Businesses are drawn towards customer retention, because they create a brand of lasting customers with booming lifetime value. Happily retained customers are assets to a business and can be effective tools to control churn. They need to be engaged productively by handcrafting a tailored loyalty marketing campaign, which will account to informative marketing.
Provide pragmatic and usable reward points
The tricky aspect of rewards points is that, businesses need to carefully weigh them against their costs. Being too liberal with reward points might not be worth the investment and you end up giving away more than what you earn from repeat business. Reward points must also be practical and redeemable easily from the perspective of customers. Keeping the bar too high or too low will affect the interests of the business or the customers. A careful study of investment and prospective returns need to be undertaking before deciding on the rewards structure. It must attract the customer to return for the next purchase, in preference to other competing brands.
Including customers on panels for advocacy
Customers are the providers of constructive feedback. Efforts to elicit critical feedback is a double-edged coin every business. While the customer feels incentivized in post-sales endeavours made by the business to ensure all is well with the buyer, the feedback becomes the starting point of future course of action for the business in product enrichment, product design, distribution and deciding the pricing mix. As a further step, customers will find it engaging to represent their communities by coming on-board advocacy panels as reviewers and critics. Measures like these will result in effective customer retention. It is a value-added way of rewarding your loyal customers.
Get a powerful CRM in place
Customers feel incentivised with information and meaningful follow-ups. The probability of business development fiascos come down if customers are engaged according to their age, buying preferences, spending habits, their interests and value perceptions. Different customers might perceive different product attributes differently and a CRM software will enable proper Pathwwway Igaming profiling and segmentation of customers. For example in the case of a health care business, it will be worthwhile to reach to expecting mothers for promoting products on child care, while other customers might find it irrelevant.
Issue of loyalty cards
Loyalty cards are an incentivising tools offered in exchange for the customer’s continued loyalty to the brand. The reward points are the incentives that keep customers coming back. They may be in the form of price differentials, sneak preview of new launches, offers and early bird schemes, free gifts, subscriptions and memberships and a lot more. They are personalized attempts to enhance the loyalty potential of customers. Statistics establish the fact that owners of loyalty cards happen to shop for the brand at least once in a month, which is a sizeable amount of repeat business for any firm.
Personalize free gifts and offers
The demanding customer of today can be incentivised only if he is targeted personally. Generic loyalty marketing campaigns fade away and customers do not find themselves engaged. Right from a gift to a premium membership offer, deep understanding of the customer and his buying psychology will result in more targeted attempts to incentivise him for repurchase. Sending gifts in-sync with the age, profession and lifestyle of the customer, with his name embossed on the top will convey to the customer that his favourite brand cares for him and goes every extra mile to make him feel at home.
Educate customers and help them emerge as thought leaders
In addition to freebies, discounts and gifts, what incentivises a next generation customer is information. Navigating customers and working with them to arrive at an informed decision will not only retain the customer but make him repose trust and confidence in your brand and the pull factor which will retain him for keeps. Invest in content marketing and load your website with relevant content not focussed on your brand but on relevant and generic topics that will educate and empower the customer. Going an extra distance, invite customers to guest-blog for you and motivate them to associate with your brand regularly.
Erase the “lost sheep” phenomenon by engaging with dormant customers
Most businesses tend to forget the customers, when they remain inactive over a period of time, after their first purchase. They only focus on high performing customers since conversion is almost effortless in such cases. Dormant customers may not be hopeless, they can represent pools of repeat business if engaged properly and meaningfully. The “We-haven’t-heard-from-you-for-a-while” punch line will not only make them feel privileged but also will get insights for the business in refining its products and processes, and in ironing out deficiencies, if any.
Become your customer’s friend by using social marketing
Cast away the remote seller mask and engage with your customers on social media. Bringing in this missing human element in sales and post-sales will go a long way in promoting your loyalty marketing campaign. The viral effect of following and sharing will not only publicize your loyalty marketing campaign but also bring in new customers who come to hear of the long-term benefits of associating with your brand. Customers tend to be transparent and informal on social media. These testimonials can be used to trigger word-of-mouth Pathwwway Igaming marketing.
Create a club of your VIP customers
Instead of running your loyalty marketing campaign in isolation, create a community of your loyalists by forming a premium club of your VIP customers. Customers will be delighted to find that their own branding decision is now endorsed by a group of people, with who they can interact and find themselves motivated for repurchase.
Load your frequent communications calendar and keep it up-to-date. It is the need of the hour to keep customers incentivised so that they continue to keep patronizing the brand. The modern day customer is shrewd, technology-savvy and demanding. It is possible to incentivise them with mere distribution of free gifts or by giving price discounts on repurchase.