Engagement Driven Solutions to Increase Customer Loyalty and Retention
Getting a customer to develop lifetime loyalty is like hitting the jackpot in a loyalty program. Today more than ever, brands are focusing on repeat business as loyal customers keep the revenue flowing. A survey claims that loyal customers spend 67% more than the regular ones. In this fast-growing digital era, it is necessary to retrofit the traditional strategies of customer retention and employ engagement-driven solutions to keep the loyal customer base intact. Here are some of the best ways to increase customer loyalty and retention –
- Locate Customer Risks and Tackle
It is important to take a step back and understand why you are losing your best customers. Figure out the pain points that lead to dips in the customer retention rate and take relevant steps to tackle them and improve the customer experience of your brand. One strategy is to get feedback on a monthly or quarterly basis. It is vital to show customers that you are not just collecting feedback but also acting upon it.
- Social Media Optimization
Customers who get positive engagement and experience are more likely to stay loyal to the brand. It has become a necessity in the digital world to integrate smart technology for achieving customer success. Social media is one of the most favorable platforms for creating successful customer interaction. The brands can extend their reach using Social Media Optimization and create a cohesive network to direct prospective customers to the brand’s site.
- Improve Customer Relationship
One of the best ways to improve customer relationship and keep them coming back is to reward them for their loyalty. Research claims that poor customer relationship is the fastest way to lose them and over 68% of customers leave due to poor treatment. (Source) Therefore, it is important to improve customer satisfaction to encourage loyalty and retention. Make the customers feel appreciated by rewarding them with discounts, perks, add-ons or exclusive invites. A loyalty program is a great way to return the favor and make them feel special.
- Create Value for Customers by Putting Them First
Customer engagement strategy becomes a key differentiator when it comes to building lifelong loyalty and improving customer experience. Some important tactics that help in creating an awesome customer experience include after purchase services, excellent customer support, offer notifications, and anticipating customer needs. This will help in increasing customer retention as well as brand awareness while differentiating your brand from competitors.
- Analyze Data
Pareto Principle tells us that 20% of the data of your customers will generate 80% of the revenue for your company. Several business intelligence tools can help in tracking customer purchase trends and assist in discovering patterns and information to be used for improving customer experience. This can be utilized to target personalized offers and enhance the buying journey of loyal customers. The idea is to connect and engage with the customers on a regular basis and in a meaningful way, so that they never forget that experience and keep coming back to you for more.