Reducing customer churn is critical to the growth of your business. You cannot offset lost customers by adding the same number of new ones; growth will be stagnant, but you will also be spending more to acquire the new customers, which means that your profitability will be negatively impacted. If you want to launch a war on your churn rate, the following tactics can help you win the battle.Read More
The EX Squared Solutions Blog
Companies are drowning in data. As of 2011, IDC reported that big-data creation and replication would reach almost 1.8 trillion gigabytes.
That number could easily double every year; data is coming in from the Web, smartphones, inbound and outbound marketing, customer emails, opt-in programs such as loyalty programs, in-store transactions, and a variety of other touch points.Read More
In the last three decades, there have been many disruptive technologies that have changed how businesses operate. It is difficult for many people to understand, for example, how companies once conducted business without websites, email or personal computers. Today, some people marvel that a company does not use Skype, cloud computing or social media. Of all the innovative technologies that have appeared in recent years, however, mobile has certainly proven to be among the most disruptive.
Topics: mobile analytics
Marketers have known for years that an engaged customer tends to be a loyal customer. Loyal customers are more likely to make return visits, and their average purchases tend to be higher than the purchases made by first-time buyers. The most common method used by companies to encourage customer loyalty is to buy it through reward points, members-only sales or other financial incentives. While such loyalty programs worked for many retailers in the past, today's customers want more.
Topics: CRM Gamification
When making the move to a digital enterprise, many businesses find themselves wondering whether they need to focus more on digital technology or the development of a digital strategy. A few companies even believe that technology alone is sufficient; if they can dazzle their customers with all of the latest technological advances, the strategy will take care of itself. Other companies find themselves so involved with developing a strategy that by the time that they are ready to implement a plan, the chosen technologies have been usurped by innovative methods.
Topics: Digital Transformation
Companies today amass more data than ever before, and a digital transformation tends to increase the amount of data collected. Due in part to the volume of data that most companies have accumulated, marketers are urged to be more data-driven if they want to achieve the best results for their efforts. However, many businesses do not realize that it is no longer enough to be data-driven. Databases are not adequate substitutes for truly knowing your customers.
Topics: Knowledge Management
Consumers are subjected to a steady barrage of marketing messages every day. Whenever they perform an online search, visit their social page, read a magazine, drive to work or watch a television program, they are exposed to advertisements competing for their attention.Read More
In today's economy, retailers are being forced to trim margins to battle a marketplace of global competition, slow growth, increasingly demanding customers and rising costs. Many retailers have reduced their margins to a single-digit percentage, and most are struggling to find ways to reduce costs and operate more efficiently.Read More
Steven Temares, CEO of the retail chain Bed Bath & Beyond, recently discussed the company's technology-investment strategy and the transition to a digital enterprise.Read More
Topics: Digital Enterprise
Five or six decades ago, shopping was a radically different experience for most people. It was common for a person to walk into a store, be greeted by name, and have the proprietor recommend new products that he believed the customer would like. The proprietor often knew the names and ages of other family members and their preferences as well.
Through the years, shopping has become much more impersonal. Chain stores replaced mom-and-pop retailers. Store personnel changed shifts or locations frequently. The size of stores expanded as well as the number of products. Staffs were often kept to a minimum, making it difficult for customers to receive any attention much less warm, personal attention.
Online shoppers have never fared much better. They often find they must navigate through multiple pages to find the item they want. Unless they bookmark the page, the entire process may have to be repeated if the purchase is postponed.