Staying ahead of market trends and identifying untapped opportunities is crucial to running a sustainable business. However, to be truly effective requires tapping into difficult-to-access...
1. The importance of repeat customers
No doubt, you need to market your brand to draw new customers into your fold. However, it takes far less effort to build relationships with existing customers to create brand loyalty. As each new customer discovers your brand, you have a choice: Allow them to make a one-off purchase or create a more meaningful customer experience to increase customer lifetime value.
Customer loyalty generates far more sales potential because your customers trust and enjoy your brand. It also helps you find new customers through user-generated content such as reviews, social posts, and good old-fashioned word of mouth. To build an impressive repeat customer base, you need to provide ongoing incentives to keep them coming back. That calls for loyalty programs and personalized experiences.
2. Loyalty programs
Loyalty programs are a dime a dozen these days because they are one of the easiest ways to keep customers incentivized. When you reward customers for coming back, they always think of your first. To create a successful loyalty program, you need to make customers feel special with offers relevant to them. With the right incentives, customers become brand advocates, which adds to their value. Brand advocacy is the easiest and most affordable way to reach new customers most likely to become brand advocates themselves.
Optimized loyalty-based pricing creates a sense of exclusivity that customers love. Leveraging product data to understand which products to apply those discounts ensures the offers appeal to each customer every time they return to your website. Customer rewards must be competitive, and pricing is always the most enticing incentive. Combine pricing with a shopping experience that creates emotional triggers, and you have a customer for life. This is achieved through personalization.
3. Personalized Experiences
Personalization ensures you point customers in the right direction creating effortless experiences. Customers want experiences that show them you care about them and understand them. While your loyalty program enables customers to join your band of happy, exclusive customers, personalization shows them they are unique. You speak to them on a personal level based on their demographics as well as their behavior and interactions with your brand. So how do you provide personalized experiences? Maintaining your product content on one platform enables you to speak to customers of every demographic with personalized messages each time they return to your site.
Customers feel welcome when your website acts like the smiling face behind a brick-and-mortar boutique counter. Auto-generated messages mimic that one-on-one customer experience.
“Welcome back, _____”
“We hope you liked _____. We thought you might also like _______.”
Customers find what they need and feel good about it. Repeat customers shouldn’t have to work for their purchases. Instead, using personalization enables them to have the sense they can “grab and go” because they have a familiarity with your store. However, that familiarity is intentional, with purposeful data collection that enables you to understand each customer and the products they are likely to enjoy or require.
4. How does a PIM assist with customer loyalty?
A product information management system (PIM) provides a single source of truth for your product information. Centralized information enables you to easily create personalized experiences for customers. Product data gives you the agility to speak to unique personas across the globe. While consistency is a must, multiple versions of product information and assets are unavoidable. However, a PIM enables you to contextualize your content to ensure it suits the needs of your customers based on their preferred shopping channel. Although you have a single source of information to provide consistent customer experiences, each customer sees the product information in a suitable media for their needs. It empowers them to make smart decisions to improve customer satisfaction and reduce risks for returns.
With a reliable source for your digital assets, your customers see what they need when they need it. They also have immediate access to your latest additions. You get new products to market faster, so customers feel special for being “the first” to purchase the latest versions, styles or flavors. As a result, you are always one step ahead of the competition in terms of building customer loyalty.