Key Questions Answered by Madison Logic Executives: Elke Wong, COO, on Customer Retention
We sat down with Madison Logic’s Chief Operation Officer to talk about her thoughts on behavioral intent data and its effect on customer retention.
Tell us about yourself:
My name is Elke Wong and I am the Chief Operating Officer at Madison Logic. I focus a lot on client success and customer retention, i.e. keeping our customers happy.
As the Chief Operations Officer at Madison Logic, do you think behavioral data affects the role of operations and customer retention?
Yes, definitely. An interesting statistic I came across recently is that on average it costs about 5 times more to acquire a new customer than it does to generate new business from an existing customer. That is where I believe that behavioral intent data will give us the advantage when it comes to operational efficiencies and customer success.
Happy customers are more likely to refer new business, drive product improvements and evangelize us within their organization or other vendors in their space. Resulting in greater customer lifetime value.
Behavioral intent data gets us to a place where we can efficiently stay top of mind with our clients, anticipate changes within organizations, identify influencers and decision makers, increase customer loyalty and, be a success story to our customers.
What are some challenges Madison Logic faces when trying to reduce churn and increase customer loyalty?
We face similar challenges as other B2B organizations.
Tightening the belt. In this tight economy, every dollar spent is faced with scrutiny. It’s not just enough to let our product speak for itself. There are competing vendors vying for the same budgets from clients who have longer B2B sales cycles. If our product gets cut, it could be a longer recovery time. B2B buyers estimate that 78% of their budgets in one quarter were spent on “repeat” (50%) or “repeat modified” (28%) purchases. Behavioral intent data would allow us to continually engage with our existing customers to keep us top of mind always.
Ever changing workforce. The employees at our customer’s organization that manage our product or relationship could leave. If they are the only ones who has learned how to use our platform, made the purchasing decision or acted as an evangelist of our service within their organization, the value we provide could be quickly lost. Identifying who the other decision makers or key influencers may be will maximize your exposure to existing clients.
Too much data. Not enough valuable data. Understanding your data is the key to understanding your customers. But sometimes there is just too much data. How do we use that data efficiently to maximize our customer retention efforts?
– Understanding the “typical” customer;
– Focusing on the most profitable customers;
– Flagging “good” customers to follow and nurture.
Can you give us an awesome quote about Madison Logic?
“Madison Logic is doing something extremely groundbreaking for our customers by offering nurturing products powered by behavioral intent. The right data, when combined with other acquisition and retention efforts, can be an extremely powerful tool to always stay one step ahead of your customers.”
Contact email@example.com for more information about how you can leverage behavioral intent data for more powerful lead nurturing.
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