In today’s intensely competitive world, where businesses are scrambling to attract eyeballs, customer loyalty and satisfaction is of utmost significance. This blog discusses a few valuable tips on dealing with the competition and making your business flourish.
- Protect Customer Loyalty – Previously when businesses were few in number and there was less competition, customers had very little choice and made repeat buys with businesses even though they were not entirely satisfied. The scenario has changed today. Customers have a wide range of options available to them and it is important to treat them with utmost care as dissatisfaction can lead to immediate loss of customers.
Moreover, businesses should not consider their past performance as an assurance for the future. A customer can be a long-term loyal customer but that does not mean that he will not switch to something better that is on offer. Over time, businesses change, their revenue and models change in order to stay relevant in the industry and grow their worth. Therefore, constant innovation is imperative to sustain and grow a customer base.
- Track Customer Loyalty – Any thing that can be measured has potential for improvement. Previously, it was believed that customer loyalty was a non-measurable metric. However, nowadays with the help of CRM solutions, customer interactions can be captured and current trends and behaviours can be analysed. By tracking these metrics on a regular basis, a business can understand the areas of improvement better.
- Innovate – Customers are always on the look out for better businesses and services. Most businesses fail to impress customers due to their similar nature. To create a successful business, it is necessary to innovate, think out of the box and develop something that redefines the industry space and attracts customers towards it. To build and design a brand’s loyalty program, businesses usually hire professional agencies.
- Keep in Mind the 80-20 Rule for Customers – There is no business in which every customer proves to be profitable. Usually a small percentage of customers contribute the most to a business’ profit base. According to the Pareto principle, 80% of profits is due to 20% of the customers. This is the 80-20 Rule. Customer bandingor customer segmentation helps a business to identify which customers are worth spending marketing money on and which do not contribute significantly. This helps the brands to let go of the bottom customers and focus their resources on the top customers who bring in the most revenue.
- Know your Customer better – Big brands may face a challenge to know their customers better. This is where good CRM solutions make an impact. After integrating customer loyalty programs and running multi-wave campaigns, it helps brands to identify customer preferences and thereby offer relevant services and products. Customer loyalty is the most important basis on which brands can build a strong foundation.
These aforementioned lessons can be incorporated in your campaigns with the help of CRM Solutions.
CRMAA, short for Customer Relationship Management Academy of Asia is a one-of-a-kind initiative that enables and empowers the business leaders of Asia to come together and share their CRM experiences and resources. This Academy is a unique venture with various academic orientations derived from real time business processes. CRMAA strives to empower entrepreneurs and the member businesses to directly avail the advantages of their different knowledge enhancement programmes.
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