Steps that CPG Manufacturers can take to Foster Innovation
Digitalization in Logistics
How Recent Technology Developments and Transformations in the...
Ushering in a Golden Age of CPG Loyalty
CPG Megatrend: Unleashing New Value Streams with Better CIO / CMO /...
Gib Bassett, CPG and Retail Industry Principal, Oracle Corporation
Deliver Experiences (not technology)
Prateek Sinha, Associate Partner – Retail, CPG and Logistics, Infosys
How IoT is Influencing the Logistics of Today
Dave Fraas, General Manager of IT, C.H. Robinson
Negotiating UPS & FedEx Shipping Contracts
Mike Erickson, President and CEO, AFMS Global Transportation Consultants
Finding loyal customers without investing in a loyalty program
Businesses these days look at customer loyalty programs with great enthusiasm. The loyalty programs are challenging, and require substantial investments and the success is often dismal. Only a small percentage of customers who receive benefits from these programs get converted into loyal customers. Many remain one-timers only.
The benefits of having loyal customers are numerous, and it can prove to be the determining factor in the success of an enterprise. But the risk factor in depending on these programs leads to some anxiety on the part of businesses. Instead of opting for proper programs, companies can look follow strategies that can be effective in building a loyal customer base.
Connecting with the buyer is essential. Building a rapport ensures the involvement of customers with the business and creates a personalized customer experience. This can also help the company to engage customers in creating or modifying products. It acts as a source of insight apart from creating loyal customers. Regularly modifying products also serve the purpose of staying relevant in the market.
The easiest way to develop loyal customers is by creating quality products. Quality has proved to be the determining factor for customers. Apart from the product, the customer experience involving post-purchase issues are also an important determinant of customer satisfaction.
The means of reaching out to the customers are numerous. Social media and internet are preferred places for everybody today and using the platform to gain more visibility and trust, by merely marking the presence of their brand online can prove to be beneficial in creating an identity among customers.
Acquiring new customers is always costlier than retaining the older ones. This points towards the importance of retaining repeat customers. Keeping the existing customer attracted through sudden offers and bargains is useful. Customers like an element of surprises in the regular purchases that they make.
A good customer retention rate is not easy to have, but a few strategies can do the trick and provide a loyal customer base. Going beyond the sales and marketing strategies, loyal customers give a significant push to profits and growth.