09 Feb 7 Reasons Why You should Profile Your Customer Database
By profiling your database you will know who your ideal customers are and give them a superior customer engagement experience. You can then use that information to both generate additional sales from your existing customers as well as being able to find new customers who are more likely to be interested in buying from you.
- A high customer engagement achieves 50% higher revenue/sales, 34% higher profitability and 55% higher share of wallet (B2B Gallup poll)
- Knowing who your ideal customer is improves customer service, gets better customer retention, higher conversion rates on new services/products, an improved overall customer lifetime value (CLV) and a superior customer engagement experience.
- Knowing the profile of the Customer means that time and money is maximised to develop more business from existing customers as well as getting the “Right” new ones.
- Developing and Retaining existing customers is 10 times cheaper than getting new ones.
- Providing a great customer experience can help create loyal brand advocates, who are more likely to spread positive word of mouth about your brand.
- Strengthening brand loyalty can then lead to higher spend. Brand advocates will often spend more, purchase more items and return to the business more frequently.
- Reinforces to your customers why you’re different from your competitors and that you’re a unique entity so they continue to do business and interact with you.
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