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Engaging relationships for customer retention
Finding new customers can be a long and expensive business. It follows that an existing customer represents a valuable investment — one that should be nurtured to encourage on-going growth – so retaining existing customers is paramount to the success of your business. The difference between a one-off purchaser and a lifelong customer is often down to the quality of your interaction with them.
Experian has the data resources and expertise for effective customer retention, and can deliver real insight into your customers to support them in the short, medium and long term. We can guide you through when to contact them, how to contact them and what to offer, ensuring that you embark on a trusted — and profitable — relationship.
Use customer segmentation to generate cross sell opportunities
Experian’s ability to discover behaviours and lifestyles across multiple channels using customer segmentation brings you real opportunities to retain and grow your customers. By combining your data with ours and modelling for optimum returns, we can help you to cross sell to customers at initial point of contact. Taking this further, we can use our sophisticated customer segmentation solutions and financial data to help identify and drive additional up-selling opportunities over the customer lifecycle.
It also means that you can be with customers every step of the way — ready to offer the products and services they need, when they need them:
- know when engagement is most likely to match your customers’ financial circumstances; and
- understand individual financial preferences, influencers and behaviours of consumers across 50 household types.
Targeted triggers for customer retention
As well as opportunities, we provide more targeted approaches, with solutions that tailor the tone of your message and the style of your advertising for smarter, more relevant communications. Experian allows you to explore customers’ propensities and motivations, meaning that you can also identify the channels that they want to be engaged by, and the products they are likely to own and buy.
Our ability to harness the power of customer segmentation and to see customers across channels — linking physical, online, social media and mobile identities — gives you the ability to engage in conversations across multiple channels with a single individual – a method that is perfect for customer retention - at precisely the right moment, with precisely the right product:
- life event triggers, such as birthdays, anniversaries and house moves offer the chance to engage when interest is likely to be high — and appreciated; and
- a view of customer propensities — the likelihood of them owning or being interested in certain products and services — brings more intelligence to your marketing decisions and enhances your chance of customer cross sell.