How to Use Data Driven Marketing to Keep Customers Happy
Every business wants happy customers and applying data driven marketing can help. Every business strives to create a smooth and satisfying customer experience. But nobody is perfect. Mistakes will be made, and problems will occur. The way you deal with your customers’ problems is central to keeping them as customers.
It has been said that no marriage is perfect. The measure of a good marriage is how well a couple resolves conflict. The same is true of your relationship with your customers. Research suggests that your most loyal customers are not those that have never had a problem with you. They are the ones for whom you have resolved an issue in a satisfactory way.
You almost certainly have a credit card. And you’ve probably experienced a very effective event-triggered communication related to that card like a fraud prevention call. Someone from the credit-card company calls you and asks if you actually made a certain transaction.
So what’s going on here? They bank is trying to protect you, and itself, against credit-card theft. Their computers are constantly sifting through credit-card transactions looking for suspicious patterns. Again, there are some pretty heavy-duty analytics going on here. But the basic idea is that thieves do some predictably unique things.
For example, a thief does not typically steal a card and proceed directly to the mall to buy a flat-screen TV. More often they buy a small item or two first to make sure the card works and hasn’t been reported stolen.
By checking with the credit card holder when suspicious transaction patterns are observed, the bank is able to significantly reduce its losses. They have also spared the customer a great deal of hassle. This makes it far more likely that the customer will not throw up their hands and bolt to another credit-card company. The bank can issue a new card and retain a valuable customer.
Buyer’s remorse is real. When you push a customer into buying a product or service that they really don’t need, you create bad blood between you and your customer. This in turn creates a customer-retention problem. By recognizing how a customer is, or isn’t, using your product, you can take action to get your relationship with your customer better aligned with their needs.