For any organization, nothing is worse than watching once vital customer relationships flatline. Yet, it is a challenge that all companies inevitably encounter. Though morbid, a variety of circumstances can lead to companies losing their “pulse” on customers.
In light of this, customer analytics leader Loyalty Builders has announced the unveiling of Reactivation Analysis, a one-time data insight solution. Reactivation Analysis was designed with a single goal: to help marketers identify their stagnant customer groups and provide actionable consumer marketing data to help get those customers back.
“Lapsed customers are your best source of new customers,” says Mark Klein, Founder & CEO of Loyalty Builders. “We never give up on them and neither should you,” he said. Loyalty Builders believes customers who have strayed from companies have the greatest potential because they have already bought into the brand promise.
However, not all customers are cremated equal, and Loyalty Builders has taken this into account. The company developed mathematical formulas for determining which customers are most likely to rise again from the ashes. Utilizing its SaaS solution, Longbow 2.0, they are able to look back on past purchase behavior of lapsed consumers and analyze the best prospects for relationship revitalization. The solution creates consumer profiles for those more inclined to reactivate, and collects the findings into a data table of actionable insight.
Additionally, the Reactivation Analysis solution provides data on length of customer deactivation, reactivation rate by channel, and product types purchased within six months of reactivating.