One of the main problems companies face is how to retain their current customers, especially in sectors with strong competition. However, not all of them are concerned about this. Some companies do not see the hidden potential that lies in repeated purchases and limit themselves to developing acquisition strategies.
This article, was created with the aim of showing new loyalty strategies, is not only useful to show options to those companies that no longer know how to invite their current customers to buy their products or services again, but also to those that do not take care of them as they should. As has been shown on several occasions, it is more expensive to recruit new buyers than to retain those who have already tried us.
How can I anticipate my competitors?
In environments with a high degree of competition, we must be very aware of the actions taken by our market peers. Reacting in time to competitors' strategies will save us a large part of our demand. This response will demonstrate to the current customer base that they are taken into account and that we want them to stay with us.
Anticipating new market strategies is not an easy task, since we must analyze the background of each of them, the steps they are currently taking and with this information, study the possible future decisions they will take.
Once we have this valuable information, we can define our own strategy. This strategy should help us to present ourselves to our consumers and potential customers as a brand that is close to them, that values them and that wants to maintain a long-term relationship with them, that is to say, that seeks to build their loyalty.
Innovate in the field of loyalty
Getting the attention of our consumers in a world where they are exposed to more than 240 brands every hour is a task that requires a creative effort on our part. Companies are beginning to interact with consumers in increasingly innovative ways, not just communicating their brand as many others do, but offering them a unique experience that makes them feel emotions that connect with the brand, so that the next time they need that product or service, they will associate those feelings with them and choose your brand.
During the last few months, we have had the opportunity to work with expert companies in this field, offering very different user experiences, some with innovative technology that are beginning to be implemented in the communication sector, and others that facilitated the purchase of in-store promotions through a mobile application. With them, we have learned that some companies in Spain do not feel the need to renew their loyalty strategies, as they do not know the value that would bring them to implement any of the solutions that we propose.
Other companies interviewed had negative experiences implementing new solutions due to poor communication of their new strategy or because they chose a solution that was not adapted to the customer segment they were targeting. Both the former and the latter face the same problem, the danger of alienating their current customers and thus losing them in the short term.
Reconnect with your customers
Studying what your customers need and how you can show them that you are thinking about them should be one of your priority tasks. Each customer segment seeks different connections with brands, so finding the right loyalty channel requires you to study their needs, what emotions make them connect with the brand, what they are looking for in them... in addition to the above, we must always take into account the strategy of our competitors.
One of the ways we recommend for this type of strategy is to talk to customers, so we can know what they feel, what they need, what current problems they see in the brand... they are the only ones who will really inform you of what is happening and how to establish a relationship with all of them.
We know that this is a difficult path and that it requires a lot of time and effort, but this way you will be able to choose the most appropriate loyalty method for your focus segment and win accounts that repeat the purchase of your products/services.