I wrote recently about the importance of CLV (Customer Lifetime Value) and how given the average ‘lifetime’ for any customer across hospitality or retail is no more that 2 years, the work that must be done to ensure you squeeze every ounce of value from it.
Sir Tim Martin today shared the impact of increased costs on his business and the anxiety that is driving, and his view that not every business will weather them.
THREE IMPORTANT QUESTIONS
So it’s frankly astonishing, that in this climate, brands aren’t doing everything they can to build the most profitable relationships with their base.
Ask yourself these 3 questions
- Do I know who the most profitable people are in my database and how to compel them to action when I need to?
- Do I flood my base with pretty generic messaging designed to get a quick win, or am I building relationships who will stick with us through thick and thin?
- Customer wise, am I being led by the data, or still clinging on to the idea my sector is so unique, it just doesn’t work for us (it’s not)
LOYALTY ISN’T SOMETHING YOU BUY
Loyalty isn’t something you buy.
It’s something you build.
The brands who will thrive now, focus on emotionally intelligent communications, which puts their customers first, using data to get closer, not louder.
The rest could be fast running out of road.
If you know it’s time to start building your own certainty, drop me a message and I’ll send you our deck. It can be really overwhelming, but we’re here to help
