In this blog post, gain insights from expert marketers about five pillars to create effective strategies that boost customer retention.
These are excerpted from a panel discussion at Optimove Connect 2024: Exploring Winning Retention Marketing Strategies.
Listed below are the panelists who joined Erik Holt, Optimove’s VP of Channels:
Stanislav Solon, Senior CRM Growth Manager at Betfan, a Polish provider of online sports betting and esports wagering.
Lydiane Andry, Senior CRM Manager at Betway, provider of innovative sports entertainment, e-sports, and other gambling products.
Marcel Martins, Head of Digital at Grupo Soma, a leader in the Brazilian fashion industry.
Key Takeaways (Five Pillars):
Data is at the heart of meeting customer expectations
Automation should not replace human oversight
Smart segmentation drives retention
Retention marketers should be product experts
A multichannel strategy improves retention
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Pillar 1: Data is at the heart of understanding and meeting customer expectations Collecting, processing, and enriching data is crucial for obtaining essential customer insights. Zero-party data, which customers willingly provide, such as through surveys, is a reliable source. Cookies also reveal triggers and rewards that reflect preferences and drive actions.
According to Lydiane Andry, using this data to not only understand but also shape customer expectations is crucial. For instance, with a data-driven understanding of preferences and behaviors, marketers can direct customers to website pages featuring tailored promotions.
Pillar 2: Automation is a strategic tool, not a replacement for human oversight Automation is essential for efficiently executing retention campaigns. However, it should never replace human oversight in strategic decision-making.
Marcel Martins remarked, “Automation allows us to run numerous A/B tests quickly, generating valuable insights. While it manages the execution, humans should be interpreting these insights and determining the next steps.”
Pillar 3: Smart segmentation is a key driver of retention Marketers should target their most profitable segments with different campaigns and promotions than those used for other segments.
Marcel Martins commented: “Targeting high-value customers with tailored strategies will drive substantial growth. We can’t invest the same level of engagement in someone who makes one annual purchase as we do in someone who makes 20.”
Pillar 4: Retention marketers should be product experts When marketers fully understand the benefits of the product they’re promoting, they will be more successful at communicating value and securing loyalty.
Stanislav Solon advocates for a multidisciplinary approach in which retention marketers are experts not only in marketing, engagement, and journey design, but also in thoroughly understanding the product: “Knowing the product inside out unlocks multiple and lucrative marketing opportunities.”
Pillar 5: Effective retention depends on an effective multichannel strategy Since customers engage with brands across various channels, all three experts agreed that seamless orchestration of multichannel engagement is essential for fostering loyalty and driving repeat business.
In Summary
These five pillars underscore the importance of a data-driven approach, strategic use of automation, smart segmentation, product expertise, and a robust multichannel strategy in boosting customer retention.
By integrating these pillars into retention strategies, marketers can better understand and meet customer expectations, optimize their campaigns, and ultimately foster stronger customer loyalty and repeat business.
For more insights on how you can create winning retention strategies with Optimove, contact us to Request a Demo.
Rob Wyse is Senior Director of Communications at Optimove.
As a communications consultant, he has been influential in changing public opinion and policy to drive market opportunity. Example issues he has worked on include climate change, healthcare reform, homeland security, cloud transformation, AI, and other timely issues.
