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Your Secret Weapon for Customer Retention & Expansion First Party Data and A CDP

Discusses the challenges and opportunities in a world of massive change. Highlights the importance of understanding consumer experiences and preferences. Highlights the impact of economic pressures on consumer choices and price sensitivity. Discusses the preference for brands with strong equity in inflationary times.

Why Technology Is Not the Only Consideration:

  • Emphasizes the importance of ensuring current customers are satisfied and their needs are met. Highlights the cost of acquiring new customers, which can be 5-25x more expensive than investing in the current customer base.
  • Emphasizes the importance of having a trusted view of your customer. Suggests avoiding easy mistakes that put customers at risk and giving customers control of their data. Suggests integrating offline events and engaging with customers through social media.
  • Identifying different customer segments' needs and creating programs centered on utilization, customer success, and loyalty. Retaining customers can generate more revenue in the long run, leading to repeat purchases and loyalty. Acquiring a new customer can be 5-25x more expensive than keeping an existing one. A 5% increase in customer retention can increase a company‚Äôs profitability by 75%.
  • Speak to the Moment and Build Trust Through Targeted Consumer Messaging. Embrace Consumer Sensitivity and Test New Pricing and Offers.Reinforce Your Privacy Preferences and Accessibility to Drive Trusted Experiences.
  • Data can be outdated, incomplete, or stored in multiple places, making it more time-consuming and expensive to use effectively. Incomplete or outdated customer information can impact how data is activated.

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