How are you managing your customer relationships? Thirty-eight percent of marketers identified their biggest challenge in 2015 as improving customer acquisition and retention. (TeraData) If you’re having trouble managing your acquisition and retention, here are the facts that are shaping approaches to customer loyalty in 2015.
[tweetthis]Online content drives 62% of millennials to brand loyalty. (NewsCred)[/tweetthis]
It’s impossible to have a successful loyalty program without a strong online presence. Know what brand behavior turns your audience off and what they are most likely to share.
[tweetthis]If rewards could be shared, 70% of consumers would shop more often and 45% would spend more. (Thanx)[/tweetthis]
Giving your most loyal customers a way to share their positive interaction with your brand with friends will not only ensure an increase in referrals, but also an increase in repeat customers visit frequency. In 2015, brands need to get creative with designing, reward, share incentives and really make their customers feel valued. When customers feel valued, they will reciprocate.
[tweetthis]If there were benefits for using a bank or credit card, 60% of consumers would be more likely to join a retailer’s loyalty program. (Thanx)[/tweetthis]
Nowadays, credit cards are more than just an easy way to pay. Consumers also care about benefits like points, mileage and cash back. In 2015, loyalty programs that allow consumers to continue enjoying their benefits will have a competitive advantage over other programs.
[tweetthis]When companies give preferential treatment for spending more, 75% of consumers approve of this. (Thanx)[/tweetthis]
You know the rule – 20% of customers drive 80% of revenue. The most successful loyalty programs will target the top 20% of customers and provide an experience and incentives that ensure they will keep coming back.
[tweetthis]On average, customer retention rates are 18% higher when employees are highly engaged in the retention program. (Thanx)[/tweetthis]
Don’t forget to market your loyalty program internally too! Invested and engaged employees make a significant difference in the effectiveness of retention marketing. Loyalty is all about building a relationship between the brand and the customer and the employees are a part of that success.