Acquiring new potential clients is an important first step, but it’s just the beginning. Only by nurturing them into loyal clients will you be able to reap the benefits of your efforts. The White House Office of Consumer Affairs estimates that acquiring new consumers costs six to seven times resources more than keeping existing ones.
Consider the following alternative: A study published in Harvard Business Review found that retaining customers by five per cent may boost earnings from 25 per cent to 95 per cent.
All businesses are being disrupted by the development of mobile technology (like smartphones) and the internet of things (IoT). Digital channels have become more and more important to companies and their consumers. There has been an increase in this tendency since the outbreak of the epidemic. This leaves marketers perplexed as to which channel is the most appropriate for their company’s needs determined with the help of loyalty program companies.
Oracle-Crowd Twist research shows that 55% of customers desire customized brand experiences, yet just 12% believe their favourite company effectively delivers on this need.
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Marketers must thoroughly know their customers’ wants and habits to provide hyper-personalized experiences with relevant information. A single anecdote, such as the source of entrance or the campaign, will not be enough. Data must be collected that provides actionable insight by loyalty program companies into who consumers are and what they are interested in to personalize experiences and encourage rich engagement. When marketers talk about having a 360-degree perspective of a consumer, they imply that they can look back on the customer’s complete history of contacts with your business, as well as their interactions with you now.
Marketers should foster customers’ loyalty throughout, not only when they make a purchase. A pleasant emotional experience is delivered to customers when merchants engage them on the website at every stage of their journey. To keep consumers interested, provide them with a variety of ways to earn points. Loyalty program companies suggest that doing the above builds customer loyalty. Building loyalty, on the other hand, requires more than just meeting consumer expectations.
To keep consumers interested, provide them with a variety of ways to earn points. To ensure continued development, companies must now implement a customer loyalty program that utilizes the most efficient retention strategies.
Increased in-store sales and online conversions are possible with a loyalty program that uses points as a currency. When used alongside your website and social media, email marketing may provide a complete consumer experience.
Due to social media’s increasing influence, businesses now have an excellent chance to interact with their consumers and gain loyalty. Seventy-two per cent of customers believe social media has improved their relationship with companies. Inculcating consumer loyalty to businesses is easier by rewarding different social activities like sharing, tweeting, like, and commenting. It’s a fantastic method to keep people engaged regularly to give them points for participating in social activities.
Although consumers complain about the amount of email they receive, email is still a highly effective channel for reaching out to potential customers. The emails used to keep a client engaged regularly include newsletters, thank you letters, surprise letters, redemption reminders, and special offers. Increase the engagement rates of your email campaigns by including point awards from time to time.
Customer contact points are multiplying, making it increasingly difficult to nurture clients into lifelong customers. However, it’s critical to have a comprehensive relationship with them at all of these points of contact. Identify the contact points, incorporate them into the entire customer experience, and watch your conversions rise.