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The Power of CRM Analytics
18 Feb, 2016
After the Chinese new year, both food & beverage and retail industries normally enter a quiet period. At this moment a simple membership system offering bonus points is not enough to improve the sales in the post-holiday season.
The answers to stimulate consumer spending during low seasons, however, hide behind your POS and CRM systems. What you need is a powerful CRM analytics to dig out meaningful information of consumption behaviour from the database to help you formulate effective marketing strategies in the off-season.
As we all know, the cost of attracting new customers is five times more than retaining an old customer, and the success rate to sell to old customers is 50% while new customers is only 15%. In other words, the easiest and most predictable source of revenue in the quiet post-holiday season is right there with your existing customers. However, do you know :
Who are your most loyal customers?
How frequent do they buy from you?
Who spend the most? When are their last purchases?
After the first purchase, how long do the customers take to buy again?
Who are the first-time buyers from your promotion plan and how long do they take to buy again?