Now, how to retain customers and gain maximum from them? The key is to keep them satisfied, and hence increasing their lifetime value. A company can achieve this by offering its customers an experience that is individually tailored. Providing tailor-made offers and promotions elevates the entire shopping experience of a consumer, which increases the brand's goodwill. The longer you can retain customer engagement, the more data you can generate, which translates into more useful campaign insights. Simply put, the longer you can keep clients, the easier it is for you to understand them and provide them with service. This will foster long-term brand loyalty. Earlier, the cost has been the biggest hurdle in the adoption of new technologies which would help the firms by doing an in-depth analysis of customer behaviors. Only powerhouses like Amazon used to be able to afford to support an in-house data scientist unit, but this is no longer the case. Retention Marketing's growing awareness has led to third-party vendors providing the data analysis needed to drive a personalized and a more customer-centered approach.
One way to get customers back to your company is by getting them to fall in love with your brand. It leads to a more profound sense of loyalty when consumers feel a connection with your brand, vision, and purpose. Share the brand story honestly and express your beliefs clearly so that consumers can get to know you and trust you.
Case: One real-life example is the Starbucks Rewards program, which rewards.
customers with stars (points) that they can then use to get Starbucks beverages, food,
and other items. Loyalty programs are so popular that most consumers are familiar
with the system and are enrolled in it very quickly if they choose. Because they are so
popular, however, consumers are also flooded with a loyalty program, so the most
engaging has a higher success ratio.
2. Co-Op Campaign
A Co-Op Campaign is an exclusive, joint promotional campaign supporting mutual marketing objectives. Brands will make a bigger splash than they would alone as they pool their dollars by co-marketing. Partnerships with other brands often support marketers through high-quality ads to show the importance of their region. The use of co-op ads reduces not only the cost of your newspapers but also your ad creation and creative costs. An example of cooperative advertising is the ads funded by shopping districts or centres in the shopping centre from each retailer. Such ads are often used for back-to-school sales in local newspapers, Diwali, Eid, Christmas, Mother's Day, Father's Day, etc.
Let’s understand it through a small case : For small businesses, who want to build a circular for an upcoming event — say Diwali. There will be many other such businesses that are all based in the same cities, in the same shopping plaza. Now, to create and print big advertisements none of these companies might have much cash on hand. But all of them can benefit from cooperative ads in this situation. They can together pool their resources and share the cost of a big campaign.
Some real-life examples -
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