Retail | Marketing
Customer Lifecycle Management
Objective
The client faced challenges in effectively allocating marketing budgets and measuring the impact of various marketing channels on customer acquisition, engagement, and retention. Traditional attribution models often led to inefficient spending and customer experiences.
Challenges
- Fragmented Customer Journeys: Customers interact with multiple touchpoints, making it difficult to attribute their actions accurately.
- Data Silos: Disparate data sources hinder a unified view.
- Resource Allocation: Inefficient allocation of marketing resources.
- Customer Retention: High churn rates and low customer loyalty.
Solution Proposed
- Mix Modeling was used to understand the impact of various marketing channels on customer acquisition.
- MTA (Multi-Touch Attribution) was employed to attribute customer interactions across multiple touchpoints, providing actionable insights.
- Engineering Services were crucial in integrating various data sources and building a unified data platform, facilitating real-time analytics for quick decision-making. The use of cloud-based solutions and big data technologies ensured scalability and flexibility.
Outcome
- Customer Acquisition: Increased by 25% due to optimized marketing spend and targeted campaigns.
- Customer Engagement: Enhanced through personalized marketing strategies and a better understanding of customer journeys.
- Customer Retention: Improved significantly as a result of effective engagement and loyalty programs.
- Marketing ROI: A marked increase in ROI due to efficient resource allocation and accurate attribution.
Design & Thinking Wins
- Unified Data Platform: Successfully integrated multiple data sources, providing a single view of customer data.
- Advanced Analytics: Implemented sophisticated algorithms for Mix Modeling and MTA, leading to actionable insights.
- Scalability: Built a scalable infrastructure capable of handling large volumes of data and real-time processing.
- Personalization: Enabled personalized marketing strategies, resulting in higher customer engagement and retention.
Back to RetailDisclaimer: The outline showcases the typical challenges, solutions, designs, and outcomes for industries and functions, in general, based on Affine’s prowess in the Industry. The outcomes would be much higher for specific clients as they would be based on their data and specific problems to be solved.
