Loyalty Blogs

With evolving market trends and changing customer expectations, keeping your customers engaged with your brand for the long run can be a difficult task. The way brands keep their customers engaged is also changing with time. From an in-person conversation with each customer, email at another, and everything from omnichannel advertising to personalization, every aspect of interaction has been kept in mind. However, brands still struggle to keep their audiences committed and loyal to their brands with what we have to offer them in the long run.

In this blog, we will check out the importance of having well-executed Brand Loyalty Programs for maximum retention and tips to keep customers engaged in the long run.

What Makes Retention Essential To Keep Your Move Forward?

One of the common mistakes that brands commit is keeping the focus on attracting new customers rather than working on retaining existing ones. Increasing customer retention rates by up to 5% can help boost profits up to 25 to 95%, leading to a higher impact on your bottom line with more profits.

Here are some of the reasons why brands must focus on customer retention rather than just customer acquisition-

– The cost of Retaining Old Customers is Low

Research says it takes up to 30X more cost to get a new customer than it does to keep an existing one. A low investment can be helpful to keep more money in your pocket or reinvest back in business when required.

– Loyal Customers Help Increase Sales

ROI that comes from a loyal customer base is higher as they are the old customers that trust you and your products/services. Repeat customers tend to buy more from your brand even if you launch new products or services.

– Long-Term Relationships Bring Positive Impact

If you focus on offering customer experience, your customers are more likely to stay with your brand and share your services with family, friends, and colleagues leading to a positive impact with a new customer base.

Tips To Win Customers’ Hearts & Retain Them For Long

If your business is new in the market, we put a lot of marketing effort to reach your target audience and start engaging them. You may even be successfully able to nurture and segment your new users, thereby engaging them with the right content from your brand to encourage purchase, register, volunteer, and even donate.

Initially, it can be easy to attract your customers with attractive offerings and rewards but what about retaining them in the long run? That is a bigger challenge – retaining their interests with time and increasing brand loyalty for longer than just the honeymoon phase of your business.

Before you look out for the experts to help you build a reliable Customer Retention Program, we encourage you to go through the points stated below that can help to keep and reengage your customers throughout a consistent brand experience-

– Exclusive Treatment for Every Individual Customer

This point showcases the importance of treating every customer as per their interests and needs. Whether you are running paid program membership service or not, approach all your audiences like they are paying members. You can do so by offering them value that makes them feel valued or a part of something important and special.

From personalized discounts to invitation-only opportunities, you can remind customers at each touchpoint of the value they are getting just because of staying connected with your brand. This plays a great role in helping your brand witness a longer-term engagement with customers through your offerings.

– Strengthen Your Relationship With Customers

Keeping focus on what customers need is always the brand’s priority but their interests and priorities also change with time. That is why brands must focus on keeping themselves aware and one effective way to do so is to ask for feedback.

After considering the above point where you treat customers like paying members, it’s time to now focus on offering something real in return. This can be anything like a discount code for the next order, mailing them with an exclusive freebie or sending a free invitation ticket to an event. With the help of honest feedback, the value you offer to your customers based on your goal and budget becomes 10X more.

– Go for High-Scale Personalization

A one-size-fits-all approach doesn’t work when it comes to interacting with your customers, which is why having a personalized interaction is a must. It is crucial to keep your segmentation rules set up, make them up to date, and modify them when needed.

Based on the feedback collected from customers in the second step, you will get an idea about the content and channel of your personalized outreach. If you have the right segment of customers at this moment, it will be easier to create the right messaging that can keep your customers committed to your products and services in the long run.

Key Takeaways

Undoubtedly, it is clear from the above content that building and retaining brand loyalty is an ongoing process that needs the same level of experimentation and A/B testing as your top-of-the-funnel tactics. It is essential to keep the focus on delivering value consistently, building better relationships with customers, and providing content that meets the specific needs of your audience segments.

Being a trusted Retail Loyalty Program Provider, Novus holds expertise in working for several brands across the world by building customized loyalty solutions for maximum customer retention & enhanced business growth with lesser effort. If you are struggling to have a loyal customer base that sticks to your brand & contributes towards better growth in the future, connect with our experts today! We can help you figure out how Novus can add to your business value with enhanced brand loyalty & generate higher profits.