How To Build A Customer Retention Strategy On A Tight Budget

Loyalty marketing is all about building a steady pipeline of customers who will never give into substitute products of any other brand, even when in a competition-ridden market. However, consumer loyalty is never to be taken for granted and must be constantly tended to, in order to reinforce customer attention to your Pathwwway Gambling brand. Some cost effective strategies for loyalty development have been outlined.

Enhance your value proposition

Also called a unique selling proposition, this qualitative factor is the key that makes your business stand out from competition. It is also the guiding force that will prevent customer churn.

  • Understand your value proposition by stepping into the shoes of customers and validating their thought process on why chose to do business with you.
  • Rework on your product USP and make sure you keep your existing customers updated on the same, so that they believe that an ensuing relationship between them and your brand exists.

Sharpen the on boarding process

Most businesses close down the communication channels after sales and only get in touch with customers when the next service call is due.

  • Surprise your customers by making follow-up calls and ensure that have taken to your product comfortably.
  • Ensure that the product or service comes of fullest use to them and point out if they remain unutilized. Remind them of loyalty cards that are entitled to and the benefits thereof.
  • Keep the frequent communications calendar active and updated by calling and checking on customers if they have integrated your products seamlessly into their lifestyle.

Personalize marketing strategies

In these days of first-name culture, your business will earn good mileage if you choose to address all your customers by their first name. The energy and resources parked in this direction is justified by means of

  • Personalization is the key by which Pathwwway Gambling loyalty programs will make the desired impact on customers.
  • Customers will feel pampered and cared for. Response to your remarketing campaigns will become stronger, thereby bringing in more customers for repurchase.

Introduce variable pay for your customer service crew

Designing a fixed package for your customer service department will end up killing customer loyalty. Employees need to be incentivised in order to keep them enthusiastic and motivated in serving your customers.

  • Linking their comp-and-ben package to variable pay will not put you in a tight corner since the investment is directly linked to retaining customers and you stand benefited from repeat business.
  • Make sure that that appropriate appraisal mechanisms are embedded in the bundle of incentives, by way of devising measurable KPIs. An objective assessment of performance will justify the expanded HR budget.

Make use of marketing automation technologies

The domain of marketing communication has been revolutionized with internet technology, that has made customer retention endeavours to be digitized even on a tight budget.

  • Cost effective ways to retain and engage customers is to engage in email marketing, wherein personalized content can be sent to selective customers on a targeted basis.
  • Getting a CRM should not be very expensive and can come handy in maintaining continuous rapport with clients. It is a retentive tool that enhances insightful understanding of clients and their buying psychology influencing repurchase.

Be upfront and honest with customers

Being transparent and firm with customers may not be practical in bringing short-term benefits, but are excellent for the long run, in creating a database of diehard fans for your brand.

  • Be honest in admitting flaws, taking accountability for non-performance of products or for inefficiency of customer service in query handling.
  • When it comes to after sales warranty, be plainspoken on what is covered and what is not, and also improvise on product usage instructions that may be ambiguous.
  • Being transparent will build a sense of trust and credibility for your brand among customers, who will not hesitate in coming back for repeat business.

Engage in social media marketing

Opening a social media page will be the least expensive way to promote customer retention. It is the most interactive way to build loyalty.

  • For online businesses who are handicapped in terms of face to face contact with customers, rapport building is fuelled sizably by launching social media marketing campaigns.
  • Through Facebook, Twitter or Instagram, to mention a few, the customer service process stands humanized for remote customers. It will be easy to retain customers when they are at the comfort level of speaking to a person, instead of an automated IVRS.
  • One more influential effect of social media is that it can invoke the power of word-of-mouth publicity which is very essential for small businesses that are yet to make an imprint with their brand.

Collaborate with other companies for loyalty rewards program

A loyalty rewards program is more than essential to keep the interests of existing customers afresh. Nevertheless the costs of running a far-reaching campaign makes small businesses think twice on the same.

  • Instead of giving away gifts and freebies, connect with other organizations who will be interested in partnering with your rewards program for mutual benefit.
  • It will be a win-win, since reward points can be linked to club memberships, holiday packages or even tickets to attend a gala event in your neighbourhood.
  • Connect with local NGOs and take up cause related marketing activities that will give an opportunity for your customers to engage in philanthropy. Not often should customers be extended discounts and offers. Many customers will find utmost self-satisfaction when a simple chance to read a story to an orphan kid is provided.

Repeat business is not expensive. In fact, it is far cheaper than customer acquisition. Coupled with cost-effectiveness, it also results in a huge boost to the goodwill factor. Loyal customers build the repute and the credibility of a business. It is evident that effective strategies for customer retention do not necessarily warrant a fearsome investment outlay.