How US Companies Lure Back Clients With Modern Customer Loyalty Solutions?

S companies’ aggressive approach towards locating and managing their customer’s loyalty is very different from Europe.

They mostly use highly active procedures of acquiring and bringing back customers to their business. Additionally, much of the process is automated and quantifiable.

So it is time to change the European approach in which the sale is still considered an inconvenience and receives little recognition. First, firms have realized this. Rimi’s client provides terminal is most likely the first real instance of a solution directed at lure customers back.

Where to begin building customer loyalty?

To actively handle customer loyalty a company must first understand basic conditions, set up a measuring apparatus, determine objectives and choose reasonably automated tools to make sure that keeping the customers goes smoothly. Responsible departments and teams must be motivated to implement and continuously enhance these processes. 1 key element is software solutions which will help to automate routine activities and consequently, save valuable working hours.

Indicators that help quantify the actions

Lead / new client / returning client — the most expensive activity is to discover new clients. Normally, advertising and other marketing techniques are used to create interest among those who then come to try and buy the good or service.

If there’s a way to count these interested parties it’s possible to compute the cost of acquiring one new client. Normally, it’s more costly than getting or keeping back an existing customer who’s knowledgeable about the business.

For most retailers 25-50percent of this turnover is generated by returning clients, it’s even higher in more technical fields.

CAC — client acquisition cost — that’s the cost of acquiring one new customer. This number may be used to describe the reduction given to a client or investment to client event. Lower CAC indicates the greater efficiency of the provider’s sales and marketing division.

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LTV — life value — it helps forecast the value of every customer over the course of their life or turnover generated for the organization. LTV is excellent for clarifying the investments into advertising and is also helpful for making a continuous customer service procedure.

ARPU — average earnings per (paying) user — may be a tiny software term, but is applicable to regular business to be able to show the average price worth. It provides some information about estimated earnings per customer to the sales staff.

sources
  1. https://www.connectpos.com/ai-trend-in-the-retail-business/
  2. https://www.connectpos.com/knowledgebase_category/getting-started/

Does your existing software let you collect basic client information?

It’s in the provider’s interest that after a contact with a client and after that a sale to get the customers e-mail or telephone number. This helps to automatically request feedback afterward.

Even Google Docs or SurveyMonkey may be used to make a simple questionnaire to receive relatively real-time feedback on client satisfaction.

In case of a poor reply, it is possible to ask extra questions and possibly by being polite attract back the client who had an unpleasant encounter.

Client e-mails permit you to use these methods automatically when using the contemporary point-of-sale software.

Rather than the general guaranteed reduction bonus points must be given instead.

This means that clients are rewarded a certain number of points (e.g. 1$ = 1 point) after every transaction.

If we take sports equipment shops in London for instance, then the majority of them provide a 5% reduction that does not depend on client behaviour or consumed volumes.

There’s absolutely no clear means of raising a given discount and for that reason it doesn’t guarantee customer loyalty.

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Even if the reduction is a bit larger after each purchase the consumer would certainly buy more from this shop.

Segmenting your customers based on their past purchases permits you to send them targeted offers that satisfy the customer interests and avoids spamming.

Customers are more inclined to open e-mails which include deals which are important to them and the buy rate (conversion) is greater compared to general offers to overall client list. From there it’s possible to assign clients their own price lists comprising their favourite items and give exceptional prices to these products.

By way of instance, every spring there might be an offer for new tires for bicycle enthusiasts and so forth.

Bringing customers back to business mechanically is possibly the most unexploited opportunity.

There are a number of ways to trigger a passive client. Most common is a so-called automatic extra discount for people who have not used the service for some time or that might be offered extra or spare components or even maintenance. Businesses normally have slow periods during different seasons or at different times of day, automatic supplies with specific prices should be delegated to those periods to stimulate business.

Printing coupons after each transaction are not also very customary.

However, it offers a superb and targeted chance to make it more appealing for a client to return next time and why not inspire them to share the voucher with a friend to get a larger discount.

Extra 10-15% saving voucher that’s meant for the customers friend could be times cheaper than the normal customer acquisition cost.

Overall, we can say that implementing typical techniques is simple using appropriate and operational business program. Such methods are already included in the standard package when creating contemporary solutions.

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Only things left are designing and analyzing company particular offers and models.

Once the automation is complete the company has acquired a free marketing tool which may show instant results.

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