With the rise of digital payment services, users become more critical while choosing products and services. There are many ways to gain more customers and retain the existing ones. That’s why adapting your company to market trends and developments have a tremendous impact on the customer journey. In this post, we will share with you the effective facts of improving your customer strategy, and at the end, you will understand how to increase customer engagement using these loyalty facts.
Price and Value
Price and value come in the first place when it comes to the top priority of customers while choosing products. According to ICSC’s report, 92% of loyal customers rank price and value as the top driver for loyalty to specific retailers, followed by product/quality at 79% and variety/selection at 71%.
Pricing strategy must be set according to the perceived or estimated value of a product so that customers are more engaged to your product. One thing you need to take into consideration here is that cheap does not mean bad or good. Optimizing the price of your product based on the value and material is a better strategy for improving customer engagement.
New Experiences and Services
We all enjoy having new experiences and services. Based on the research made by Accenture, 41% of U.S. consumers are loyal to organizations that present them with new experiences, products or services. In parallel with this, promoting a product by emphasizing the consumer experience is a powerful strategy to retain more customers.
Customers have a tendency to not to prefer products or services that are already out of date. Designing your product by following the trends and news in your industry, you can attract more customers and receive higher traffic to your channels.
Channels of Communication
Users gain more insights by following a product or service through social media and other online platforms. That’s why improving the online visibility of your company or product creates an immersive effect on your sales and marketing. According to the report of Accenture, 51% of U.S. consumers are loyal to brands that interact with them through their preferred channels of communication. Based on this, you can focus on the channel which is used by the majority of your customers
Also, another research done by SmarterHQ shows that 6.5% of millennials considered themselves brand loyal, and those who prefer personalized communications have a 28% higher brand loyalty than those who do not. This means that while increasing your online visibility, you can also personalize your communication strategy to boost customer engagement.
Almost in every sector, providing a high-quality customer care is an important factor to increase customer engagement. For instance, as Talend highlights in their research, 57% of consumers listed “having a negative review unaddressed while continuing to receive offers for similar products” as the top reason they would break up with a brand. Therefore, not only helping users how to use your product or service but also taking care of their issues are necessary.
Knowing how to deal with negative reviews of your business will help you retain your customers and acquire new ones. ICSI highlights that 74% of Millennials would switch to a different retailer if they had poor customer service. So, it is always better to improve your customer service than losing your users.
Rewards and Discounts
Customers are highly interested in earning rewards and using discounts. For instance, 61% of online shoppers chose to receive surprise perks and discounts as their preferred personalized experience, according to a report by SAP Hybris.
There are various ways to set your rewarding and discount process. If you have an online shop, you make discounts on several products or you can give points or extras each time your customers shop from your website.
Briefly, the customer journey needs to be taken care in the most efficient way. For that reason, you can set business goals to increase customer engagement using these loyalty facts. As this process is already time-consuming, using a loyalty and rewards solution is profitable.
With koomalooma, you can increase your customer engagement, retention and lifetime value. As a complete loyalty solution that works seamlessly across web and mobile stores, koomalooma manages the whole process for you while you can focus on your core business. Visit our website for more: business.koomalooma.com