Brand building refers to boosting a brand’s equity directly through advertising campaigns and indirectly through promotions such as event sponsorship. In order to build your brand effectively, you need to employ an exceptional brand building process. Now, what all does an effective brand building process do? Well, It does a lot! For instance, it:
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Increasing your company’s customer lifetime value means:
i) increasing customer loyalty
ii) general profitability
iii) marketing allowance
In order to increase customer lifetime value:
When you want to build your business on loyal customers and brand evangelists, you have to do something that is beyond mass consumer expectations. As a matter of fact, people love to feel like they have the best thing, no matter what that thing is. Once they feel like it’s the best, they’ll do way more than talk about it.
Upselling means persuading a customer to buy something more expensive or an advanced version of a product. You sell a more expensive model, additional features or upgraded version of something. This adds value to the product.
Cross-selling, on the other hand, means selling a new or a different product/service to an existing customer. In other words, you’re selling additional products to the customer.
Both these strategies are highly effective and profitable when trying to boost the customer lifetime value (CLV) for your business, no matter, what scale or size.
You need to differentiate yourself from your competitors in terms of features, services, resources, or whatever else your customers will place some value on.
As a matter of fact, choosing the right incentive structure means your customers won’t be the only ones leveraging the rewards. Utilize your rewards system to increase customer retention, and boost your customer lifetime value without compromising your bottom line. Instead of discounts, offer exclusive products or value-added services. This will further increase your CLV by promoting customer loyalty and increasing profitability in the long-term.
Make it quicker and easier for your customers to get their questions answered. Go above and beyond your actual product and give them something that makes their life easier on a regular basis. In other words, you need to understand your customers, figure out what would make their life easier, and build it.
Instead of waiting for problems to occur, a company that implements anticipatory service can curb problems before their occurrence. And the best way to do that is to employ a proactive approach. Knowing the problems beforehand and being ready with the best solutions helps a lot in customer retention.
A courtesy system refers to a powerful system that enhances the interpersonal skills of your team and changes the spirit of your organization. It involves speaking to colleagues politely and pleasantly and treating them just like you would want them to treat your customers. This will help your team to feel worthwhile and important, which will further result in pleasant social contacts at work. It also motivates them to provide extraordinary service consistently. This results in long termed loyal customers.
As a matter of fact, if you know every bit of your business you will likely retain more customers. Your customers will trust you, rely on you for the best pieces of advice, and recognize you as an inevitable part of their business success. All you need to do is inform them of upcoming changes. Also, you need to provide some insightful recommendations regarding their business. This proactive, approach will render customer retention strategies more effective.
Going that extra mile for your customers to provide customer satisfaction is an easy way to build strong relationships. By doing this, you can build some serious long-term loyalty. Moreover, if your clients know you are more than ready to go above and beyond, they will stick with you when competitors enter the lucrative market.
Loyalty programs are defined as structured marketing strategies designed by merchants to encourage customers to continue to shop at or use the services of businesses associated with each program. In marketing generally and in retailing more specifically, a loyalty card or rewards card identifies the card holder as a member enrolled in a loyalty program. With these cards, customers typically earn the right:
i) either to a discount on the current purchase
ii) or to an allotment of points that they can use for future purchases.
Loyalty programs
One of the most important reason of having live chat at your website is that it sets you apart from the competition. All other factors being the same like product, pricing etc, live chat could be the differentiator that wins you prospective customer.
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Social media listening is the process of keeping an eye on what’s being said about a brand/business/company on social media platforms. With the customers being more empowered than ever today, word of mouth is the most influential form of marketing. So, monitoring what kind of perspective the customers’ have regarding a brand is very important to thrive in today’s competitive market. Read on to know the significance of social media listening:
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