Is There A Way To Prevent Customer Churn During the Coronavirus Pandemic? There is. Think Loyalty Programs.
Adapting to New Conditions
The entire business environment has already suffered greatly from the economic crisis caused by the COVID-19 pandemic. Unfortunately, there is no end in sight to when things will get back to normal – if ever. Some expect a new reality to take over. And since many of us have been urged to stay indoors, you could say that this process is already underway, changing the way people work, communicate, relax, and care for one another.
This is also the cause of companies now requiring a marketing retrofit. All businesses – no matter their size or industry – need to redesign their marketing strategies to retain their clients. Why? Because their customers’ shopping habits have also been altered by the situation. Thus, either a company will adapt to new conditions, or it will watch its customer relationships fall apart.
Fortunately, with the use of modern technologies and loyalty-program-based tactics, making improvements to one’s strategy does not feel like grasping at straws. It just works. Let us explain.
Taking Loyalty Programs to the Next Level
First of all, these days, loyalty programs are one of the main (if not the best) channels of communication for brands and clients. Knowing that this is the prime time for companies to convince customers to buy their products online, loyalty programs can help boost their efforts significantly – and do a lot more.
If a company has already invested in building a successful loyalty program that now includes thousands of customer profiles in the database, it can use it to improve its marketing strategy by creating individualized content and products offers. And with enough data and the right technology, this can be a real gamechanger.
The point here is to present clients with information and products that are relevant to them on a personal level. However, this is also an opportunity for companies to prove to their new and existing customers that they care about them. Therefore, exclusive benefits in the form of free shopping delivery or extra rewards for exceptional brand loyalty should also be a priority these days. All of this can be done with minimal effort with proper technology at hand.
Also, let’s not forget about adding some gamification elements. Since face-to-face interactions are currently out of the picture, introducing quizzes and various mini-games to your loyalty platform can also help companies maintain customer engagement during this ‘non-transactional’ period.
But that’s not all. A well-designed, intuitive loyalty application can make customers’ lives more manageable (and safer) - if it supports mobile payments, for example. Not only does it help limit contact with other people by allowing users to buy products using just the app, but it also makes for a much more convenient way of doing groceries, buying dinner, refueling one’s vehicle, etc. Plus, by providing users with the ability to donate their rewards points to charity via an app, any company can contribute to the fight against COVID-19 and other global threats such as climate change.
And then there is remote customer service. Not being able to contact a company representative directly, users can use the loyalty app to get access to the knowledge base or get help from an expert via a chat. Not to mention that a Chatbot running on the latest AI/Machine Learning algorithms can help solve issues without any involvement from contact center agents.
Speaking of the Cost
As important as generating revenue is these days, companies cannot bombard clients with discounts and special offers all the time. It’s not about quantity, but quality. Luckily, thanks to offer personalization, any brand can create content that genuinely hits the spot, making their marketing strategy much more effective – and less expensive.
When looking for savings in various areas of business operations (also within marketing budgets), it also becomes more and more apparent that companies should measure ROI – and do so very carefully - for the management can evaluate the performance of the program. This can be achieved with the use of analytical and reporting platforms for monitoring and optimizing loyalty programs and marketing campaigns. This way, one will be in full control of their resources.
Time is of The Essence
Loyalty programs offer unique opportunities in the area of personalized marketing and customer service. And now, when company agents are not able to interact with clients in person, they may prove essential for keeping the company and its customer relationships in top condition. There’s no time to waste. Consider starting as soon as possible to gain a completive advantage.