Important Feature Of Making A Customer Retention Strategyby Mary Wu marywu Today, industries as diverse as airlines, retail, beauty and wellness, quick service restaurants, footwear, fashion and clothing are experimenting big time with customer retention strategy in order to rein in customer defection. Customers are not complaining either as they no longer have to stack plastic loyalty cards or cut and save printed offers to claim their loyalty benefits.
Let us explore the following secrets to a successful customer retention strategy:
Knowing who your customers are, how frequently they engage with the brand, what is their spend value, etc. are all crucial questions that must be addressed via a customer retention strategy.
As an increased number of marketing messages penetrate the private domain of customers via e-mails and text messages, consumers have become less receptive to act on these. Deep levels of customer intelligence by way of precision marketing, should be deep-rooted into a customer retention program. Behavioral, psychographic and demographic profiling will help deliver the right communiqué at the right time to the right customer.
It is at the various touch points that consumers are won or lost for a brand. Tightly integrating the customer retention strategy with a dedicated 7 days a week helpdesk support will enhance customer experience.
Location wise tracking
Getting detailed store/location wise performance reports can help tailor engagement campaigns to increase its effectiveness. This ‘must have’ component in your loyalty program will allow you to structure campaigns to improve bottom performing stores and invoke repeat purchase from passive customers.
Analytics and Insights
Extracting comprehensive analytics and insights via daily/monthly reports will help evaluate the ROI on your customer retention strategy. For instance, mobile coupon redemptions, store wise loyalty & enrolment, new member acquisitions, loyalty purchase analysis are a few critical reports that need to be integrated into your loyalty program.
Understanding consumer analytics, buying behavior and insights will help create an effective customer-based brand communication for the targeted customer. Brand owners must redefine their approach towards acquiring, retaining and engaging their customers. The robust customer retention strategy will set the ball rolling when it comes to tapping casual walk-ins to your stores and converting this daily footfall into future potentials via a meaningful and constant engagement effort.
Created on Feb 2nd 2018 05:16. Viewed 119 times.
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