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Page 1 of 2 How much do we really know about our customers anyway? Do we know their basic demographics? Age, sex, geography? Perhaps.... Do we know their transaction behaviour with us? Yes - if the category supports collection of transaction data - e.g. financial services, travel and hospitality, online shopping etc. So... in these cases we know who is buying, at what frequency, at what value to us, how recent are their purchases, how long have they been buying with us etc. What else? Do we know WHY they are buying with us and not with competition? Do we know what makes them tick? Do we know what kind of people they are - so we can locate more like them? The answers lie in Profile Data.
The secret of successful one-to-one marketing and customer relationship management is RIGHT and RELEVANT triggers, offers and messages at the right time. Which is possible only if we truly KNOW the customer base. You need to know what product or service to push to whom and when, what tone and manner to use, and what offer or benefit would make sense. And this may differ by individual - or atleast by cluster.
All too often we are faced with situations where there is no data at all - barring, perhaps, some customer research data that's available. Or there is plenty of transaction data - but little beyond that. The trick is to get a combination of the two. Research - done right - tells us about who our customers are, their basic demographics, what motivates them, how they perceive our brand etc. Useful information undoubtedly. The problem - research is always done on a sample customer base. We still dont know WHO these customers are by name and address. We cannot identify them as individuals and speak to them. Can we use research information to create relevant communication content for a large customer group? Absolutely. Can we use it to target the individual customer and address him/her specifically? No. And then we have transaction data. Many gigabytes of the same. Banks know customers by name, address, age, sex, services utilised, RFM of transactions. Analytics possibilities endless. The problem - do they know anything about the PROFILE of the customer? Do they know their likes/dislikes, their family composition, their brithdays and anniversaries, their hobbies and lifestyle? Not often enough. And this is what creates truly relevant and personalised communication. Communication that generates desired response and builds strong bonds of loyalty with the customer
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