Baby make your mind up give me what you got
Fix me with your lovin' shut the door and turn the lock
Hey go get the doctor, doctor came too late
Another night i feel alright my love for you can't wait
Don’t go. Universal plea from all marketers to our best customers. But wait – do we even know who they are? Do we have a great program to retain them?
Retention is a huge priority for us marketers. And a huge pain.
According to an RSR Research surveyfeatured in a MarketingCharts article, “Customer Retention and Loyalty Seen a Big Battle for Retailers,” we cited retention as our top marketing priority.
But the question remains, how exactly can marketers start to develop loyalty with our customers? According to the respondents (and at no surprise to the AgilOne team) predictive analytics is the most important weapon in retail retention. Marketers are starting to realize that customer demand is much more important than what we make or sell – 57% of respondents said customer purchase analytics are “very valuable.” But even more telling – and alarming – only 56% of the respondents said they knew who their best customers were, down from 73% in 2011.
In order to make leaps and bounds in customer retention – and start to really identify your biggest and most frequent spenders – marketers will need to push more heavily into predictive analytics. The RSR report goes on to say that 33% of respondents believed predictive analytics would be “very valuable,” while 26% had made a budget to build or acquire predictive analytics, and 23% were implementing or had already implemented a solution. Expect to see these priorities increase even more throughout 2013! So we can avoid, as Yaz says, the situation where “the doctor came too late”.