The importance of omnichannel strategies in building customer loyalty and maximizing customer lifetime value is a central theme. Brands are encouraged to engage with customers at every stage of their journey, from the initial awareness phase to consideration, conversion, retention, and advocacy.
However, effectively utilizing the vast amount of data available to create meaningful value is a challenge that many brands face. As the landscape changes, brands must adapt their engagement tactics. For instance, as telcos increase SMS rates, brands need to move away from the traditional "spray and pray" approach. Instead, the cost of customer acquisition should align with the average revenue per user (ARPU) generated over the customer's lifetime.
Insights from a session at the "Big Leap: Rise with Retention" roadshow are shared, where marketing and product leaders discussed the role of omnichannel engagement across all aspects of the customer journey. The importance of creating a "flywheel" and making decisions centered around the customer to drive awareness and distribution was emphasized.
The discussion concludes with examples from various industries, including airlines and healthcare. These examples illustrate how these industries have personalized their customer journey and engagement strategies to optimize value.
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