 60 percent of unknown customers. Information about the customer is extracted from their electronic payment information and compared with major Telcom databases. Using the Bloodhound ID system companies can obtain a customer’s name, address, income, and non-DNC verified phone number. Bloodhound ID decreases marketing efforts by working behind the scenes, allowing businesses to send personalized correspondence to their customers. Additionally, businesses can utilize the customer data to adjust inventory or stock to meet their needs.
Companies with high customer retention rates notice an increase in new customers. Referral rates among existing and satisfied customers are 107 percent higher than non-customers. Word of mouth and customer referred marketing does not utilize internal resources and comes from a bipartisan authority. Companies spend six times as much money on new customers compared to existing ones. Items such as new customer loyalty programs, first time buyer promotions, and other incentives decrease the overall profit margin and are detrimental to the company’s prolonged success.
Approximately 90 percent of a company’s profit comes from repeat and loyal customers. Each transaction the customer makes decreases the overall profit. Reaching new customers is becoming increasingly difficult with the skyrocketing costs of mass media and market segmentation. It is becoming harder to reach new customers because shoppers are utilizing untraditional storefronts such as online commerce and mail order catalogs.
Bloodhound ID will expand your customer database and increase your marketing efforts that are already in place. Information is double verified to ensure accuracy, reducing the redundancy involved in checking phone numbers or e-mail addresses. Loyalty programs can occur without the customer even knowing it because Bloodhound ID keeps track of their purchases. This reduces the cost of maintaining punch card programs or other card-based loyalty incentives.
Tags: Bloodhound ID, brand loyalty, customer database, identification-based marketing systems, Loyalty programs
You must be logged in to post a comment.
