Customer Engagement:

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Customer communication, engagement and support can occur in many ways through many channels, however, the real challenge lies in being able to optimize that “moment of engagement”. How can this be achieved? Well, one of the ways of supporting, enhancing and optimizing any type of customer communication and engagement can be achieved by developing, implementing and leveraging proactive, forward looking analytical solutions specifically designed for this purpose.  In addition, and furthermore, also having a  360◦ view of the customer also greatly helps in that effort as well.  Easier said than done though.  This would imply   compiling and analyzing historical customer and behavioral data and information on attributes such as customer tenure and activity, product / service ownership, revenue and profitability, customer engagement and contact.      

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​​​​Customer Value Management:

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Unfortunately, not every customer is a profitable one. And yes, depending upon the vertical, some customers are indeed costing you. It's not just about acquiring customers; it's about acquiring profitable customers. The question is, do you know who your most valuable customers are and if so, how to prevent them from possibly defecting? Having said that, do you know which customers are costing you? In addition, do you have an understanding of the extent to which customer value varies depending upon certain factors and/or given actions? Needless to say, many factors come into play... 

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• Do you know your customers' current and life time value?

• Have you generated their relative profitability ranking?

• Do you know their product ownership and how often they make a purchase?

• Do you have an understanding of their transactional behavior?

• Do you know which channels they use when making a purchase?

• If rates are involved, do you know what rates they've been offered?

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Low Value Customers:

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For those that aren’t so profitable, why is that and what can be done about it? Rest assured that effective solutions do exist and that your actions can indeed influence future revenue outcomes. Key points of interest and possible future courses of action may consist of the following... 

  

• Attempt to transfer these customers to a low cost channel

• Possibly limit the time and frequency of dealings with these customers

• Examine rates and offers surrounding their product ownership

• Attempt to effectively cross sell appropriate products and/or services across this customer universe

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