“This works great, because 1) If we build the feature, we can reach back out to those customers and tell them that we added it, and 2) It starts to create a social buzz around the feature, because we solved a problem and showed our customers that we actually listen to their opinions,” he says. “Essentially our customers are helping us deliver a product that they really want.”
6. Choosing a new location. “Small businesses can also apply [customer] insights when making strategic business decisions, such as selecting a location for their new storefront,” says Duncan McCall, CEO, PlaceIQ, which offers a platform that aggregates specific audiences based on location, time and behavior. “By using location and consumer data to inform them of an individual’s physical customer journey, businesses can strategically choose a location that is opportune for consumers to get what they want, when they want it.”
7. Winning back customers. “With the right program in place, SMBs can detect a decline in visit frequency among customers,” says Kristen House, mobile product manager, Paytronix Systems, a provider of customer reward programs. “They can [then] use that intelligence to win customers back. The brand simply identifies the customers who have not visited for a specific period of time – let’s say 90 days. A message is [then] sent reminding the customer of why they love the brand and includes a special offer to return.
“Win-back promotions typically have a positive ROI,” she continues. “In fact, Paytronix has seen as much as a 10x return in some cases. Even better, a larger portion of the target audience returns to their previous visit rate.”
Sign up for CIO Asia eNewsletters.