In today's challenging economy, marketers are being tested like never before. Customers are more informed, more demanding, and less willing to release their cash. The competition is using technology in innovative ways to compete for customers. Despite these challenges, senior leaders and stakeholders want results quickly. So when marketers identify a qualified lead, it stands to reason that they should do their level best to maximize profitability. Unfortunately, the majority of them are not.
Three key obstacles stand in the way of marketers garnering good insights into retention rates and customer profitability: (1) a lack of real-time data and analytics that capture insights from multiple customer touch points; (2) information being selectively gathered, inaccurate, or incomplete; and (3) data being siloed and its use restricted across organizations. As a result of these obstacles, critical business decisions are made based on conjecture and not on empirical data and intelligence.
This paper explores the dilemma of looking into retention rates and customer profitability and offers a solution to this dilemma. You'll also learn how to increase customer loyalty and retention while increasing revenue.