The Fospha team recently sat down with senior leaders from marketing and analytics to discuss conversion challenges into 2017 and beyond. Thought-leaders from companies such as Deliveroo and ASOS gave their perspectives on data challenges in their industry and we’ve summarised their thoughts into 4 key topics.
1. The rise of customer experience
A common theme was the focus on customer experience. Business fundamentals (acquire, convert and retain customers) may stay the same, but the method adopted to achieve this has changed. There is no longer a one size fits all approach, and businesses are now placing increasing efforts on improving their customers’ experience.
To do this successfully, it was highlighted that you first need the right data all in one place. From there you can identify pain points for potential customers, enrich your existing customer data to better personalise interactions and improve customer retention.
2. Quickly identifying conversion issues
Many of the attendees noted that there was a significant effort going into increasing conversion but it was often difficult to know where along the customer journey the main issues are. There was broad agreement that this was going to continue to be a focal point in 2017 and most people were actively looking for platforms or software that could help them.
3. The push for personalisation
As our conversation progressed, we discussed the increasing need for personalisation and the challenges that presents. Many businesses are doing some form of personalisation, even if it’s mass personalisation like emails, but were actively looking at ways to further segment their customers and provide unique experiences at scale.
4. Making loyalty add-up
Getting existing customers to repurchase is normally the most profitable way to grow your business. Loyalty schemes have long been used to try to do this, but with customers inundated with different programmes it’s not easy to know whether it’s worth all the effort to set them up.
We discussed the need for robust modelling to understand whether a scheme will pay out and to monitor customer data at an individual level to really understand customer lifetime value.