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Preference Management is the Bridge Between Acquisition and Retention

Have you ever entered a room in your house only to realize you don’t remember why you went there? For many of us, it’s because we became distracted along the way. We thought of something else, our immediate priorities changed and suddenly the journey to the kitchen or den lacked a purpose.
 
On a personal level, it’s no big deal. But on a macro marketing level, it’s a huge problem. Many companies are good at customer acquisition – inviting consumers into the room – but watch thousands of them walk out again, victims to the yawning chasm between initial sale and full engagement. They know how to sell, and they know how to service a recurring customer, but they have no idea how to help someone whose priorities or preferences may have changed after first contact. 
 
Without an interaction element, companies of all sizes fall victim to the proverbial Bermuda Triangle of modern marketing. The solution lies in continued interaction with prospects by understanding their true preferences through preference management, actively collecting, maintaining and distributing unique consumer characteristics, such as product interest, channel preference and frequency of communication across a company’s systems.
 
According to a recent survey from Forrester Research, 77 percent of consumers say companies should let them decide how they can contact them. Meanwhile, an Infosys global consumer study found that 72 percent feel that online promotions or emails they receive don’t speak to their personal needs or interests. In other words, consumers want to share ownership of the conversation and they want it to be relevant.
 
Implementation of a robust preference center, or central location for preference selection, is an important first step. Expanding preference collection to multiple touchpoints, such as mobile, social media, in-store, contact center and more, is critical. Finally, deployment of iterative preference interactions at various points in the prospect journey allow for progressive corrections and greater overall accumulation of actionable data. These actions maintain meaningful contact between company and prospect and allow for course-correction prior to disengagement or opt-out.
 
Forgetting why you went to the kitchen isn’t a crisis – whatever you wanted will still be there later when you remember it. The same cannot be said for a consumer that loses touch with their original interest in a product or service. The company offering that product or service must interact with that consumer to listen, learn and adjust. Otherwise, the consumer will fall into the gap between acquisition and retention, never to be heard from again.  




About the Author: 
Eric V. Holtzclaw is Chief Strategist of PossibleNOW. He's a researcher, writer, serial entrepreneur and challenger-of-conventional wisdom. His book with Wiley Publishing on consumer behavior - Laddering: Unlocking the Potential of Consumer Behavior - hits bookstores this summer. Eric leads the professional services organization to strategically guide companies on the implementation of enterprise-wide preference management solutions.

Follow me on Twitter: @eholtzclaw | Connect on LinkedIn: Eric Holtzclaw

ICYMI: Preferences, Privacy and Personalization in the News

Here’s our roundup of recent news and views worth checking out:


OK, so check this out: If you go to the various sports properties around the web, you may be targeted with an SAP banner. But when you click the banner or logo, you aren’t blindly taken to our corporate website or an expensive “landing page.” You are taken to the homepage of our Business Innovation blog site. You may not realize it but you don’t see the same featured story everyone else sees. You are presented with a feature story and “Top Content” that relates directly to the site you just came from. Click here for the full article.


A recent study indicates that 88 percent of CEOs consider getting closer to customers a top priority. However, most companies narrowly confine the customer experience to the front office within sales, service, and marketing domains. By doing this, they are building a customer-centric strategy that only goes halfway. This is not enough. Click here for the full article.


In this era of the empowered customer, companies must understand that, while data and consumer insights may be available at every turn, preserving privacy breeds trust. With technology becoming increasingly invasive, consumers are growing wary of the safety measures in place as identity theft and data breaches gain prevalence in the public eye. Most wonder how feeding this information to their favorite brands will impact them in the future. Yet, while such sentiment could hinder customer relationships, companies have the opportunity to generate a dialogue that promotes transparency and loyalty. Click here for the full article.


Every marketer knows that the ground is moving beneath our feet. Today's consumers are empowered, smarter, better connected, and more informed. As a result, it's become increasingly challenging for brands to break through the clutter—and even tougher to create an enduring, meaningful (and profitable) customer relationship. A lot of brands, and a lot of agencies, are struggling to adapt. For some marketers and their agencies, customer engagement is the answer. Click here for the full article.


If B2B marketing is so different from B2C...why do we use a B2C model? First, the funnel. B2C marketers can often get away with thinking their job is done at the sale. A person researches and buys a ping pong table and boom, you're done! The B2B customer relationship doesn't end at the sale. In fact, according to Demandbase, 82 percent of revenue for mid-large B2B companies comes from current customers. Click here for the full article.



Eric Tejeda is the Director of Product Marketing for PossibleNOWand CompliancePoint. Eric supports the organization’s growth objectives by productizing and launching innovative new products and services that fill critical needs in the marketplace. 

With 25 years of experience, Eric firmly believes that permission-based marketing and preference management is a mega trend and the path to success for marketers today. 

Follow me on Twitter: @EricTejeda | Connect on LinkedIn: Eric Tejeda http://www.cemsummit2013.com

Welcome to the New PossibleNOW.com


Visit the New PossibleNOW Website

We're pleased to announce the launch of a new and improved PossibleNOW.com. With fresh design, reorganized navigation and a simplified display of our offerings and services, the new site reflects the innovative thinking that happens here every day.

Here are a few of the key enhancements:
 
Long form design – with mobile devices now selling more units than personal computers, leading companies are redesigning their websites so that people can scroll down the page as they read to accommodate mobile devices and make the reading experience better.

More to see, less to read – graphics, quotes and videos are featured to capture attention and provide a more visual experience.
                
Responsive design – the website changes dynamically based on the device that you are using so that it is easy to read on desktops, tablets, mobile devices and more.

Preference center – yes, we practice what we preach. Users can identify areas of interest, select communications channel of preference and customize their experience.

Resource center – for those who really want to learn more, we offer a robust library of white papers, articles, videos and more on all things engagement and preference management.




Eric Tejeda is the Director of Product Marketing for PossibleNOWand CompliancePoint. Eric supports the organization’s growth objectives by productizing and launching innovative new products and services that fill critical needs in the marketplace. 

With 25 years of experience, Eric firmly believes that permission-based marketing and preference management is a mega trend and the path to success for marketers today. 

Follow me on Twitter: @EricTejeda | Connect on LinkedIn: Eric Tejeda http://www.cemsummit2013.com

Eric V. Holtzclaw to Present at Loyalty Expo 2014 with Cross Country Home Services


As a leading national home warranty provider, Cross Country Home Services faced a daunting challenge: how can we build customer loyalty in order to bridge the gap from acquisition to retention? To answer it, Chief Strategist Eric V. Holtclaw will co-present with Nola Ogunyemi, Cross Country’s Head of Customer Loyalty at Cross Country Home Services (CCHS), at Loyalty Expo 2014 Tuesday, March 18 in Orlando.
 
Entitled “Loyalty’s Growing Role in Maintaining Customer Relationships,” the presentation will include an overview of new government regulations (including TCPA), tips on how to use loyalty programs to engage customers and techniques for understanding what content customers prefer. In addition to research and methodology, the presentation will include real-world examples from CCHS’s loyalty programming with PossibleNOW.

 
Click here to register for the event or check back on the blog to learn more about Eric and Nola’s presentation.

 


Eric Tejeda is the Director of Product Marketing for PossibleNOWand CompliancePoint. Eric supports the organization’s growth objectives by productizing and launching innovative new products and services that fill critical needs in the marketplace. 

With 25 years of experience, Eric firmly believes that permission-based marketing and preference management is a mega trend and the path to success for marketers today. 

Follow me on Twitter: @EricTejeda | Connect on LinkedIn: Eric Tejeda http://www.cemsummit2013.com

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