Customer Economics: Deeper Insights. Greater Value
Humanizing + Analyzing Relationships to Drive Revenue, Retention and Returns
In partnership with:
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The CMO Council, in partnership with Hux by Deloitte Digital, is undertaking research into the forces, factors, and business conditions that are shaping the new Customer Economics imperative today.
These include brand humanization personalized path-to-purchase, customer intimacy, selling cycles, acquisition/closing costs, conversion rates, deal value, retention levels, revenue returns, order velocity, repeat purchase behavior, handling costs, up-sell/cross-sell, attrition and recovery rates, as well as word-of-mouth referral and recommendation.
The program will audit and assess the degree to which marketers view and value the concept of Customer Economics as a way to have a richer understanding of the customer, elevate the human experience, and combine the power of data science, human psychology, and content innovation. It will explore the impact of digital marketing innovation on customer value creation and the degree to which brand humanization is able to impact Customer Economics.
Conversations, audits and discovery will be undertaken around the topic area of “Customer Economics” as a way to shine a light on the need to rethink, and re-evaluate their customer engagement strategies, marketing processes, go-to-market systems, and customer data utilization capabilities “from lead to loyalty.”
Given the state of global markets, brands require a more humanistic, personal and contextual approach to customer engagement and relationship management as households and businesses seek to recover and heal in a depressed economy.
Understanding the intricacies of “Customer Economics” is a new imperative and urgent area of strategic focus and attention for savvy marketers faced with global turbulence that has created severe consumer anxiety, behavioral change, spend reduction and lifestyle upheaval.
Now, more than ever, it is essential to analyze and action on the real costs, value and returns associated with acquiring, nurturing, converting, closing, handling, retaining, recovering, upselling and activating critical customer constituencies, influencers and ardent advocates.
Much of the Customer Economics discussion boils down to how well customer data is sourced, cleansed, integrated and mined for intelligence, predictive analytics and customer lifetime value building. This is particularly relevant as marketers scramble to assess the level of customer risk, resilience and departure. And most importantly, as enterprises try to cost-effectively aid, accommodate or enable financially and operationally challenged partners and customers of all types.
Topics to be addressed and explored include:
- Variations in customer economic modeling across B2B, B2C and hybrid markets
- Ownership of customer revenue, yield, value, affinity and attachment in the organization
- Disruptive forces and factors most impacting customer spend, retention and experience
- Changes in buyer behavior, preference, frequency, value, nature and method of purchase
- Level of insight into existing customer viability, predisposition and intent to shop/buy
- Measurement of customer acquisition cost, potential value, return, profitability and yield
- Customer retention strategies and nature and level of needed or requested assistance
- New approaches to evidencing customer value, commitment and sustaining relationships
- Progress in humanizing customer relationships; determining effectiveness and returns
- Incidence of emotive-driven engagement at scale and its impact on customer response
- Quality, availability and sources of customer data, analytics and decision support insight
- Measurement and understanding of customer lifetime value, experience and revenue potential
- Business gain from more individualized understanding of life stage needs, drivers and mindset
- Level of analysis and improvements in customer journey and path-to-purchase
- Effectiveness of customer acquisition, conversion, revenue realization and retention programs
- Best practice approaches to reducing customer attrition, churn and competitive defection
- Success of customer recovery and revenue optimization strategies and systems
- Techniques and technologies to identify, acquire and retain the most profitable customers
- Multiplying the value, affinity and attachment of a brand’s most loyal customers