CRM isn’t a game; it’s serious business. And retailers that fail to identify their most valuable customers can lose out on some serious revenue.
Many retailers, however, are still searching through their crowd of data to find these key buyers. According to the study “Engaging Customers Across the Lifecycle Journey: How Clienteling Helps Enhance Customer Relationships” by Yes Lifecycle Marketing and Retail TouchPoints, 52% of the nearly 200 retail marketing executives surveyed say identifying and engaging their most valuable customers is one of their top business challenges. In addition, nearly one third of respondents (32%) say they’re not able to integrate or analyze their data in a timely fashion.
Of course this is difficult when so few employees have access to the data that they need. Although 44% of C-level executives have access to customer data, only 27% of store managers and just 13% of associates are granted the same entrée. What’s more, only 27% of respondents have their customers’ lifetime spend on file and only 18% keep tabs on shoppers’ preferences.
Can you identify with some of these respondents’ challenges?
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