When companies invest the time and money required to gather rich collections of data on their customers and analyze it, they're not just looking to make a one-time score. Anyone can capitalize on a piece of information and quickly lock in one interaction or one sale, but with big data analytics, businesses' goals are often loftier than that.
Ideally, the goal is to secure a customer not just once, but for a fruitful lifelong partnership. This way, companies can milk their data for every bit of value it's worth, knowing they're not leaving any money on the table.
To accomplish this requires diligence not only to collect information, but to follow up with it and to constantly maintain data quality. If companies can do this, they'll be able to maximize their profits.
The value of digital retargeting
According to The Financial Brand, one of the key ways to maximize the value of data is to rely on what's known as "digital retargeting." In other words, once you find out that a customer is interested, you use the full scope of the data you've collected on that individual to make transactions over and over again.
Financial industry strategist Jim Marous told the news source that digital retargeting is effective because it helps companies learn the "footprints" of their customers, understand their tendencies and predict their next moves.
"Digital retargeting is one of the most powerful ways marketing can leverage internal and external data sources for improved marketing effectiveness," Marous said. "The Holy Grail is when you can connect one-to-one with a person, showing that we working on their behalf, are friendly, and we can provide an appropriate value proposition by really understanding them."
Branching out to multiple channels
The best way to make the most of retargeting strategies is to target people on multiple channels. If they've made one sale in person, try them over the phone next time. If they've already called in an order, perhaps try to connect with them online as well. Showing proficiency with multiple channels is a way to help your client relationships evolve.
Of course, to do this requires more information on each consumer. To that end, data enhancement is a great strategy for helping businesses round out the information they've gathered for each patron. The goal isn't just to know the customer exists - it's to build a complete, enriched understanding in order to continue business success for years to come.