26%increase in overall sales
Our data-driven approach and rapid experimentation process will help you significantly increase conversion by creating frictionless user journeys.
Without a good customer lifecycle process established, you can’t effectively examine the root causes of your prospects and customers actions – or lack thereof. When an elite customer lifecycle optimization strategy is implemented, you can be sure you’re reaching your audience effectively. And your conversions will prove it.
Customer lifetime value is the total worth to a business of a customer over the whole period of their relationship. It’s an important metric as it costs less to keep existing customers than it does to acquire new ones, so increasing the value of your existing customers is a great way to drive growth.
RXA will help you identify and understand each unique customer’s CLV. Knowing the CLV helps businesses develop strategies to acquire new customers and retain existing ones while maintaining profit margins.
CLV is distinct from the Net Promoter Score (NPS) that measures customer loyalty, and CSAT that measures customer satisfaction, because it is tangibly linked to revenue rather than a somewhat intangible promise of loyalty and satisfaction.
Next Best Action is a customer-centric approach to marketing that considers possible actions that could be taken for a specific customer and recommends the best decision based on possible outcomes. Moreover, Next Best Action commonly requires the need for automated self-learning decisions, using machine learning, to make a decision in real-time that will improve the chances of a conversion at the moment that a customer is making a purchase decision.
When implemented correctly, Next Best Action can become a continuous way of engaging with customers in the right way, with the most relevant content or offer, using the right channels. Most importantly, it is an automated process that is self-optimizing to ensure it improves over time, which means that it requires very little manual intervention, and becomes entirely 'customer-centric'.
RXA’s applied AI models analyze all scenarios for what the next best media action will be. The models take in all relevant data to ensure the optimal recommendation to maximize your ROI
Segmenting your customers in order to calculate their CLV is the Recency, Frequency, Monetary (RFM) statistical model. Using it for customer segmentation gives a picture of the past, showing what your customers were like, and is a good indicator of what your next goals should be.
RFM analysis is based on the Pareto principle, AKA the 80/20 rule. The rule states that ‘80% of the business comes from 20% of the clients’. Therefore, understanding who those 20% of your clients are is important, right?
RFM helps compartmentalize customers into clusters to identify those who are more likely to respond to promotions, and also to upsell or cross-sell.
RXA includes “i” = interactions into our models to account for recency and frequency of marketing interactions with your client (e.g. to control for possible deterring effects of very frequent advertising engagements).
26%increase in overall sales
45% increase in same-customer sales
49% increase in dealer loyalty
65% increase in profitability across all customer life stages
76% increase in first-time dealership buyers (prospects)
31% increase in service visits
16% increase in vehicle repurchase
A Growth Marketing Agency needed BI & AI support activating and validating their customer Lifecycle platform to improve customer retention. RXA developed models to track over 63M vehicle purchases – across 960 dealerships and 86 Makes – to develop 60k customer cohorts to enable the analysis and optimization of customer lifestage activity (Early, Mid and Late Ownership).
Nearly doubled target social media engagement results
Global Top 10 biomedical firm has lacks consitency of social media strategy and reporting across numerous autonomous product business units
Worked with RXA to consolidate reporting for organic social media, benchmark social media engagement rates and predict improved engagement rates. Leveraging internal data and RXA VoCx, identifies optimal post/tweet messaging and timing to gain maximum results
2.36% increase in positive comments about customer service
$250K revenue increase/store/year
Rite Aid was not meeting front-of-store sales targets and did not have a mechanism in place to identify the issues and how to address them. RXA’s VoCx and Customer Lifecycle solutions combined its online sentiment data with the retailer’s customer satisfaction, call center, emails, and online reviews data and analyzed the data in geographical clusters.
This allowed distinct action plans and training programs to be created and enacted at the store level.
2.36%increase in positive comments about customer service
$250Krevenue increase/store/year
Rite Aid was not meeting front-of-store sales targets and did not have a mechanism in place to identify the issues and how to address them. RXA’s VoCx and Customer Lifecycle solutions combined its online sentiment data with the retailer’s customer satisfaction, call center, emails, and online reviews data and analyzed the data in geographical clusters.
This allowed distinct action plans and training programs to be created and enacted at the store level.
Expanded offerings
Sales support
Implementation support
Enhance RFP responses and wins
An advertising and marketing communications agency was looking to integrate advanced analytics solutions outside of their current offerings. By partnering with RXA, they were able to offer RXA’s solutions under their brand with full support including customer lifetime value.
Improved understanding of customers
Enhanced consumer communication leading to better customer service and sales increase
The 49 websites managed by the customer operated with independent and non-standardized analytics. This environment did not provide a centralized, actionable and aggregated view of customer activity.
The RXA solutions team worked with the customer’s business team to identify business critical KPIs and engineered and deploy a global tagging solution to automate and unify web analytics for a wholistic, single-source-of-truth and near-real time view of their customer’s shopping activity.
17%increase in profit
$0added to media spend
28%of media spend reallocated
RXA conducted an analysis of marketing spend to determine actual return on investment by individual digital marketing channels from over 300 dealerships with over $70M in annual media spend. Utilizing a Multi-touch Attribution approach on 3.5M consumer touchpoints, the output demonstrated true incremental impact on sales and service orders, by channel, from media spending.
