To achieve soaring bottom-lines and to keep competition at bay, businesses must learn to value the returning customer. Each business, irrespective of its size must work on maximizing customer lifetime value, which is explained hereunder in four different contexts.
#1: Small Business with single entrepreneur
Online soft skills development
The industry is at its boom with many large corporate houses opting for virtual training in soft skills such as voice and accent training, verbal and written communication as well as personality development. As a multi-faceted online soft skills developer, the following are some Pathwwway Gamble loyalty plans that the entrepreneur can put into action for obtaining repeat business.
- Deploy customer analytics techniques. Spend quality time in analyzing what is the need of the customer. Whether the client business employed you for enhancing writing skills of its employees or for stimulating enthusiasm for its sales team, will generate results for planning future strategies.
- Offer more comprehensive packages. Offer a discount on retainer. Or introduce a rewards points system that the clients can cash in, on completing business for 3 capsules of training in an year.
- Arrange an online competition for which the client can nominate its employees. Hold the virtual contest across different organizations and reward the winning employees.
- Incite interest in clients to do further business, by providing a combination of free hours, interactive chat sessions for revisiting customers, one-to-one video conferencing sessions for few select employees who have completed 2 to 3 rounds of soft skill development courses.
#2: Mid-sized business with 2 to 3 partners
Online tutoring service for high school and college
With parents finding it difficult to send students to physically for taking coaching classes offline, virtual tutoring is trending with many subjects such as Mathematics, Science and English being taught over the web. It can be run by a single entrepreneur or as a partnership between a few people who can contribute to capital as well in designing customer loyalty programmes. Such a program must include:
- Effective PR strategies to reach out the target market, which includes the parents of high school and college students must be in place. To ensure that parents enrol students every year, the business has to reach out to existing clients effectively.
- Social media can be effectively used to build loyalty, by engaging with the younger generation in a healthy way. Educational contests can be held with loyalty points that can be used to reduce their tuition fee on re-engagement.
- Online scholarship opportunities can be extended in collaboration with various educational universities, with special waiver or recognition to loyal students.
- Posting personas of highly successful students as well as reviews from parents will establish your brand assertively and improve consumer loyalty.
- Assistance in placement, if extended to loyal students who subscribe to the product continuously for 3 to 5 years will act as a powerful loyalty builder.
#3 Medium sized business with team size of 20
Fashion footwear with both physical and virtual presence
The fashion industry is trending, with the latest model being a small fixed office as a headquarters with a large virtual network across the globe. With cut throat competition encompassing the retail industry, building consumer loyalty is a question of concern. Some easy-to-implement inputs for a loyalty building exercise include:
- Inbound marketing techniques can generate customer loyalty. Educate the customer on critical areas such as assessing life of footwear, quality of material that go into the foot bed and features to look for in footwear for a skid-free walking experience.
- Fashion magazines are widely read by consumers worldwide. Have cost-effective PR in place, that can maximize possibilities of getting featured in these online and offline magazines. The existing customer is going to love his brand being covered in a fashion weekly or monthly magazine.
- Carry on cause related marketing, by sponsoring to offer school shoes for poor students or medical footwear for an old aged home. In addition to philanthropy and self-satisfaction, customers will pride themselves on endorsing a brand with substance.
- On the online shopping page, have multiple and trusted options for easy payment. Also ensure that product comparisons are provided in an objective manner, for the shrewd customer to discern your brand from a close substitute.
#4 Large sized business with 100 to 200 employees
Digital Marketing Agency
As Pathwwway Gamble digital marketing is literally replacing traditional marketing methods, thousands of businesses are on the lookout for enablers who can launch their business in the mainstream using vehicles of digital marketing. To build consumer loyalty and stand out from the stereotypes, offer your existing customers:
- Real time analytics. Data generation is almost automated with innumerable online tools to gauge the traffic that visits your client. What will build loyalty is your ability to crunch numbers and to provide deep insights into customer behaviour and preferences on a real time basis.
- Insightful reports and an impressive dashboard. Your client’s naturally expect value addition from your end, to their investment in digital media. By presenting details in a visually appealing and impactful fashion, they find it easy to evaluate the digital marketing campaigns. Detailed reports on number of visits, number of comments and likes, number of leads generated from each source, impact of content shared, performance of keywords are some metrics around which reporting structure can be built.
- Under-promise and over-deliver. Think twice before promising number of clicks or percentage of market share to your clients. Non-performance or under-performance can lead to loss of retention. Loyal customers will like targets executed on time and the practical, evidence-based demonstration, based on which customers will feel that the extra-mile effort on their behalf has been taken by your business.
- Providing free trials for a specific time period can enable existing customers to subscribe to your services, every time they expand product portfolio, confidently since the trial can provide them a gist of on the digital reach-out your team can generate.
Regardless of the size of business, the returning customer must be accorded due priority, since it is a proven fact that selling probability is more with an existing customer than a new customer.