When you’ve worked hard to attain a customer it’s essential to keep hold of them, but for all too many brands, building a sound customer retention strategy is much lower down the pecking order than attracting new business.
It’s financially imperative to the growth of any business that it minimizes customer churn, as the cost of acquiring a new customer is so much greater than that of maintaining and growing an existing account.
Therefore the digital age calls for loyalty programs that go beyond bonus points or a free flat white on your tenth visit, and a philosophy rooted in building genuine, lasting relationships between brand and consumer. Programs that offer a tangible value exchange for consumer engagement, data and loyalty.
True loyalty isn’t engendered by merely offering the lowest price-point. Of course these tactics will encourage repeat visitation, but there’s nothing to stop your competitors undercutting you.
Emotional and genuine loyalty is an outcome – a goal you can only achieve by truly knowing your customers and carefully nurturing every relationship you have. Brands can achieve this through zero-party data.
Zero-party data is preference data your customer has willingly shared with you, like purchase intentions and motivations to improve personalization and help build up a picture of who they are.
This class of data allows brands to build direct relationships with consumers, and in turn, better personalize their marketing efforts, services, offers and product recommendations – engendering true loyalty. As it comes directly and willingly from the consumer there are no intermediaries, no guesswork.
95% – up to 95% increase in profits by improving customer retention by 5%
This ebook will show you how to re-think engagement and turn one-off purchasers into lifelong loyal customers. It is possible to foster this loyalty using interactive experiences intentionally designed to improve customer retention and increase spend per head.
Digitally savvy consumers expect to be entertained, engaged and receive something in return for selecting your brand over the competition. Brands can deliver this through interactive experiences that offer a value exchange in return for your prospects’ loyalty.
With heightened competition, major brands doubling down on their investments, and disruptors offering rock-bottom prices to steal market share, a good product is no longer all it takes. Marketers who focus on delivering excellent personalized interactive digital experiences will rise above the noise.
At Wayin we have always been ahead of the curve in our focus on building lasting relationships with customers over one-off engagement.
Whether that be unlocking exclusive content, accessing sweepstakes, instant wins, social kudos or a promo code, it’s important for brands to value the direct engagement they get from consumers and to incentivize that behavior, at all stages of the customer lifecycle.