During the economic downtown there were certain companies that didn't flounder – Whole Foods, Starbucks, Trader Joe's and Zappos, for example. While groceries and coffee (and shoes) are perennial shopping needs, there were a handful of reasons that these companies didn't suffer like their cohorts. Most important was their focus on customer service. Rather than reacting, these companies were proactive and they leaned on their customer relationships knowing that engaged customers are loyal customers.
While marketing often focuses on the acquisition of new customers, it's your existing customers that are much more likely to be the next sale. Marketing Metrics found that the probability of selling to an existing customer is between 60-70 percent, while netting a new customer is just 5-20 percent. So it's easy to see why building and maintaining quality customer experiences relationships is beneficial.
Are your customers satisfied? This quick video introduces a new whitepaper, Preference Data ROI, which contains a new methodology to assess customer relationship maturity levels. With the appropriate strategies and measurement tools in place, companies can harness the power of preference data to move engagement strategies forward and offer better, more cost-effective marketing programs.
In the following weeks, we'll continue to roll out videos to guide you through the power of preference data. If you haven't yet explored our Resource Center, you can download the Preference Data ROI whitepaper here.
Eric Tejeda is the Director of Product Marketing for PossibleNOW and 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.