Why It's Important to Leverage Personalisation in Your Customer Retention Strategies
Technology
is now influencing retention marketing completely. With a vast chunk of
consumers comprising Millennial digital natives, every business knows consumers
are tech-savvy about what they want and look for easy access to information and
products. Customers are ready to pay for personalised experiences and offers
from the best brands.
As
per a 2016 survey conducted by Accenture, close to 64% of customers in their
research study sought personalised and relevant offers from companies. A
majority of the respondents were more likely to purchase from retailers that
provided targeted offers catering to their interests, needs and requirements.
Mapping the customer journey offers vital insights into behavioural patterns
and customer intent for creating the ideal personalised experience for
customers. The benefits of customer retention strategies that focus on personalisation should be apparent.
- Gain Valuable Insights
Apart
from tracking and monitoring customer journeys, marketers can also use
personalisation to draw in prospects and provide them data-driven offers to
meet their requirements. With a profusion of social media sites, it is easy to
generate social data for free and build a lead generation strategy for
acquiring new customers. Data accuracy and integrity serve to ensure offers are
in line with what customers need.
Data
misfires have the potential to impact profit margins adversely. A data quality
research study conducted by Experian found inaccurate data directly impacted
the bottom line of over 88% of the companies, with average companies losing
over 12% of revenue. Personalisation is now not an option, but a necessity.
- Explore Marketing Opportunities
A
massive amount of customer data does not work to your advantage unless it is
segmented to discover patterns and cash in on personalisation opportunities,
especially in the age of Big Data. Marketers need to apply smart analytics and
devise customer retention strategies that leverage personalisation, if they
want to gain insights into hidden marketing opportunities.
- Grow Customer Loyalty
Personalisation,
for retention marketers, is all about one-to-one marketing. It is more than
just showing recommendations to existing customers or winning returning
customers. It is also about delighting audiences for turning casual customers
into staunch brand ambassadors. Customers are increasingly on a lookout for
personalised experiences. You need to live up to their requirements, or your
competitors will!
If
growing customer loyalty is part of your strategy for business growth, customer
retention strategies must focus on personalisation. Customers now expect their
preferences to be saved and recorded to help with additional purchases. This
provides retailers with added insight into customers and purchasing habits to
devise targeted campaigns and products as well as offers.
By
knowing your customer’s preferences and requirements, you can enhance customer
experience and forge a strong relationship with your clientele. This helps with
retention and prevents individuals from going to competitors who do not know
much about their customer. With 79% of customers holding they would go to a
competitor if they were greeted with poor customer service, retailers need to
leverage hyper-relevance and personalisation, if they want to identify churn,
placate at-risk customers and retain their user base. The value of
personalisation in the age of the consumer cannot be emphasised enough.