Omnichannel Customer Loyalty – How to reach and support more customers
As the old lesson goes, it costs more to acquire new customers than to retain old ones. Increasing customer retention by just 5 percent can increase your business profits by 25 to 95%. (Source) So, it makes sense to engage your customers at every touchpoint of their journey for building customer loyalty in a thriving enterprise.
However, loyalty needs to go beyond customer satisfaction and go full circle through 360-degree engagement. Loyalty rewards programs understand that it is imperative to give their customers a reason to stick to their brand. Whilst conventional customer retention strategies continue to fall short, new and agile approaches use the omnichannel retail model for building long-term loyalty among a fickle, digitally-influenced marketplace. Omnichannel engagement is a total game changer for e-commerce to drive loyalty and customer centricity in following ways –
- Support segmentation
The objective of segmentation is to analyze and better serve your customers. Segmentation allows businesses to find niche opportunities and increase profitability by providing solutions to customers’ problems. We can segment customers based on different segments such as their lifetime value, frequency, monetary value, etc. across different communication channels. This information can be used to offer different treatments to customers, for example, higher service level priority to those who need via voice call or chat and auto escalation to contact center via social media channels.
- Serve them where they are
Serving the customers as if the world revolves around them is one of the finest customer retention examples to build a sustainable profit and growth. The customers are more powerful today and expect to have the same experience during a retail purchase or a contact center interaction. The brands should take omnichannel engagement more seriously to serve equally at all locations and across all channels. Meeting a user on their ground, even digitally, by seeking them out and being present can go a long way in showing your intentions in making them feel important and worth your time.
- Enhanced customer experience
Omnichannel shoppers expect full transparency and personalized offers when shopping from their trusted brands. The more personalized the experience, the better. It is about time that businesses stop using traditional and dated methods to understand their customer preferences and instead switch to loyalty programs with omnichannel models for long-term loyalty. Rich customer profiles created using data and insights can help businesses to apply 360- degree engagement. Customer loyalty cards, tiered rewards, personalized itineraries, seamless omnichannel customer support, and custom-centric discounts can help encourage repeat business and foster loyalty among existing customers.
- Real-time engagement
The main priority of any business is to create the right formula of customer engagement and as a result, improve customer retention. Increasingly, businesses have started measuring customer support across different channels to optimize their growth. Mobile marketing is huge these days and a poor mobile experience can make your customers less inclined to purchase from you. SMS, on the other hand, is versatile and works across all industries. Live chat is another popular alternative to quickly alleviate customer’s frustration and reduce bounce rates. Email works when as a secure platform that customers trust. Overall, real-time engagement using live chats and chatbots are essential in our modern world to provide top-notch customer service.
The need for omnichannel engagement model for any forward-thinking business cannot be over-emphasized to boost loyalty, retention, conversion and overall growth.