Next Year Fill Your Piggy Bank More Often
Wise businesses invest in their existing customer base because IT FILLS THE PIGGYBANK MORE OFTEN! Loyal customers spend more time and money with you. In fact, a recent Forrester Report indicates that increasing customer retention by five percent can increase profits by up to 95 percent. The study revealed that loyal customers spend about 30 percent more with brands they trust than new customers - which reinforces the rationale for investing in customer-base retention.
Reasons Why Companies Invest In Retention
- Some are driven by the ever-changing market
- Others because the company has fallen behind the marketing fulfillment curve somehow C
Why Do Companies Raise Their Retention Investment?
- E-Customer Service & I-Communications Capture & Retain Customers:Acquiring new customers is easier as companies leverage the internet and social media to market their products and services. However, simply relying on the personalized "experience" is challenging and doesn't necessarily guarantee rand loyalty. Research shows that a personalized consumer experience - that integrates technology-based customer services - generates an emotional brand connection with each customer. This approach encourages customers to become brand advocates and long-term buyers.
- Create Multiple Channels:Businesses struggle with customer retention because they haven’t kept pace with sound interaction with their consumers. With the age of those who consume moving into a much younger age bracket, these young, new generations want and expect to have quick communication with vendors, including texting, web chat and social media.
- Successful Companies Optimize the Experience:Digital-first businesses have already structured their engagement models around optimizing experience. This lets them build a deeper customer understanding using integrated, accurate and accessible data, that ensures a near-seamless customer experience from start to finish.
- Maximize "Micro-Moments":Customer interactions regarding any brand are segmented into hundreds/thousands of tiny interactions. This means that companies have a very short window in which to engage and capture attention ... since an average customer looks at their phone about 150 times in one day and look at it for a minute or less. These "Micro-Moments" are golden opportunities for companies that understand the valuable commodity they represent.
Study Source: The Gartner Group
Learn how to maximize the power of your "Micro-Moments".