Articles Tagged with: Retention

Does Your Customer Loyalty Program Need Resuscitation

Does your customer loyalty program need resuscitation?

How to keep your brand loyalty initiative from gasping its last breath

Grace Alexander

MarTech Blogger | April 26, 2022


Brand loyalty may not be dead, but it’s barely clinging to life. Maintaining customer retention and growth is ultimately down to how well your brand manages hygiene when it comes to customer engagement. Being able to engineer the customer journey with seamless transitions from touchpoint to touchpoint combined with meaningful rewards and continual opportunities for further engagement is key.

Traditional loyalty programs are where customer relationships go to die

Many traditional customer loyalty programs in use today are glorified ledgers. They:

Serve as not much more than a records keeper

Customers have advanced beyond being satisfied with mere point-tracking systems. Adding points as they are earned and deducting them as they are spent or redeemed is like logging blood pressure without doing anything about whether it’s low or high.

Aren’t clear about the worth of points to the customer

Lack of transparency about how much points are worth and what they can be spent on or redeemed for is comparable to giving a patient in crisis instructions for care in Latin — it’s unhelpful, to say the least.

Bury rewards and benefits so they aren’t easily accessible

Programs that keep information about rewards and benefits hidden away in an obscure page on their website can be almost pointless. That’s like prescribing medicine but hiding the bottle.

Don’t drive constant customer engagement

Not focusing on constant, continual customer engagement is as helpful as telling a patient to eat light during annual festivities but not bothering to remind them to take their daily medication.

Don’t nudge or track customer actions aside from when a point is earned or spent

Customer loyalty programs that only become active when the customer initiates contact and then goes dead again are similar to a pacemaker that doesn’t kick in until someone turns blue.

Don’t provide additional ways to incentivize the customer

Suppose your loyalty program isn’t coming up with new ways to get your customer motivated about interacting. In that case, you may as well call the time and sign the certificate because the slow death of your relationship has arrived.

Don’t build additional loyalty

Customer loyalty is like a barometer of health. If you aren’t doing regular checkups and making it easy for them to see you on-demand, you might find their loyalty DOA.

Deliver poor results and poor ROI

Not tracking metrics and analyzing the results of your customer loyalty program compares to sending off their samples to the lab and never bothering to follow up. Who wants to wait around forever? By the time you check back, your customers will be gone, gone, gone.

Modern loyalty programs breathe new life into customer interactions

When appropriately designed and implemented well, customer loyalty programs can become the primary driver of your customer engagement, growth, and retention initiatives. A great customer loyalty program will:

Build a tribe of loyal customers

The constant attention and care you show will create a strong relationship between you and your customers — and they’ll reciprocate with word-of-mouth accolades, resulting in holistic referral marketing.

Continually set customers up for yet another touchpoint

When you do repeated follow-ups that provide gratification and brand value realization, customers become more likely than ever to be receptive to your recommendations and advice. It’s almost like going to a doctor that treats you like a family member.

Build highly active customer journeys

Making your customer’s journey feel more like one long-lasting interaction instead of isolated events is how you become a necessary part of their everyday lives. So make sure you’re delivering an ongoing experience studded with actions and rewards to engage them further and keep the brand/customer relationship in good health.

Present personalized experiences

A patient who realizes that their doctor never learns their name quickly finds a new provider. Making sure your customer loyalty program makes every member feel special with tailored experiences and customized rewards will encourage them to make and keep regular appointments with your brand.

Clearly present the “why” of belonging to your program

The customer only turns to an “urgent care” version of a loyalty program when they hope to get some fast help. That initial reward for signing up can be a much-needed shot in the arm, but don’t forget to hand out the brochures that explain your point worth, benefits, and rewards to drive repeated customer actions.

Engage customers on a level that impacts their lifestyle

Patients who aren’t invested in their health tend to eat better and walk around the block for a few days after a doctor visit, then give up. You need a program that sets a reminder to keep walking daily, suggests healthy recipes, and offers a free meditation suggestion they can access at bedtime every night.

Perx transforms customer loyalty programs into lifestyle augmenting tools

Are your customer relationships clutching their chests and gasping for air? You need help, stat. Don’t sit by and monitor the situation while it bleeds out on the floor. Instead, take steps to proactively address the bond between brand and customer and extend its lifespan for years to come.

The Perx Lifestyle Marketing Platform (LMP) changes how your customer loyalty program impacts customers. With Perx LMP, You can:

  • Power customer interactions with constant opportunities.
  • Increase customer retention by providing an ongoing journey.
  • Enhance customer engagement by tracking customers and leveraging extra opportunities.
  • Improve customer loyalty with highly personalized experiences.
  • Maximize referral marketing opportunities by turning customers into brand ambassadors.
  • Reduce your customer acquisition cost and maximize lifetime value (LTV).

It’s time to invest in a customer loyalty program with endless potential for personalization and the capability to develop endless customer journeys packed with actions, rewards and enjoyment. Perx helps you turn your brand loyalty system into lifestyle augmentation tools that keep customers active, engaged, and constantly watching for the next opportunity to play, win, save or be surprised with your next communication or offering.

Are you ready to do more than put a bandaid on your customer relationships? Request a free demo today.

CUSTOMER SUCCESS STORIES

Feasting on a long-lasting connection with your customers

Feasting on a long-lasting connection with your customers

Sundeep Keramalu

Director, Marketing Content | January 27, 2022


According to Oxford University researchers, a tiger’s brain is sixteen percent larger than a lion’s. As a result, Tiger is now widely believed to be the jungle king, contrary to what we were taught in school.

Just as people have traditionally believed that the lion was the king of the jungle, brands have always assumed that customer acquisition was paramount, and that customer retention was irrelevant. The reality, however, has been quite the opposite.

Businesses in the United States lose $136.8 billion annually due to poor customer retention.

Customer retention isn’t hard to achieve; it’s just that brands rarely put up the effort to hit hard where it counts.

When you don’t prioritize customer retention, you’re a sitting duck waiting to get devoured by your competition, who, by the way, has been listening to the sounds of the jungle and is ready to attack when you’re least expecting it.

Have a tiger in your tank.

Customer loyalty initiatives that delighted Baby Boomers and Generation X are not enough to excite the brands’ generations. Today’s loyalty programs perform better when tailored based on previous transactions and customer data. Sixty-four percent of customers expect personalized customer experiences based on previous transactions.

That is precisely what Perx LMP enables you to achieve. To begin, it detects the specific customer behaviors that contribute to your revenue. Second, it finds the incentives that will motivate your customers to take action. Third, it transforms your static digital efforts into dynamic, interactive, data-driven experiences. Finally, gamified rewards make customers feel good about what they do right away.

Don’t have a tiger by the tail.

Companies are frequently attracted to build software in-house to address complicated business challenges. However, while cost, control, connectivity, and maintenance are all reasons why businesses choose to develop software in-house, this is not always the prudent course of action. According to Gallup, one out of every six IT projects had a cost overrun of 200 percent and a schedule overrun of about 70 percent.

Perx is aware of the issue. That is why its industry-leading approaches such as Continuous Integration & Continuous Delivery (CI/CD), automation testing, and dockerization have become industry standards in the SaaS arena. At Perx, we take innovation and delivery to the next level by setting up our technologies and teams and rapid development procedures. We take pleasure in co-innovating to solve difficulties for our partners and clients in a matter of weeks.

When in doubt, ride a tiger.

Customers are more likely to leave if you take a reactive rather than proactive strategy. Find out what your lost customers are complaining about, and modify your product, pricing, or positioning to address their concerns. Analyze the trend if many people leave at a given moment. Collect feedback, centralize it, and figure out why most of them are going.

Fifty percent of millennials said they dropped out of a loyalty program because the rewards took too long to accumulate. In a fast-changing digital economy, traditional static loyalty and rewards programs are no longer effective. They are expensive to maintain and have become a liability for companies worldwide, negatively impacting profitability.

Customers today have a lot of expectations. Perx believes that how businesses interact with consumers and ecosystem partners needs to be rethought as their behavior constantly changes. Perx’s LMP is built to help brands move from being short-term and transactional to delivering meaningful relationships to millions of customers and partners worldwide.

If you want to be the new king, don’t just roar, roar to conquer.

70% of brands having a loyalty program do not allow customers to choose their favorite reward.

When you reward a customer, you are appealing to their emotional side. By doing so, you begin the process of developing a bond. As time goes on, they’ll regard you as more than just a product! As a result, it increases customer loyalty, encouraging repeat purchases that increase your revenue. This means you have to give them what matters to them and not what matters to you.

The majority of loyalty programs have the same goal: to keep consumers, increase customer lifetime value, and demonstrate appreciation. The customer’s last-mile journey is crucial to any engagement strategy. Finally, the platform extends this last mile by engaging customers in dynamic, gamified, and incentive-driven engagements that encourage them to do the actions and transactions they were truly aiming for. Additionally, Perx has established the Rewards Marketplace, which features an extensive curated range of retailer rewards that are linked with the digital consumer’s lives. Brands can respond to the quick gratification trend by rewarding customers for their behaviors through customized lifestyle rewards in only three simple clicks. Furthermore, organizations that want to launch their own in-app mobile commerce store and create a new revenue stream can do it without making significant investments or allocating essential resources.

CUSTOMER SUCCESS STORIES

Know your customers, so they say no to your competitors

Know your customers, so they say no to your competitors

Sundeep Keramalu

Director, Marketing Content | January 20, 2022


When comparing conventional influencers to everyday social media users, according to recent research from Bazaarvoice, 56 percent of social media users choose to follow “everyday” social media users, such as friends, family, and peers.

It’s not about paying influencers to sell your product; it’s all about paying attention to your end customers so that they can sell your product for you without having to pay for it.

Covid has continually reshaped consumer behavior. There is no longer any distinction between online and offline transactions. When all touchpoints and experiences are interconnected, the best results are achieved. Customers want everything, and brands must provide it. Shopping is expected to be quick and efficient. Experiences are expected to be rich and immersive. Payments are expected to be intuitive and straightforward.

That’s not all, though. What brands used to believe people wanted is no longer what customers wanted. More than 1,000 U.S. consumers polled by First Insight and Wharton’s Baker Retailing Center indicated that 68 percent were willing to pay more for sustainable products. What’s more surprising is that 94 percent of retailers believed customers preferred brand names to sustainability!

Want repeat business? Don’t repeat your mistakes.
Is your solution a problem?

If your solution is intended to solve a specific problem but fails to do so, the customer will no longer buy from you. However, even if your product does not meet their needs, if they continue to use it, it is just until they find a better alternative.

Your support sucks?

Poor service will drive 96 percent of your customers away.

God help you if you have a lousy product and poor support customer service!

However, if your product is subpar but your customer service is excellent, you have a chance to retain the customer and enhance your product.

But if your service is terrible and your product is awful, your consumers will not put up with such nonsense. https://www.destinationcrm.com/Articles/CRM-News/CRM-Featured-Articles/72-Percent-of-Consumers-Will-Switch-Brands-After-One-Bad-Experience-Study-Finds-135838.aspx” target=”_blank” rel=”noopener noreferrer”>Eighty-six percent of consumers will tell others about a horrible experience they had with a product.

If you want to be top-of-mind, don’t put your customers at the bottom.
Sell a relationship, not a product.

The most important indicators for assessing new-age organizations are customer lifetime value and customer acquisition costs.

According to a Bain & Company research, 60-80 percent of satisfied consumers do not return to conduct further business with the company that first satisfied them.

Having a solid relationship with your customers is a great way to build brand equity. This is a substantial part of brand equity, but it is also the hardest to achieve and sustain. As a result of their emotional attachment to your brand, customers are more likely to buy from you again in the future. As a result, they may serve as brand ambassadors by participating in social media discussions on social media and brand community forums.

To be in touch, increase touchpoints.

Robert Zajonc, a social psychologist, came up with the Mere Exposure effect in the 1960s. It says that when people are used to something, they like it more. And if they have two choices, they’ll choose the one they’ve been exposed to the most, even if it’s not as good as the other one.

Designing a customer experience that promotes sales, retention, and referrals requires a thorough understanding of brand touchpoints.

Know your customers before they want you to stop knowing about them.
Build trust; don’t ask them to adjust.

Ninety percent of Americans consider customer service when selecting whether or not to do business with a company. Eighty-nine percent of customers say they are more inclined to make another purchase after having a good customer service experience.

Additionally, note that 70% of shoppers base their purchasing choices on brand trust.

Customers find you reputable and want to do business with you when they trust your company. Customers will be more vocal, loyal, and engaged due to this. This sets the tone for your company, and as consumers advocate for you, you’ll be able to attract additional customers who are willing to invest in your product.

Zero-party data – the real hero.

Understanding and experiencing your current customer’s journey firsthand is the first step towards changing consumer behavior.

Brands may acquire zero-party data – information that a consumer voluntarily provides a brand, such as purchase history, product preferences, size, and other relevant features – and then use that information to deliver tailored content such as product suggestions and special offers.

Perx was used by a top telecommunications company, to improve customer engagement. With Perx’s dynamic interactions, the telecom company achieved a 99 percent engagement rate in just 100 days after being live.

After slicing and dicing customers into the company’s audience personas, Perx began by investigating actions that customers had previously undertaken but went unreported. Next, we identified appropriate rewards based on customer data to incentivize these customers to repeat these actions. Then, using unique engagement mechanics, Perx merged several of these activities. Finally, on the Perx platform, all of this was wrapped in a gamified in-app experience layer that users interacted with.

Know your customers, so they say no to your competitors

Your most significant influencer is your customer. However, unlike endorsers and influencers, you cannot pay your way with the consumer. Instead, you must establish a connection with your consumer and get to know them. Take one step forward, and they will take two steps towards you.

CUSTOMER SUCCESS STORIES