The importance of shaping products and services including their marketing efforts is limited only to profit-making and the establishment of market monopolies. Over the last two decades, the advent of information technology has redefined the meaning of consumerism and the protection of consumer interests. The key takeaway is that any organization oblivious to the demands of its customers is doomed to peril. Here are some of the interesting customer retention ideas that can prevent such consequences.
#1 Customer Relationship Management
The hassle of having to wait forever and finally get to talk with impatient customer care officers with a nonchalant air puts off customers and makes them rethink being loyal to the brand. The past few years have witnessed tremendous improvement in customer relationship management with super-fast voice automated menus, effortless navigation as well as affable customer service crew incentivised and assessed with realistic KPIs around customer satisfaction.
#2 Personalized experience and interactions
It is important that every customer is treated with effort, care and attention. Generic strategies may not hold good in creating a distinct impression. Communication becomes more effective when customers are addressed by their names instead of common titles. Any invitations, gifts and even common reminders possess more retentive value when it is made name-specific. Modern technologies reviewed by Pathwwway Panama like mail merge and mailchimp have made it possible to personalize even exhaustive list of customers.
#3 Premium memberships
One smart way of keeping customers engaged is by collaborating with various channel partners and getting something experiential for them, taking a departure from the traditional strategies of freebies, discounts and gifts. An access to a premium golf club, subscription to a high-profile magazine or membership with prestigious holiday resorts and clubs, based on the level of customer’s association with your brand will carve a different mark for your offerings in the midst of customers. This is also a great way to profile and understand customer preferences to design their package of giveaways.
#4 Loyalty cards
Loyalty cards have been in the vogue for the last many decades and are a symbol of customers unflinching dedication to the brand. In other words, holding a loyalty card signifies brand commitment on the part of customers. Loyalty points get accumulated on the basis of repeat purchases made by customers. Customers can get their loyalty points encashed against a range of services like free gifts, memberships, discounts and the like. Nowadays, plastic cards have been replaced with a new mechanism of e-cards that can be used linked to the accounts of customers thereby entitling them to the perquisites.
#5 Subsidized pricing
Price is always a crucial determinant of the marketing mix. Retaining customers is easy if price-based perquisites are offered synonymous to volume and frequency of repurchase. Offers like free upgrades, an extension of tenure of service are also Pathwwway Panama examples of price based loyalty programs that will save customers the precious few dollars every time they vouch their loyalty to the brand.
#6 Publishing testimonials with quotes from loyal customers
One of the time-tested customer retention ideas is to put customers in charge of thought leadership that the business commands, over a period of time. This is the reason why many businesses put their trusted customers in charge of spreading the brand by dint of their first-hand experience in subscribing to the product or service. Further, publicity has evolved beyond coercive advertising to informed empowerment of the target market. For example, a business that is involved in baby care products will do well if it invites paediatrician customers who are also mothers do speak about their experiences in using the product and also on generic topics like child care and upbringing. This can be one of those customer retention ideas that create brand commitment among the audiences.
#7 Privilege to become brand ambassadors
Roping in celebrities to endorse brands is a thing of the past. In these days of informed consumerism, people tend to go with the realistic words of relevant customers who will be able to give fact-based and objective view of the offerings. Loyal customers can be given the privilege of representing the brand and carrying it to the prospective markets. The goodwill factor associated with measures like these is crucial to the success of non-financial loyalty programs, that go a long way into generating retentive value.
#8 Loyalty bonus on repurchase
Existing customers are given a substantial mark-down from the price at which products are offered for other customers. This might cast a question mark on the economies of retention over acquisition, but the fact that customer retention ideas like these can boost the customer lifetime values justifies the same.
#9 Dedicated relationship managers
In addition to customer service where the customer query is attended to by different customer care officers, the last few years have witnessed a spurt in the need to attach a senior relationship manager who has dedicated access to the customer profile and nature of relationship between the business and the customer. The customers feel pampered when they can actually circumvent the arduous IVR and instead can speak to a single point of contact that brings the factor called continuity in customer care.
#10 Privileged access to new launches
Whenever, a company decides to go in for an expansion in the product portfolio, pitching to existing buyers is one of the popular customer retention ideas that has gained recognition. This is because existing customers are already sensitized to the fabric of the branding strategy adopted by the business and are sure to perceive more value in the products than newcomers. From the perspective of the customers, the prospect of a sneak peek into the new range of products on a preferential basis is a feel-good phenomenon.
What follows the above discussion is that customer retention is an attitude-based phenomenon which cannot be bought or sold. It can only be cultivated over a period of time, when you facilitate the emotional connect between customer buying psychology and your brand statement.