On average, it costs five to eight times more to acquire new customers than it does to keep current ones. That’s a significant investment that can have an enormous impact of any brand’s bottom line. Therefore, focusing on current customers and their satisfaction is inherently imperative to customer loyalty, because statistics indicate that engaged customers spend a whopping 16% more.
But, how do you satisfy customers?
In the digital economy where competition is fierce and customer options are boundless, having a great product isn’t enough. You need to create an outstanding customer experience that means exceptional customer service and engagement across all touch points and multiple channels throughout customer journey, both offline and online.
In fact, 57% of customers consider customer service as the most important factor in driving loyalty to a brand. But customer service alone does not guarantee driving customer loyalty. So, don’t forget to make sure you deliver highly personalized and seamless experiences for different customers. Nearly half of all customers don’t find communications from loyalty programs they participate in relevant. But how do you deliver exceptional customer service and highly relevant communications? Consider three core methods:
- Collect Customer Data
You need to understand, leverage and harness the customer data you collect. Think in terms of Single Customer View – aggregated, consistent, relevant, and holistic representation of all you know about your customers.
- Know Your Customer
Show your customers you know them by creating unique experiences and targeted offers. Take those email campaigns to the next level. But be mindful of the fact that customers expect loyalty offers to be consistent across channels; all channels. So, don’t make the mistake of treating your online store differently to your social media channel, or call center as a siloed solution. You need a multi-channel marketing platform that will help you deliver the right offer through the right channel to the right customer at the right time.
- Deliver Personalized Service
Make sure you give your customers personalized efficient service. With a single customer view, you can service customer inquiries in your service center through any channel at lightning speed. By aggregating customer data and feeding it intelligently into your contact center environment, you can rapidly identify each customer’s need and provide them with the right information at the right time. By making service interactions with your organization easy, you’ll give them a service experience they’ll remember. Best of all it’s easy to switch on a multi-channel contact center solution when it’s available in the cloud.
And that’s how you create loyal customers. Customers who are as excited and passionate about your brand as you are. So, think solid customer data, effective multi-channel marketing, and superior support as the foundations for a most successful loyalty program. Not sure where to start? Connect with us and let our subject matter experts help and guide you through the Connexions Digital Customer-Centric Experience (cDigital C²X) journey powered by integrated SAP S/4HANA Cloud platform and SAP Hybris solutions and tailored to your business needs. Our SAP solution delivers a simplified front office that differentiates customer processes, enables innovation and extensions, and optimizes back office core processes.