Customer Retention in an Era of Dying Brand Loyalty

Editorial
Customer Retention in an Era of Dying Brand Loyalty

Media Intelligence: Customer Retention in an Era of Dying Brand Loyalty

 

Getting clients to see how your company differentiates itself is a survival requirement in an era when brand durability is being questioned. Understanding the client journey may help you create your brand, and media monitoring can help you keep the reputation you’ve worked so hard to earn.

However, few businesses know how vital customer retention is to their bottom line. According to Bain & Company research, increasing client retention rates by only 5% can increase earnings by 25% to 95%.

So, in the face of these challenges, what can you do to keep customers? Let’s look at what drives brand loyalty in today’s customers and then some retention techniques that can help.

4 Ways to Increase Brand Loyalty
Customer service that is tailored to them

 

Personalizing content and experiences for each consumer is one method to make them feel special, and it’s also a terrific competitive differentiation.

According to Virtual Incentives, brands that personalize their customer experience are seen by most consumers as intelligent, unique, and caring.

 Furthermore, over half of Millennial customers consider personalization to be essential. It’s simple to see why more and more companies are emphasizing it.

Marketing automation and personalized customer journeys incorporate customer information into the material you send them.

 Personalized offers such as “You might also like…” and “People like you…” make customized recommendations based on the customer’s previous purchases. There’s a reason why almost every major retailer employs this strategy. 

It takes advantage of the power of word-of-mouth to drive repeat purchases.You can effectively win your buyers’ confidence and respect over time by developing a more tailored experience for them.

Programs that reward customers

 

Customers that are devoted to you can feel like VIPs with perks. Loyalty programmes provide them with another reason to choose you over a competitor. So, how can you reward your most loyal customers?

Allow top customers early access to new products or a sneak peek. When software firms provide their top customers beta versions, it helps everyone: the company gets valuable, targeted feedback before the complete release, and the client gets to be the first to see it.

Offer particular advantages, such as free shipping and monthly promotions, to foster brand loyalty. Almost every month, Virgin America has a bargain on airfare. Even if the costs are equal to their typical fare, Virgin’s constant cadence of deals and offers depicts the company as customer-centric and deal-happy, two qualities that current consumers like.

Customers’ orders should include extras and “freebies.” Every online order from Sephora comes with three samples and “Beauty Insider” reward points. The loyalty programme has expedited the cosmetics behemoth’s expansion, which has made it a household name and the natural choice for consumers.

Going above and beyond to surprise and delight clients entails expressing gratitude. Create a reciprocal appreciation relationship between your firm and its most loyal clients, and you’ll reap the benefits of brand loyalty.

Customer surveys are conducted regularly.

 

You may better serve your audience by implementing a dynamic customer feedback programme. Continuous customer surveys may help you uncover process and service gaps, follow up with disgruntled customers, and foster brand support among the happiest consumers, from customer happiness to Net Promoter Score.

Customer survey data can help you make better decisions in the future and improve your company’s overall understanding of your target audience.

But it’s not only about customer service pleasure in the classic sense…

  • Sales companies can use Closed-lost surveys to identify sales process flaws.
  • With brand surveys, marketing teams can gain competitive data from prospects.

Product development teams can send questionnaires to beta testers.

The list could go on and on. Additionally, with a Salesforce survey integration, businesses may align consumer feedback with their primary customer data. Customer feedback comes to life with survey findings in your CRM, showing clear paths to customer success or attrition and uncovering new prospects for growth.

Exceptional client service

 

Last but not least, increase customer support resources to assist your clients in achieving their goals.

Poor customer service and assistance cost American businesses up to $41 billion each year. That’s not a little sum of money. When you consider that 68 per cent of customers have switched firms due to poor customer service, you can see how important it is to have a strong customer care team.

Customer happiness and success will be defined by omnichannel customer service in the future. It goes beyond multi-channel assistance by focusing on customer service from the customer’s perspective. Omni-channel is all about a consistent consumer experience rather than fragmented encounters. If you call into support, the conversation should not be restarted but rather continued in the following email case.

Another important factor is self-service. When consumers are empowered to resolve issues independently, support processes are streamlined, and preventive solutions are developed, saving time and money.
read more:  How to market your product to Generation Z?

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