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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 Lifetime Value Analysis Helped a Financial Services Provider Reduce Customer Churn Rate by 17%

Business Challenge 

Over the past few years, the financial services industry has witnessed positive changes, driven by increasing popularity of FinTech companies and technological advancements. But, as the financial services sector advances, customer demands have also increased. This has pressurized companies in this sector to offer better services to keep their customers engaged. As a result, financial services providers need to develop optimal strategies for enhancing customer experience.

With regulatory requirements continuing to increase and entry of new players in the market, the client, a leading financial services provider was forced to spend a large amount of their revenue for acquiring new customers. This proved to be a costly affair for the client, both in terms of revenue and resources. Therefore, they approached Infiniti Research to leverage our customer lifetime value analysis for gauging the lifetime value of customers and identifying strategies to retain them. With Infiniti’s customer lifetime value analysis, the client wanted to better segment their customer groups, forecast customer demands, reduce customer churn, and win back customers.

Is your inability to analyze your customer’s lifetime value resulting in revenue losses for your company? Our customer lifetime value analysis solutions help firms outperform their competitors. Request for a FREE brochure to learn more about our services.

Solutions Offered and Value Delivered 

With Infiniti’s customer lifetime value analysis solution, the client was able to understand how much a customer is worth and develop optimal strategies for customer engagement. This helped the client decrease churn rate by 17% and outperform their competitors.

Also, our customer lifetime value analysis solution helped the client to:

Effectively segment customers – By better profiling customer groups, the experts at Infiniti Research helped the client offer customized services for their customers, target customers based on value potential, and gain the maximum possible revenues per customer.

Effectively forecast demands – By accurately predicting the future demands of the customers, the client was able to better plan their marketing strategies. It also helped in cutting down on cost by guiding better resource allocation.

Reduce customer churn: A better understanding of customer needs helped the client in improving customer loyalty.

Win back customers – With Infiniti’s customer lifetime value analysis, the client was able to reduce customer attrition rate and win back lost customers.

Companies who have not yet begun tracking customer lifetime value are dealing with increased customer churn. Are you one among them? If yes, request a FREE proposal to know how our solutions will help you in enhancing customer experience.

Why is Customer Lifetime Value Important? 

Customer lifetime value depicts a customer’s value to a firm over a period. In situations where your organization needs to stay ahead of competitors, focussing on customer lifetime value model allows you to design an effective strategy with more concise budget planning. Infiniti’s customer lifetime value analysis helps firms segment customer effectively, increase loyalty, improve forecasting, and recognize best customers.

customer lifetime value

Are you are still wondering why satisfying your customers is important for your business growth? Read our success story which explains how enhancing customer satisfaction helped a financial company increase customer lifetime value and reduce churn by 20%.

Infiniti’s Customer Satisfaction Engagement Helped a Financial Services Provider to Increase Customer Lifetime Value and Decrease Churn Rate by 20%

GET IN TOUCH to know how our customer lifetime value model will help your business.

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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Four New-age Customer Segmentation Models Every Marketer Should Consider

Customer segmentation is the heart of the marketing efforts of any company. Traditional techniques such as demographic, geographic, behavioral, and psychographic segmentation could often prove to be hectic for marketers. These practices often involve grouping consumers into segments based on their needs and self-stated psychographic profiles and then attempting to target a high priority segment with new offerings and advertising. Yet, in most cases, traditional customer segmentation models do not work that well because it is rarely very actionable. The best marketing interactions are those that resonate with the audience by taking into account who they are as individuals. It is important to make customers feel that the brand in addressing to them personally through their marketing efforts. This blog takes you through some of the types of customer segmentation that modernContact US marketers can use for building out segments and propelling their customer retention strategy with a personalized experience.

Types of customer segmentation models

Purchase patterns

Companies need to gain a clear idea of when, what, and how their customers have purchased in the past. This helps gain predictive customer segmentation models for the future. It is essential to find the most frequent shoppers, identify the highest value customers and savers, and learn about what motivates each group. This makes it much easier to guide them towards the offer, product or services most perfect for them and consequently result in a conversion. Moreover, this proves to be a great way to pitch more products or upgrade to other option based on the customers’ purchase patterns, leading to greater customer satisfaction and loyalty.

Touchpoint engagement

One of the best ways to identify how to retain a customer is by examining how they continue to interact with the business post-purchase. These interactions can be in the form of heading to your website or app, engaging with your website and online content, messaging you for support on social media, or email and offline interactions. Watching how customers change over the course of the customer lifecycle forms an integral part of understanding their intentions in terms of retention. Layering different behaviors and types of customer segmentation together makes it easier for companies to predict and act on a customer’s wants and needs at a certain point in their lifecycle. The more granular the company can get at this analysis, the better.Request Proposal

Targetable interest and value

One of the newest customer segmentation models used by modern marketers is to segment the customers based on the interests, cultural values, and lifestyle characteristics of the target customers. This data is available via Google or Facebook profiles of customers and can be used to create segments on factors that reflect actionable characteristics of the customer. This is also one of the most challenging customer segmentation models where every ad campaign becomes a test that you have the target segment right because they should exhibit greater response.

Customer goals

This is one of the most challenging types of customer segmentation that involves bringing multiple types of data – demographic, geographic, behavioral, and psychographic – into a wider profile centered around the customer’s specific goals. From the analytics tools available on social platforms companies can pull out rich data on their customer segments, incorporate information that shapes their use of the company’s product, job title, location and hobbies, and parameters that speak of their goals. This is a chance to really hone in on more unique and individual traits of the customers, such as personality and psychographics. This proves to be a great way to add more impact to any retention messaging and efforts made towards these customers.

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6 Intriguing Real-world Applications of Blockchain Technology

Blockchain technology is no longer associated with only bitcoins and cryptocurrencies. The applications of blockchain now extend to various other industries who have recognized the potential of this technology. Blockchain technology – the brainchild of an unknown person who goes by the pseudonym Satoshi Nakamoto – is indeed an ingenious invention. This network-to-network chain not only guards business dealings and prevents theft or loss of data, but also quickens the processes, simplifies the company’s affairs, reduces errors, and saves organizations from hiring a third party. Here are six real-world applications of the block chain that you Get More Infomight not have known:

Applications of blockchain 

Supply chain monitoring

With the ever-increasing demand for quick and on-time delivery, supply chain efficiency has come into the limelight in most companies. This is one of the main reasons why forward-thinking companies are looking at the applications of blockchain technology in making their supply chain operations more efficient.  By using blockchain technology and removing paper-based trails, businesses can easily pinpoint inefficiencies within their supply chains, and also locate items in real time.

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Market Assessment

Why Transparency is the Key Ingredient for Brand Loyalty in the Food Industry

Today’s consumers are devoting considerable thought and precaution to the food products that they consume. How many times have you read the label of your favorite food product and wondered, “What is really in this?” Due to increased awareness because of digitalization, it has become important for companies in the food industry to be as transparent as possible with the consumers. In fact, transparency is an important building block for consumer trust that eventually results in brand loyalty. Especially in a sector like the food industry, brand loyalty drives sales and growth of a business in the long run. A recent survey revealed that consumers hold food companies the most responsible for showing transparency, more so than farmers, grocery stores, and restaurants. For companies in the food industry, this means that food manufacturing transparency has become an even more critical area of focus to ensure both compliance and customer satisfaction. Here are some advantages that food manufacturers can gain by revealing the true ingredients to the consumers:Request Proposal

Shopper decision making

There is a rising trend among modern consumers to shop according to a specific diet. This indicates that there is a need for a significant portion of consumers to have access to complete product information, rather than only whatever companies in the food industry choose to provide. This allows consumers to make decisions about the foods that meet their unique needs.  Consumer values vary drastically, and the definition of healthy can change from consumer to consumer. By providing accurate and comprehensive product information, brands allow consumers to make decisions that truly meet their personal dietary and health needs. Furthermore, when a consumer is aware that a product contains exactly the ingredients that are best suited to their needs, it promotes brand loyalty in the long run.

Customer loyalty

Due to the consumers’ demand for more in-depth product information, there is an opportunity for companies in the food industry to foster brand loyalty and capture market share. In the CPG industry, companies driving the most revenue are the ones that motivate repeat purchases and foster long-term loyalty. As a matter of fact, most customers will not show brand loyalty to companies that do not provide them with legitimate product information or rather provide them with information that is confusing. This presents a significant opportunity for brands to foster loyalty through product transparency.

Digital engagement

Product transparency goes beyond providing all ingredient information on a physical label. In this era of constant connectivity, there is an opportunity for companies in the food industry to go beyond the product label and offer more information digitally to engage with consumers across multiple channels. Recent research shows that consumers ranked digital labels that display known allergens and all nutritional information highly useful in making shopping of consumer goods easier. There is also an increase in consumers’ interest in mobile apps that offer extended product information. Grocery e-commerce also offers an opportunity for brands and retailers to offer additional product information and foster long-term brand loyalty.

To know more about how companies in the food industry can improve their brand loyalty

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