1to1 - Spring 2009 - (Page 36) Leading the Way to Customer Centricity Transforming your business T oday’s companies share similar challenges when it comes to nurturing and is to understand which customers are discount-sensitive and which ones are not. Maintaining Customer Loyalty: Optimizing customer relationships Every company wants it—and needs it—but it is often the most difficult to attain. What’s required is insight into your customer behavior so you can focus on optimizing customer relationships. It involves tracking customer behavior, analyzing and developing the right program designed to increase customer loyalty and maintain it. legs based on trends indicating consumer resistance to intrusive non-customer-centric marketing. Equifax Database Services offers industry-specific marketing solutions based on a customer-focused strategic framework called ‘Transforming to Customer Centricity’ that underpins all our client solutions. The idea is the more customer-centric, meaning relevant and timely, the marketing message, the more successful that message will be in reaching the customer—resulting in more effective marketing programs, happier customers and strong sales. Our marketing database platform is an open-architecture solution, proven flexible and scalable. We integrate all relevant internal and external data sources, into our clients’ B2C, B2B or hybrid marketing databases. We leverage a wide array of data products and hygiene services to cleanse, consolidate and produce a holistic and enhanced view of each customer. And pre-integrate best-of-breed marketing automation tools for data mining, campaign management and business intelligence to enable continual analysis, testing and measurement to improve our clients’ marketing efforts. Our strategic and operational support, help clients achieve their business imperatives and offer all the key marketing services companies need to begin or continue their efforts toward customer-centricity. building customer relationships. These range from new customer acquisition, increasing cross-sell opportunities, creating high value segment retention and reducing customer attrition. Consumers are learning to ignore the ’noise’ from marketers and in a difficult global economy, companies need to take more economical approaches to grow their customer base and increase customer loyalty and profitability. Key Business Challenges— Which apply to you? Understanding Your Customers: Obtaining a clean, consolidated and singular view of the customer Despite all of the buzzwords focused on customers—including customer loyalty and CRM, many companies still struggle with the most important fundamental of all: a clean, consolidated, single view of the customer. Cleaner, actionable customer data is at the root of better understanding your customer base. Creating a Connection with the Customer: Increasing customer loyalty and brand awareness Marketers who historically relied on a variety of distribution channels to deliver their marketing messages have lost the connection to their customers. As consumers take more control of the buying process via the Internet and other customer-driven touch points, marketers must become savvier about delivering personalized content. Increasing Customer Profitability: Understanding your customer’s discount sensitivity Make your customers more profitable and you’ll make your company more profitable. While undoubtedly true, many companies struggle with the concept of enticing customers to purchase more by offering discounts. But not all customers require discounts to stimulate a purchase. The key Cross-Selling More Effectively: Cross-selling products to your customers Creating long-lasting and more profitable customer relationships involves successfully cross-selling additional products to customers. Companies struggle with this due to a product-centric focus—as opposed to a customer-centric one. Developing deeper customer relationships—not just selling more products—is the ultimate goal. A cross-product view of customers helps companies understand what products to promote to which customers. Linking Marketing and Risk: Integrating efforts between Risk and Marketing Marketing based on credit worthiness has hit a particularly difficult period. Marketers are searching for better ways to optimize results and mitigate credit risks. Historically, Risk and Marketing had somewhat competing goals within their organizations, operating in an un-integrated fashion. A unified effort avoids disjointed customer experiences within your organization. About Equifax Database Services Equifax Database Services helps companies acquire, retain, and grow customer relationships. Supporting B2C and B2B clients, we offer hosted marketing database platforms, database design and implementation, data hygiene, account servicing, strategic guidance, analytic services and preintegrated marketing automation tools—for client companies actively engaged and using customer/prospect data to drive their marketing initiatives. For more information, call 800.660.5125 or visit www.equifax.com/databasesservices Overcoming These Challenges Companies need to embrace a customercentric marketing framework to understand differences in customer behavior and develop new marketing strategies to improve customer relationships. For marketers still clinging to their product- and campaign- centric ways, these models may be on their last BRANDED EDITORIAL http://www.equifax.com/databaseservices http://www.equifax.com/databaseservices
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