4 Steps to Building Your Next Offer Strategy
In business, results come from great ideas and creative innovations but also from research the right marketing software, unifying member data, and targeting campaigns for highest growth. By doing so, clients are given relevant information in a timely fashion.
Data gathering and analytics make it possible to deliver pertinent information such as individualized advice from one’s banker. Highly customized offers even from the smallest amount of data can help direct customers to the right financial services and products at the right time.
A solid next best offer strategy connects marketing across devices and channels and produces personalized messages for customers.
In four steps, your customers and your company’s bottom line can turn from boring to relevant:
#1 Define your objective.
Craft your next best offer strategy to achieve specific goals, such as increasing product penetration, loyalty or conversion rates. Be ready to modify your objectives to respond to changing circumstances.
#2 Know your customers.
Aggregate customer data (demographics, psychographics, purchase history and social, mobile and location information) into a targetable profile. Collect data on your offerings (product attributes, profitability, and availability) and purchase context (customer’s contact channel, proximity, the time of day or week) to understand context and response.
#3 Decide and deliver.
Match the right offer with the right channel. Automate delivery with behavioral targeting where appropriate.
#4 Learn and evolve.
Unify reporting across interaction points to create a cross-channel view of performance. Monitor performance and make changes to improve future offer performance and audience reach.