The process of acquiring a consumer and turning them into a customer consists of three main parts: grabbing their attention, selling your product and experience to them, and getting them to return to your store.
Each of these parts have different requirements for success, but retaining the customer might be the most complex.
Some of my favourite and most dangerous emails are from Hotels.com.
Favourite for reasons I will explain. Dangerous because the offers are too tempting!
Loyalty schemes are very popular in Australia, 84% of Australians are currently enrolled in a program.
Customer lifetime value matters, so how are companies attempting to improve retention rates?
Our recent Customer Lifetime Value: Building Loyalty and Driving Revenue in the Digital Age report (produced with the help of Sitecore) has one answer: improving customer experience.
The report finds that 64% rate customer experience as the best tactic for improving CLV, followed by better use of data and personalisation.
A key element for loyalty programs, especially in industries like retail and restaurants, is product purchase frequency. Frequently purchased products enable members to earn more reward currency and keep the product and the program top of mind.
Does that mean that products without a high rate of purchase frequency can’t implement a successful loyalty program?
They actually can, it just requires a little creative thinking and a different approach.
Only 15% of British consumers believe strongly that it pays to be loyal to their favourite brands, according to a new survey by Epsilon.
However if brands can offer what consumers want – which half of respondents identified as being value and quality in the products or services they are offered – they have a good chance of encouraging customers to remain loyal.
The research, which was conducted among 419 British respondents, also shows that the recession appears to have made UK shoppers more frugal.
More than half (57%) of respondents said that they will shop around to find the best deal and just (15%) are prepared to pay the premium for luxury products and new-to-market products.
Looking at what drives repeat purchases, just over a quarter (28%) of British customers see rewards programmes as an incentive to secure their loyalty.
Here are some of the most interesting digital marketing stats we’ve seen this week.
Stats include customer loyalty, UK smartphone ownership, online spending over the festive season, mobile commerce, and tablet conversion rates.
For more digital marketing stats, check out our Internet Statistics Compendium.
With literally hundreds of millions of consumers logging on to the internet and using social media every month, it’s no surprise that businesses have flocked to services like Facebook, Twitter and Pinterest.
Whether they’re looking to hawk their wares or listen to what customers are saying about them, there are numerous social media use cases that apply to just about every business under the sun.
But how many of the companies using social media are actually measuring what they’re getting from it?