How to Master Customer Retention with Artificial Intelligence?

What’s the secret of growing a business?

“Selling to more and more customers.”

Simple, isn’t it?

You might have as well taken this approach and I am sure the results were striking.

Although, it is not the only important piece in the puzzle. The other important thing than acquiring new customers is, to ensure your existing customers are satisfied with your product. We call it customer retention and Why should your customer retention rate weigh more? Because it is more cost effective, easier and returning customers tend to spend more while bringing along referential customers – friends, family. If I was to talk numbers, I can tell you that even a 5% raise in customer retention can hike-up your business’s revenue by 30%!

Coming to customers who are the glorious centre of our marketing universe, they have now grown tired of all the noisy hush-bush of advertisements throwing a new product on every instance. These customers will be more amazed if you can offer them the personalisation like Netflix, Uber and Amazon are doing. So, what should be our game plan?

Like I mentioned above, we need to re-centre our marketing energy to retain existing customers because the probability of them spending more on your products is always higher than a new customer walking-in through the door.

As I have noted, many growing businesses mark success by lowering the product costs for the sake of acquiring new customers. Luckily, Artificial Intelligence has handed us a playbook to master customer retention and to bring back the vanishing brand loyalty.

Advanced Analytics Powered by Artificial Intelligence

You can acquire actionable insights for more meaningful and direct actions by using artificial intelligence for delving into demographics, psychographic segmentation, intent segmentation and behavioural patterns of your customers.

The marketing analytics can draw this type of insightful data, but Artificial Intelligence powered predictive analytics shapes the comprehensive 360-customer view for every single customer.

If your business leverages Artificial Intelligence, not only you can take a leap over the gap created by siloed data, you can also cement your ‘revenue – driving’ customer retention efforts by nurturing the holistic view of every single customer with personalised marketing pitches.

What are your thoughts on AI marketing and Customer Data Management? Please do share in comments.