Customer Experience Tools
Explore more insights from Bain's 2020 Customer Experience Tools and Trends survey: Let No Tool Stand Alone.
One-to-one marketing uses personalized interactions to build long-term customer relationships. Companies that apply the approach rely on advanced analytics to gain a deep understanding of a specific customer’s evolving needs. Marketing and innovation teams then use this data to create unique messages, offerings and experiences, and send them at the ideal time for maximum engagement.
Our insights share how the right CX tools make customers’ lives richer and more fulfilling and strengthen a company’s economics by holding down costs and securing new revenue streams.
One-to-one marketing can enhance the customer experience, make advertising more effective and increase customer retention, loyalty and sales.
How companies use one-to-one marketing
Companies use one-to-one marketing to offer customized promotions that address an individual customer’s needs based on user engagement across different channels and stages. For example:
- Mobile network companies might use the approach to identify and target their most connected customers, so they can encourage them to refer friends and colleagues.
- Retailers often deploy one-to-one marketing to offer promotions to customers who are at risk of defecting.
- E-commerce and digital media firms track their customers’ actions, click patterns and transactions, allowing them to offer product recommendations that reflect a customer’s preferences and previous buying behavior.
- Financial institutions analyze customers’ credit card use and cash withdrawals to improve their products and make targeted offers, such as loans for late credit card payers and new credit cards for heavy spenders.
Key considerations with one-to-one marketing
A few lessons from marketing leaders:
- Own your digital destiny. Take control of consumer data and integrate marketing and advertising technologies.
- Master the timing. Customer behavior insights can reveal the best times to seize a customer’s attention and stimulate a purchase or interaction, helping the company build brand loyalty over time.
- Build a test-for-results culture. Use timely analysis from experiments and metrics with common definitions in decision making. Encourage experience sharing among marketing and commercial groups.
- Enable fast decision making. Create an in-house team to oversee customer acquisition and retention, with accountability for budgets, technology, data and analytics.