According to Harvard Business Review, increasing customer retention by 5% can generate a 25%-95% increase in profit. Since the main objective of retention is to continue ongoing relationships with customers, experts generally use customer engagement as an effective indicator of loyalty.
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If your business focuses on engaging consumers and acquiring data, then it’s important to consider an integrated approach to leveraging the full power of this information #dataactivation. Forward-thinking organizations understand that the more data they collect, the harder it is to manage and decipher the insights received. To solve this, organizations are investing in data management platforms (DMPs) that enable them to store, manage, and analyze consumer data from multiple sources. The benefits of this approach are hard to ignore as evident with 91 percent of advertisers having adopted or planning to use a DMP within the next year.
WILY helps some of the world’s most trusted brands develop creative experiences to engage and drive consumers to retail. Recently, we helped adidas promote their brand new Originals store in Vancouver, BC. The campaign leveraged near-field communication (NFC) technology for a tap to win contest. But before we dive into the case study, let’s first explore what NFC is, and how brands can utilize this technology to drive customer activations.
