How to fight churn with data-driven customer segmentation
Tips to beat back churn and raise customer retention leveraging your order, customer, and campaign data
In the news, you typically hear how the economy is finally opening up again, and people are going back to work, with the needed precautions, of course! The activity is palpitating as everyone is ready to go out and be with people again. Retailers, restaurants, hotels, and theaters should be using their existing customer data, also referred to as first-party data, to welcome everyone back.
Always on Retention
One key topic I have been writing about is customer retention and how to use customers to show them you really know who they are. Everyone has heard that keeping a customer is way cheaper than finding a new one, so is there ever a time to really lay off win-backs and retention campaigns?
The approach that the VIEWN team has been working out leverages what you know about your customers to first retain, then to take the meaningful factors and turn around to look-alike. This approach allows us to address churn, but really keep reusing the insights to monetize for customer acquisition.
Data-driven segmentation is using your data to tell you which customer segments make the most sense. The alternative would be to map out the customer journey and find the most optimal places. The latter works well for getting started and not working from a blank canvas. But when your marketing funnel starts getting messy, and you are working across different campaign tools; then it's time to look at a customer segmentation of your first-party data.
Find our latest about customer churn and customer segmentation.