Marketers Are Implementing The Next Best Offer Approach

881 WordsAug 9, 20154 Pages
Today, companies are seeking to significantly improve their marketing efforts to increase revenue. According to a research study, companies expect to increase their marketing budgets by 8.7% in the next year. As shoppers continue to make online purchases, they expect businesses to cater to their needs and provide them with the best deals. Marketing leaders understand this demand and also feel the underlying pressure to deliver a better return on investment. To succeed, marketers are implementing the next best offer approach. This marketing technique adds the most value to the customer, in return increasing the company’s customer lifetime value. This model involves analyzing data about a customer’s shopping habits and presenting relevant discounts or product selections. For this strategy to be successful, your team must first gain key information about the customer. Then, offer the right product or service in a personalized fashion using an appropriate communication channel at the right time. Done well, the next best offer is a win-win approach. Customers get the products and services they desire, and businesses earn more valuable relationships with their customers. Here are four ways to customize your website using the next best offer approach: 1. Acquire Targeted Customers Big data can help you gather pertinent information about your customers. It’s the foundation to acquiring the right customers. Learn more about your customers: What are their spending habits? What
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