For a business, sweet dreams are all about growth and profits. To keep up with their sweet dreams, businesses have to take care of their risks. Business risks can be many, from not being able to generate new business to losing customers to incompetent people to myopic leaders to process lacuna to fund-vacuum.
From our experience, we believe that is one of the core factors that makes or breaks a business, ‘Customer Acquisition and Retention’, as all business performance indicators are directly dependent on this factor. Profitable businesses are built with increase in revenue per customer, year-on-year.
The key challenges faced by businesses to insulate this risk factor are to increase new customer acquisition and to retain existing customers by providing unparalleled service which is possible only with deep customer knowledge.
To help businesses insulate this risk factor, we built Plumb5, which is everything, you wanted to know about your customer. Plumb5 is an end-to-end customer centric business framework that incorporates tools and automations to achieve the following objectives:
Knowing your customer/visitor
Helps businesses manage their customer profile data all in one place. Knowing your customer would include keeping track of his browsing behavior, sentiments, experience, buying behavior, budgets along with his profile information and transaction history.
Understand the customer’s desire
Helps businesses understand what the customers /visitors are browsing in the store and their buying inclination. The business can personalize communication based on desire and recommend based on behavior. Insights collected help in conversions across models; be it acquisition, retention, cross-sell, upsell, tone or value.
Understanding the customer’s sentiments
Helps businesses to understand the sentiment of their customer. Based on sentiment data, the business can formulate strategies that help in conversion, customer advocacy or even understand the longevity of customer loyalty towards the product.
Knowing their opinion
Helps businesses get their customers /visitors opinion about the product, know perceptions, expectations and intentions of each customer and develop effective customer communication based on the opinion data to achieve higher conversions.
Knowing their wishes
Helps businesses create engagement programs which helps them in understanding customer interests and opinions for the entire product range. This works for a multi-product business where there is an opportunity to cross sell other products.
Knowing their product experience
Helps businesses engage with customers to understand their product experience by effective feedback cycle. Helps the business to improve their products and retain the customers by creating products that meet their expectations.
Knowing their purchasing factors
Helps businesses understand the buying behavior of their customers. Knowing when they are going to buy next, understanding the depth of their inclination towards a competitors product and loyalty scores, help in forecasting conversions and competitive customer communication.
Knowing their influential power
Helps businesses understand the influencing capacity of each customer in terms of referrals. Multilevel referral strategies can be designed to increase new customer acquisitions.
Knowing their budgets
Helps businesses to understand a customer’s annual spend towards their product. Helps in designing an optimal engagement frequency which indirectly increases revenue per customer.
Plumb5 helps businesses to get an in depth understanding of each of its customers, which helps in near accurate forecasting.
Plumb5 – Its everything you wanted to know about your customer!
Get started at www.plumb5.com