Your customer walks in to the store to purchase a widget. Two scenarios could happen:
The customer walks up to the register and the associate asks if they were able to find everything they were looking for. The customer says yes, pays and leaves.
The customer walks up to the register and the associate is able to identify the customer as a member of your loyalty program. Instantly, the associate is able to access the customer’s most recent digital shopping cart. She notices that in addition to the widget the customer is currently purchasing, there was also a second widget, located on the opposite side of the store. Instead of asking the vague, “Did you find everything you’re looking for today?” the associate is able to make a specific recommendation, suggesting that the second widget would be a complimentary purchase to what is already at the register.
How many times a day do people interact with your brand? What would happen if you took that number and multiplied the value of that additional sale by 30%, the average efficacy rate for successful offer optimization implementations? And then multiply that number by how many days a year you interact with customers? What would that do for your bottom line?
The good marketer knows the value of data. The great marketer knows that analytics are required to tell the right story. The extraordinary marketer enables customer interactions with analytics, empowering representatives to maximize the value of that interaction and delight your customers.
Offer optimization offers a real opportunity to drive revenue and make your customers happier. But just bringing customer data to the representative is only a half step. Instead of releasing the hose of information on your representatives, consider a recommendation engine powered by that information instead. A recommendation engine frees up your representatives to do the job they are best at and leaves advanced marketing and offer planning to the marketers.
Marketers work very hard to understand their customers, their needs and wants. Traditional marketing channels bring us pretty close to our customers but our representatives are the ones tasked with the most important interactions. Offer optimization lets you engage in that interaction and transfer some of your strategy and knowledge into your representatives’ hands.
We recently wrote a white paper highlighting what marketers can do to maximize the value of every customer interaction.