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customer retention

How Brands can Amplify their Customer Retention Strategies for Gen Z Consumers

Gen Z refers to the group of population who were born in the years ranging from 1995 to 2010. This generation is known to be the true digital natives as they have been exposed to the internet, social networks, and mobile systems from the earliest stages of growing up. Gen Z is projected to account for almost half of the total U.S. consumers by 2020. This means that brands now have a new set of customers to target whose needs and behavior are much different from their predecessors. As this group of consumers are nuanced and highly complex, tried and tested customer retention strategies often fail to win the loyalty of these young and powerful consumers.

The younger generation has become potent influencers for different age and income groups and even play an important role in the way consumers relate to brands. Gen Z consumers tend to value individual expression and avoid labels. They are also believed to make decisions and relate to companies in highly analytical and pragmatic ways. According to experts at Infiniti Research, brands must include the following tactics into their customer retention program in order to win over Gen Z consumer.

The increased access to technology has given young consumers an unprecedented degree of connectivity. For brands, this trend will bring both challenges and equally attractive opportunities. RFP to know how our experts can help you identify market opportunities and build better customer retention strategies.

Customer retention strategies for Gen Z consumers

customer retention strategies

Invest in loyalty programs

One of the most crucial customer retention strategies that forward-thinking brands must consider is to invest in a customer loyalty program. Otherwise, sectors including media, retail, beauty, and CPG are at high risk of losing customers to their competitors. Gen Z is more likely to be loyal to brands that have loyalty programs when compared to millennials.

Be where the customers are

Gen Z is known to be highly active on social media and other digital channels. So, brands must base their customer retention strategies around these platforms. These consumers are also equally active offline. They expect to be able to check the availability of in-store products online and vice versa. These consumers are more likely to research a product before actually making the purchase. By investing in customer retention strategies like loyalty programs, brands can incentivize across different channels.

Formulating customer retention strategies for Gen Z customers is much more complex when compared to millennials or Gen X consumers. Get in touch with us to know how Infiniti’s customer retention solution can help you identify strategies to attract and retain different customer groups.

Rewards for spend and engagement

Creating value by rewarding both spend and engagement is one of the most attractive customer retention strategies that top companies are looking at. Brands must ensure that their reward for spend strategy is frictionless across multiple channels. Such tactics are great customer retention strategies as they not only ensure customer engagement, but they also make things more convenient for customers.

Personalization using data

One of the key imperatives for effective customer loyalty and retention is to gain an in-depth understanding of the customers. To do this they need to continuously gather data about their customers across channels and use this data to identify customer needs and create better marketing strategies. Gen Z consumers are generally more willing to participate in surveys, provide their feedback on a service or a product, and socially connect with brands. Every brand that wants to capture the Gen Z audience must leverage data to offer personalization to customers and drive brand engagement and customer loyalty.

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customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

Get in touch with our industry experts and uncover new market trends and solutions to drive business growth.

An Introduction to Customer Need Analysis

customer need analysis

What is customer need analysis?

Customer need analysis is concerned with identifying the product/service requirements of the target customers. Customer analysis in marketing is used in an array of brand and product management context including product development, concept development, customer value analysis, and means-end analysis. The ultimate goal of this engagement is to understand customer needs and their position in the overall market. Apart from being a business development tool, customer needs analysis is a valuable analytical technique to gauge better marketability of a product or service.

Why customer need analysis matter

Most successful businesses today take steps to meet customer needs at the earliest. For the modern marketer, taking strides to ensure that the customers’ needs are met will help align with other internal teams at your organization including the sales team, customer support team, and the product team. With the whole organization operating under a cyclical process of undertaking customer need analysis, companies will see results in no time.

Customer need analysis methods

Innovation and effective marketing come from using customer need analysis tools to uncover the unmet needs of target customers and acting upon them to provide better experiences to the customers. Infiniti Research reveals some of the common methods that can be used for customer need analysis:

Start with existing data

It is most likely for companies to have data that has already been collated for several other business processes. The data can include customer interviews, past surveys, and customer-support call logs. This data must be reviewed as a part of customer need analysis to track the unmet needs of customers. This is a more feasible option for companies rather than spending big bucks on an extensive research campaign.

Connect with stakeholders

Interviewing stakeholders can provide collective information that is cost-free. Sales and support teams can be considered for this. They often have a list of bug reports, feature requests, and enhancement ideas that they would have collected directly from the customers. These can be combined to generate a preliminary list of requirements.

Map the customer process

For companies who want to gain customer insights on the difficulties in undertaking a particular purchase process, it is essential to first map a particular customer process in a step-by-step fashion. This helps companies build newer and better ways to simplyfy the processes for customers.

 Map the customer journey

Mapping customer journey is a great way of undertaking the customer need analysis. It is a visualization of processes that a customer encounters with a product or service. It includes multiple phases and touchpoints from the prospect of a loyal customer. This easily helps companies identify the points of friction and opportunities of improvement.

Analyze competition

Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings. An effective SWOT analysis will also give companies a fair idea of their strengths, weaknesses, opportunities, and threats. SWOT analysis can be carried out for a brand, product, or even an experience. Also, it is essential to define competition both narrowly and broadly, and not just companies in the same industry but also similar companies in other industries.

Looking for more resources to help you identify and meet customer needs?

You might want to know more about Infiniti’s customer need analysis solutions for business!

Analyze cause-effect relationship

Sometimes, thinking about the flip side of a situation will help solve problems with ease. Business problems can be identified through surveys, observations, and other data sources which can help pin-point other root cause problems. This ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

 

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Market segmentation

Customer Retention: 5 Unique Ways to Keep Your Customers Hooked on

Customers are the most important assets for any thriving business. However, with cut-throat competition in the market today, retaining the existing customers is a serious challenge for brands. Customer retention often proves to be a less-expensive process for businesses when compared to customer acquisition. So, companies must seriously consider incorporating customer retention programs in order to prevent losing their valuable customers to the competition. Losing a customer means wasting 7x the resources used in converting them. Here is how to stop this from happening to your business:

Customer retention strategies for business

Create customer delight experiences

Implementing some unique, low-cost initiatives can go a long way in delighting customers and thereby building brand loyalty and customer retention. Companies can also use techniques such as finding milestones in the customer relationship and identify ways to reward customers. When a customer is rewarded by the company even through a small gesture, could go a long way to improve customer experience and offsetting the cost of the product many times over.Contact US

Follow up on customer interactions

A company’s relationship with their customers do no end with a sale or even with the after sale services. It is vital for businesses to go that extra mile and reaching out to the customers even after their issue with the product/service is resolved. Following up with the customers on an issue that has been resolved earlier is one of the best customer retention strategies that make customers feel connected to the business and is a great way to enhance their loyalty towards the brand.

Educate the customers

It is not only essential for companies to sell their offerings, but also in the process, they must educate the customers regarding the product/service. Sales become more effective when you have an existing relationship with a customer, and when you’ve already provided value. Customers tend to value brands that give them helpful recommendations or new information on products/services that will help them achieve better results. Customer retention rates are generally higher for companies which promote such practices.Request Proposal

Promotional targeting

The more businesses get to know their customers, the more they will tailor their approach towards each individual customer. For this companies need to have a clear idea of each customer’s purchase history and then determine what kind of offer will be most appealing to each individual. Such customer retention programs would help increase relevancy and keep your brand on your customers’ minds while they are making their shopping plans.

Invite feedback

Customer feedback is not only one of the most effective customer retention strategies for companies to assess their performance from the customer’s viewpoint but is also a great way to show their customers that their opinions matter to the business. This gives customers a sense of ownership with the business.


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Why Marketers Cannot Afford to Ignore Customer Engagement

Customer engagement refers to the activities involved in building an emotional connection between customers and the brand. Deploying customer engagement strategies will help companieRequest Proposals to build a customer base that promotes the brand and demonstrates more brand loyalty. High-quality customer experience is an essential ingredient of every customer engagement strategies.

Benefits of customer engagement model 

Here are some of the key benefits that companies can gain by devising a customer engagement model for their business:

Improved customer retention

Engaged customers will continue to build long-term relationships with the brand. In fact, research shows that businesses that focus on customer engagement strategies are more likely to make customers spend more on their products and services and convert them into loyalists of the brand.

Shorter sales cycle

One of the key benefits of a customer engagement model is that it helps businesses attain a shorter sales cycle. In this system, customers and other prospects can utilize a customer engagement portal to instantly access the information they need irrespective of the stage of the buying process that they are on.cta ir

Boosts marketing efficiency

Modern marketing is all about engaging the customers. In several cases, marketing efforts go down the drain as they fail to capture customers’ interest. With effective customer engagement strategies in place, marketing efforts are expected to garner better results as they are more likely to capture the customers’ attention.

Brand differentiation

With the increasing number of competition in the market, companies are constantly expected to bring something new to the table. Utilizing opportunities that other players in the market would have missed, such as formulating customer engagement strategies ensure that brands effectively differentiate themselves and gain a greater chunk of the market share.

Best customer engagement strategies for businesses

If you are a marketer on the lookout for some of the best-in-class customer engagement strategies for your business, here’s what you need to do:

‘Humanize’ your brand

 Customers tend to favor brands that understand their needs and they can relate to. This is easier for fun consumer brands when compared to more conservative brands or B2B companies. One of the ways for companies to bring the ‘human element’ into their brand is identifying a personality within the organization who is passionate about the brand and is a natural communicator. This person can be encouraged to become a thought leader and give them a voicAsk An Analyst_IRe to humanize the brand and engage the audience. 

Video tutorials

It often happens that many retailers do not pay much attention to after-sale services. It does not only involve repairs and maintenance but educating the customers about the brand and the product is also an integral element of after sale services. And one of the best customer engagement strategies for businesses to use at this stage is the use of video tutorials. It is a way to compete for your customer’s attention. Videos are visually stimulating and convey the messages faster.

Use social media as a tool

Today, social media is one of the most effective tools for businesses to engage with their customers. Brands can promote customer engagement on social media by encouraging customers to share their feedback, reply to their queries, and cater to their grievances on social media in a quick fashion. This promotes the overall goodwill of the brand.


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