Loyalty Builders validate their leadership position in the emerging customer analytics market

Last Updated: August 5, 2020By Admin

Loyalty Builders, a pioneer in the booming field of customer analytics, today announces 125% revenue growth in Q1.

“strong demand from midmarket and enterprise companies trying to analyze their big data to discover insights about their customers buying behavior. This data is a huge asset companies have to dramatically increase marketing results and revenue from their existing customers.”

President/COO Dennis Erdle attributes this growth to “strong demand from midmarket and enterprise companies trying to analyze their big data to discover insights about their customers buying behavior. This data is a huge asset companies have to dramatically increase marketing results and revenue from their existing customers.”

The continuing decline of response rates caused by over-saturated email campaigns and high printing costs has forced midmarket and enterprise companies to find a solution that will help them more effectively market to their existing customers. During the past several months Loyalty Builders added just such customers in the catalog/retail, automotive aftermarket, and technology industries.

“This is an exciting time at Loyalty Builders,” CEO, Mark Klein said. “Demand for our customer analytics solution is very strong and our software’s ability to create a unique marketing model and profile for each individual customer record yields very accurate predictions on which customer will buy next, what they will buy, and those at risk of defecting. Lifts of 40% to 50% in customer response rates are not uncommon.”

Loyalty Builders’ growth and customer testimonials have led to strategic partnerships with print, email, and marketing services companies; expanding reach and increasing value for the firm’s customers. “These partnerships will further broaden and strengthen our solutions for our customers and ultimately help them generate more revenue while reducing marketing costs,” Erdle said.

Loyalty Builders’ customers typically experience double digit response rates and generate up to 20x the ROI they were getting with traditional methods.

“The business momentum and continued success at Loyalty Builders is a reflection of our customers’ excitement over the amazing results they are achieving in higher retention rates and increases in revenue from using our customer analytics solution,” Erdle said.

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To achieve better sales and profits, most companies could be doing more to cultivate business from their existing customers. However, enthusiasm for customer-retaining strategies must not endanger sound customer-getting efforts. How companies balance the two is the big question. To intensify reaching old customers while still seeking new ones, for many firms, will mean changes in market analysis, planning systems, management incentives, and marketing and/or operations organization. In the rush toward growth, consumer marketers have tended to regard success as stemming from obtaining new customers while unwittingly minimizing the importance of satisfying old ones. It is time for more companies to distinguish between their getting and retaining functions, to assess the balance between them, and to remedy any deficiencies in customer retention. This process requires management to value the potential of current customers and to treat them in special ways to get them to keep coming back. Several major elements should be part of the new marketing mix for customer retention: Product extras Keeping customers frequently requires giving them more than the basic product that initially attracted them. Product extras for individual customers over time can play a sales-expansive role. Reinforcing promotions Product promotion works better when aimed at existing customers. If a marketer knows who these customers are, benefits can be obtained by giving them reinforcing communications. Sales force connections The sales force can play a decisive role in the customer-retention function. At a retail or service counter the salesperson is the focal point of the company's strategy and is the firm to the customer. Post-purchase communication A company must anticipate that some customers will encounter either minor or serious problems after purchasing. If the firm is not ready to hear and correct these difficulties, the customer may not repurchase or may cancel the the relationship. Whether company or customer is at fault, standby post-purchase activities can be instrumental in saving these customers.

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