How A Travel Club Evolves Your Business
What is the major difference between a company that continues to grow and a company that doesn’t? Customer Retention!
While it is tempting to want to devout lots of your company’s resources to growing new business and attracting new customers, the key to success often rests on your company’s ability to champion customer satisfaction and customer retention.
Investing in customer retention strategies makes customers happy, which can result in a greater ROI. Consider the following statistics:
- “Selling to an existing customer is 6-7 times cheaper” (Source).
- “On average, existing customers spend 67% more on the services than new customers” (Source).
- “You can increase your business profits by 25% to 95% by increasing customer retention rates merely by 5%” (Source).
With so much of your company’s growth riding on customer retention, it’s not an exaggeration to say that loyal customers are your business’ best assets. A travel club can help your business maintain a competitive edge by offering the following customer retention solutions to help build loyalty:
Delivers An Effective Rewards Program
It is imperative to engage customers from the start, so a Travel Club will offer a reward and referral systems to get customers invested and excited to share with others quickly. A Travel Club meets the distinct needs of your customers, ensures a seamless buying experience and reaches out regularly to the them to keep connected. It continually evolves to meet your customers needs. Its unique offerings and unmatchable experiences at prices they will get nowhere else, keeps them engaged which can lead to loyalty.
Rewarding The Most Profitable Customers
The most obvious way to retain customers is to prevent them from leaving in the first place. By leveraging the database of a customer’s purchase history, a Travel Club incorporates personal touches with special offers to increase a customer’s engagement for future purchase loyalty. One of the best ways to follow up with the VIP customers is by offering them special discounts or rewards on things they are interested in or have purchased in the past.
Leverage Personalization To Impact ROI
There is a correlation between personalization and customer satisfaction. Customers nowadays are more willing to share their personal data to get a more personalized experience. A Travel Club incorporates personalization in products purchased, interests, pain points etc. Customers will feel more comfortable, closer to your company which can lead to loyalty.
Improved Customer Engagement Using Automation
The biggest challenge for many businesses is where to begin. Try finding something customers care about and then positioning your business around that. Travel Clubs help improve customer engagement using the latest in technology (i.e. chatbots and A.I.) to ensure seamless communication across all channels. Chatbots decrease the need for customers to call or visit in person, which helps streamline your customer service department for higher efficiency. Faster customer service resolution gives customers a secure feeling which can lead to loyalty.
Improve KPIs To Bolster The Experience
KPI or Key Performance Indicator evaluates a business’ success and visualizes its future. When you carefully study your key KPIs with your customer behavior data, you begin to understand what makes your customers happy or unhappy. A Travel Club works around three essential KPIs to render good customer service. Namely: Response Time, Conversion Rate, and Actions Per Engagement. Increased response time translates to an increased conversion rate, which in turn translates into an indicator of successful marketing efforts. Actions per engagement can also give you an idea about how many times you need to engage a customer before they take a necessary action e.g. service purchase.
The value your business places on its existing customers will predict its revenue and generate higher levels of customer satisfaction and retention. That is why a Travel Club makes sense, it continually works on your business’ goals and caters to your customer’s needs. All this adds up to increases in retention rates with recurring revenue flow and loyalty.