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All Customers Are Not Created Equal. So Why Do You Treat Them As Though They Are?

July 7, 2011

As individuals, we are not all the same. Though we may share common interests and attributes, each individual is simply that; an individual. Similarly, customers are not created equal, yet often times; marketing efforts attempt to employ a one size fits all approach to targeting them.

Successful marketing requires that you understand who your customers are; your top performing customers with high persistence and contribution, ones who like to look but drive limited value, and ones who keep coming back but need an incentive to reach full potential. If we understand these customer attributes, we can more effectively market to similar groups.

Enter the new era of analytics and big data. Now, in cloud-based processes that take weeks instead of months or years, no infrastructure or equipment investment and minimal Information Technology (IT) support, enterprises can use analytics that score customers. These scores mimic the FICO score in their detail by presenting a scale of 0 to 999 rather than just a simple “profitable vs. unprofitable” option. They also indicate the current value of the customer to the enterprise.

Hence, the value of scoring your customers helps you approach your business with more intelligence. It is with this PowerVue Score (specific to VueLogic) that allows you to have an intelligent dialogue with your data. This enables you to:

  • Understand the value of every customer at the individual level
  • Increase revenue through a more targeted marketing approach
  • Decrease cost by creating more profitable and effective campaigns

The value of PowerVue Score to your organization is that it can help you build a more effective campaign. At the same time, understanding what to expect from these campaigns can also be understood by leveraging the VueLogic technology. Also with VueLogic, we give you the ability to:

  • Predict conversion rates for offers at various discount points
  • Predict the expected number of transactions
  • Predict gross and net revenues for a campaign

This is intelligent dialogue with your data; a unique approach to CRM analytics to help you understand your business, your customers, their loyalty, and conversion to offers. By understanding what, when, how, and at what price consumers will buy, you can more effectively communicate your offers with greater response rates. And in this market where companies are working harder to do more with less, it just makes sound business sense to use the data you already have at your disposal, to operate more effectively and efficiently, all while increasing your company’s revenue and customer satisfaction.

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