In a market that is flooded with a ton of products to choose from, it can be quite a challenge to retain customers. It is important you come up with strategies to boost customer loyalty.
Let us see how you can make great customer experience strategiesusing customer loyalty analytics.
Here Are 4 Ways You Can Use Customer Loyalty Analytics...
1. To Monitor Customer Reactions to Promotions
When you know how your customers are reacting to your brand, you can use that to boost the customer loyalty program.
Use social media platforms to learn about the customers’ likes and preferences, the brands they follow and who they are interacting with. This information will give you an idea of how to reward them. Moreover, you can also determine which products would be ideal for them.
Collect customer feedback through social or paid advertising or with help of online survey software. The right questions and ads will help you understand their feelings about your promotions and products.
You can then make the necessary changes to your promotions based on that information.
2. To Devise Customer Retention Strategies
Customer Retention Rate (CRR) is the metric used for calculating customer retention. CRR can be defined as the number of customers at the end of a specified period of time as compared to the number at the start of that period.
When you understand how many customers are leaving your company and why, you can come up with effective customer retention strategies.
You can measure CRR through the website’s clickthrough rate, customer feedback results, email open rates, etc. A high CRR will have a higher loyalty program enrollment rate.
The more the customers stay loyal to your brand, the more you can reward them with loyalty programs.
3. To Improve Customer Loyalty Programs
Focus on social media platforms to listen to what the customers are saying. Reach out to them through Twitter or Facebook to understand their opinions.
A lot of customers share their experiences, doubts, queries and feedback online such as via TripAdvisor. Understand your customers and what they need, then use that information to make effective strategies and customer activities.
Another route would be to integrate all the collected data into the buyer persona, which is a picture of who your customers are. When you gather all the insights and create a buyer persona, you will be able to design loyalty programs accordingly.
When you have a clear understanding of the customer’s needs, you can define the customer loyalty program better. In fact, you can even customize the program based on the customers’ needs.
4. To Target Product Recommendations
One of the best ways to keep the customers engaged is by sending them targeted product recommendations.
You can integrate purchase data with historical purchase data to make these recommendations. Analyze consumer data like customer lifestyle, demographics, purchase value, frequency of purchase and product purchases by type and category.
Don’t rely on just one data point; rather gather multiple data points to make informed and intelligent product recommendations.
It is important that you incorporate insights into the loyalty program. Use the necessary survey tools and digital platforms that will add value to the process.
Bhavika Sharma is a survey designer at SurveySparrow, where she designs surveys that work by making them more conversational and engaging, fetching 40% more responses. When she isn’t designing killer surveys, she loves to travel in search of adventure and to meet new people. Her travel experiences have taught her the importance of conversation and that is what she brings to the table while creating surveys or content for her readers.
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