Archive for the ‘Customer Loyalty’ Category

Help Meet Customer Needs With Brand Communities

Posted by Kavita Jaswal on October 20th, 2015

social conversationIn a previous blog post, I talked about user generated content and the role it plays in a marketing program. Using customer opinions, interests and feedback continues to be a large part of a targeted marketing plan. Taking it one step further, organizations can create a space where customers and potential clients share their impressions, offer feedback and speak with other members about products and services. Building a brand community enables organizations to understand consumer wants, answer any questions they may have and continually collect relevant feedback. This type of business strategy builds awareness, offers brand support and, in turn, meets consumer needs.

When consumers are engaged with a company, brand, product or service, they may want to share and learn information from others who have similar interests. Having a platform where they can speak freely on their likes and dislikes, carry on conversations about particular products and offer feedback on how to improve those products, gives organizations insight into consumer needs. This information enables companies to improve products in the planning, development and sales stages.

A brand community gives organizations the ability to speak to consumers in a conversational way rather than having to rely only on marketing communications to get their message across. Using a platform to answer questions customers may have gives companies a competitive advantage, because they are receiving feedback in real-time thus helping enhance customer satisfaction.

By continuously collecting consumer feedback, whether on an offered incentive, a new product release or an existing product on the market, organizations can use consumer comments and reactions to improve their offerings and strengthen brand advocates.
By listening to what the consumer is saying about the product directly as well as monitoring conversations that multiple people may be having about the company, marketers can develop relationships and create messaging centered around targeted brand enhancements.

Building a brand community gives organizations the opportunity to engage with current and potential customers and connect in a way that can enhance communications. Through direct conversations with these consumers, companies have the ability to understand what their audience is looking for, which helps improve the type of content being offered. These open forums are a useful way for businesses to learn more about their customers making targeting messaging attainable and improving the chances of future success.

Share

Focus On What Makes Your Customers Tick

Posted by Mallory Green on August 6th, 2015

Psychology-driven StrategiesIn today’s technology driven-world, getting and keeping someone’s attention is a difficult task. According to the Statistic Brain Research Institute and the National Center for Biotechnology Information, the average attention span of an adult in 2015 is 8.25 seconds. Furthermore, 17 percent of page views last less than four seconds.1 So what can a marketer do to grab someone’s attention in 8.25 seconds or less? Some of the most experienced marketers are focusing on psychology-driven strategies to better understand what their consumers truly want, need and desire to not only build engagement but also increase conversion rates.

1. Friend or Foe

First and foremost, if you want someone to stick around long enough to read your marketing messages and view your products, you must hook them right off the bat. When searching for a specific product or service, the website experience is extremely important. If you come across a website that is barely put together, doesn’t load properly and has an amateurish vibe, you won’t stay very long. It’s quickly onto the next option, because, as we know, it’s available. The first piece of information your consumers see is what will make or break you. It’s what will make them stay. Use copy, imagery and even price points to keep consumers interested in what you have to offer. This extra attention to detail can move your brand from the research stage to the consideration stage in the minds of the consumer.

2. Trust is Key

In a study done by Power Reviews, “70 percent of mobile consumers say they use product reviews to help make their purchase.”2 Consumers trust the reviews of their peers more than anything else especially if this is the first time they are doing business with you. Your messaging intrigued a potential buyer enough to consider purchasing your product, but the driving factor could very well be what a previous consumer said about your products. Provide customers with a forum to leave reviews and post them on your website. It’s true, not every customer is going to be satisfied, but being responsive to negative reviews with an apology and an offer to make things right also goes a long way.

3Make Life Easy

Once you’ve gained the attention of a consumer to the point where they’ve made a purchase, influence repeat purchases by making life easy. Oftentimes, consumers lack the patience to go through the same long drawn out process every time they want to make a purchase. Encourage buyers to create an account. Not only is it easy for them to find what they’re looking for and check out quickly in the future, but also you have the benefit of collecting more information about your consumers. The more you learn about them, the better.

4. Exclusivity

Using data collected through purchase history, online behavior and face-to-face interactions gives marketers the ability to truly make a consumer feel special. By offering relevant content, promotions and other incentives, you are making your consumers feel like they are part of something special. You’ve built a relationship and an emotional attachment is made. You have what they’re looking for. They need you.

Getting a consumer’s attention and earning his/her trust is a difficult task to accomplish especially as patience levels decrease and attention spans diminish. But by focusing on psychology-driven strategies, you can begin to reel potential customers in to create lifelong relationships.

Sources:

1. http://www.statisticbrain.com/attention-span-statistics

2. Kasteler,Jordan. (21, July 2015). “Tapping Into the Buyer’s Brain With Psychology-Driven Marketing.” www.marketingland.com

Share

3 Steps to Increase the Lifetime Value of Your Customer

Posted by Nick Murphy on August 4th, 2015

DataThe acquisition of new customers does not come easy. Better yet, it does not come cheap. Tweakyourbiz.com elaborated by stating that, “The most successful mobile businesses have nearly 40 percent of their revenue coming from repeat customers. What’s even better, repeat customers help businesses lay low and ‘sit out’ tough economic times. Not just that, repeat customers can help you generate higher revenue by at least 50 percent, compared to small businesses trying to acquire fresh customers – a mere 10 percent.”1

Let’s take a look at three steps you can use to increase the lifetime value of your customer.

1. Lend them a hand.

There are a number of different touch points throughout the customer journey, but it is always important to make sure that your client support team has a strong hold on understanding each of them. A well-trained and knowledgeable support team allows for those common and sometimes uncommon issues get resolved quickly and efficiently.

2. Out with the old and in with the new.

When you head over to Whole Foods Market®, the last thing you expect to see in the produce department is something old and stale. Keep your services fresh and find a key differentiator between you and the competition. Do your research and find out what your customers truly value. Then, utilize this insightful data to provide new and unique services and solutions tailored to them. This will pay off big time in terms of long-term loyalty.

3. Give more, take less.

Nothing says you care more about your customer than offering them a new service or an upgrade at no-charge.By understanding the impact your customers have on your business, you can come up with ways to give them extras at little to know extra cost to you, but the gesture will improve their experience and your reputation. One way to gauge the satisfaction of your customers is ask them directly. Send out quarterly surveys to better understand what you are doing well and what you aren’t doing well. Then, use this data to revamp the way you do business.

Earning a lifetime commitment from customers is a difficult task as they expect more from brands. It is more than just offering excellent customer service, but also providing fresh and innovative products and services as well as taking the time to listen to and understand their needs. By combining all these aspects into one package, you can give these customers a truly personalized and targeted experience

Sources:

1. Khan, Umar. (9, June 2015). “5 Top-tier Tips for Boosting Brand Loyalty and Customer Lifetime Value.” http://tweakyourbiz.com/marketing/2015/06/09/5-top-tier-tips-for-brand-boosting-loyalty-and-customer-lifetime-value/

2. Khan, Umar. (9, June 2015). “5 Top-tier Tips for Boosting Brand Loyalty and Customer Lifetime Value.” http://tweakyourbiz.com/marketing/2015/06/09/5-top-tier-tips-for-brand-boosting-loyalty-and-customer-lifetime-value/

Share

Help! Four Tips to Keep Your Customers Happy

Posted by Nick Murphy on June 9th, 2015

Customer EngagementFinding new customers isn’t easy. It takes time, resources and money. There’s no doubt that to continually grow your business a steady stream of new customers isn’t a bad thing, but what about keeping the ones you already have?

According to Inc.com, “sales campaigns launched at a base of existing customers often have success rates as high as 70 percent vs. campaigns launched at new customers touted as successful if just 5 percent or more end up buying.”1

It doesn’t take a rocket scientist to look at the numbers and come to the conclusion that selling to and keeping your current customers happy makes a great deal of sense. Here are four tips you can use to help keep your customers happy:

  1. Understand and anticipate their needs. Frontier marketers are using “big data and sophisticated analytics to detect where a given customer is on the purchase path and what information he/she needs most.”2 Before your customer picks up the phone and asks you about a new service, product or updated feature, your business should already be armed with details, so that you can initiate a beginning dialogue with them.
  2. Check in on them even when they don’t ask. You’ll want to make sure that customers are being reminded that they are important to you. We all need help from time to time, but not all of us are willing to seek it out. It is key, not only for your success, but to the success of your customers to make sure everything is going smoothly on their end and that they are satisfied with your product or service. Staying ahead of the game keeps your business top-of-mind and gives consumers more reason to block out your competition.
  3. Don’t let their frustration fester. Address your customer’s concerns immediately if you can. The quicker you can resolve a customer issue… the more credibility and trust you will build with them. If one of your customers is irritated with a product or service, make sure you keep on top of it and keep them in the loop. Each client touchpoint you make is another sign of relief they have on their end.
  4. Do one thing better than anyone else. If you are already checking off the first three tips, then it is more than likely you are doing something better than the competition. Whatever it may be, look at your business and find the main differentiator and build on it. Here at Harland Clarke Digital, we put an emphasis on assisting our customers better than anyone else and developing partnerships with each business.

In a world where technology and intellect keep moving forward, how do we as businesses help our customers do the same? No answer will ever be sufficient, but one simple phrase is an excellent starting point, “Help them.” When we are able to help our customers, it allows them to help theirs — and if that isn’t a success, then what are we in business for?

Sources:

1. http://www.inc.com/geoffrey-james/customer-retention-keep-good-customers-from-leaving.html

2. https://hbr.org/2012/05/to-keep-your-customers-keep-it-simple/ar/1

Share

Financial Institutions Looking to Get More from Their Mobile Apps

Posted by Tina Young on May 28th, 2015

Mobile bankingMobile banking continues to grow in both usage and importance for financial institutions and, more importantly, their account holders. So much so, that it has become a requirement when account holders, across all life stages and segments, are looking for the right financial institution. In reality, “all things digital” is a growing focus for financial institutions as demonstrated by the recent announcements from some of the largest financial institutions, like Wells Fargo®, BBVA Compass® and Capital One®. These businesses are acquiring and investing in digital design firms and tech companies outside the financial services space. They are looking for ways to improve their account holders’ experience especially regarding the use and functionality of banking apps.

Retailers like Starbucks™ continue to expand their mobile app’s capabilities, and consumers are responding. Starbucks’ mobile app now averages more than  eight million weekly transactions by more than 120 million customers. This equates to 19 percent of the overall sales.1 Starbucks is going to roll out mobile order-and-pay nationwide in 2015, which allows customers to pre-order and pay for drinks before getting to the store. The mobile app along with the “My Starbucks Reward®” club, prepaid Starbuck cards and in-store promotions is creating a mobile ecosystem. Many mobile experts believe Starbucks will leverage geo-targeting to create more relevant, one-to-one customer engagement with the goal to increase customer loyalty and revenue.

Financial institutions desire the same results from their mobile apps that Starbucks is experiencing… acquire loyal account holders by reaching new account holder segments and expanding those relationships to generate revenue. In a recent survey from American Banker, financial institutions are increasing mobile budgets and looking at new technology to add differentiated capabilities for their account holders.2 Some of the new mobile functionality financial institutions are looking to add in 2015 are:

  • Ability to add new payees to online bill pay
  • Mobile photo bill payment
  • Applications for lending products
  • Digital wallets, which would give account holders the ability to make payments at retail stores
  • Money Management functionality with budgeting and savings tools

Developing this new technology comes at a cost, and financial institutions need to quantify the value of these investments. They are struggling to develop strong mobile ROIs especially when it comes to measuring account holder loyalty and engagement. While financial institutions struggle to connect the revenue dots, we know that “mobile life” is becoming more of a reality. This reality is causing financial institutions to invest and increase usage of their mobile apps in order to compete and hopefully drive revenue.

Sources:

1. Wolfe, Daniel. (24, April, 2015). “Starbuck’s Mobile Pay Updates Win Over New Audiences.” The American Banker.

2. (October, 2014). “Moving Targets, Shifting Metrics The State of Mobile.” The American Banker. 

 

Share