Columnist Mike Sands explains how the right customer identity solution will help you tap into your customer data and build a long-term approach to customer engagement.
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Recently, I spoke with a CMO in the retail sector who told me that about 50 percent of his customers buy once and then never buy again. And he knows that slicing that attrition rate by just one or two percentage points would drive millions of dollars to the bottom line.
This is a common challenge, not just for retailers, but for many brands. The long-term payoff of investing in existing customers is beyond dispute. What’s up for debate, however, is how to retain them.
To understand more about how marketers are prioritizing goals such as acquisition and retention, the metrics they’re focusing on, and how they want to move the needle this year, Signal (my employer) surveyed (registration required) a select group of CMOs from leading brands.
Here’s what we learned….
[Read the full article on MarTech Today.]
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About The Author
Mike Sands is CEO of Signal. Prior to joining the company, he was part of the original Orbitz management team and held the positions of CMO and COO. While at Orbitz, Mike helped take the business from start-up to IPO, then through two acquisitions (Cendant and Blackstone). After Orbitz, Mike joined The Pritzker Group as a partner on their private equity team. Mike also has held management roles at General Motors Corporation and Leo Burnett. His work at General Motors led him to be named a “Marketer of the Next Generation” by Brandweek magazine. Mike holds a Bachelor of Science degree in Communications from Northwestern University and a Masters in Management degree from the J.L. Kellogg School of Management.