Influence.io offers eCommerce merchants a platform for influencer marketing, customer advocacy, customer insights, and automated campaigns to increase customer satisfaction and retention. Our solution offers a sustainable growth strategy during uncertain economic times.
Customer Retention has emerged as a sustainable growth strategy in the face of economic recession. With customers becoming more selective in their spending habits, businesses are shifting their focus from solely acquiring new customers to retaining their existing ones. Expanding during a recession can be a risky strategy, whereas maintaining stable revenue through customer satisfaction and retention is a more viable survival strategy.
Loyal customers not only contribute to the company's financial stability, but also provide additional benefits such as increased willingness to try new products and positive word-of-mouth recommendations to friends and family, which can have a long-lasting impact on a brand's reputation.
Influence.io can be a vital tool for eCommerce merchants in the current state of disruption and recession by providing a number of features and benefits that support a sustainable customer retention strategy:
1. Influencer Marketing: Influence.io provides a platform for eCommerce merchants to connect with influencers and leverage their social media following to promote their products and reach a wider audience. This can help increase brand awareness and drive sales, while also building a more loyal customer base.
2. Customer Advocacy: The platform also allows merchants to turn their customers into brand advocates by rewarding them for their loyalty and providing them with the tools to easily share their experiences and recommendations with their own social networks.
3. Customer Insights: Influence.io provides valuable customer insights and analytics, allowing merchants to better understand their customers and tailor their marketing strategies to their specific needs and preferences. This can help increase customer satisfaction and retention.
4. Automated Campaigns: Influence.io’s integration with Klaviyo provides the ability to equip customers with the essential tool: automated marketing campaigns. Thus, allowing merchants to easily launch and manage influencer marketing and customer advocacy programs. Save time and resources, while also ensuring consistent & effective marketing efforts.
Not all customers who sign up for a loyalty program hold equal value. In fact, it's common to see two types of loyalty members: emotional and rational.
Emotional loyalty members have a deep affection for your brand and will eagerly engage with your company and products. They are passionate about what you offer and are unlikely to switch to the competition.
Whereas, rational loyalty members are driven primarily by discounts and incentives. While they may have signed up for your loyalty program, they are more likely to be swayed by better deals from the competition.
It's important for companies to understand the differences between these juxtaposing loyalty customers and to tailor their marketing and engagement strategies accordingly.
Zero-Party Data is key in understanding your customer and delivering an connected experience that they expect to happen not only in your loyalty-program.
Well-thought-out loyalty programs will help you maintain those different customers in your program when you focus on real benefits and not just advertise your products to them. Here’s a few tips & tricks to encourage reward personalization…
With all this talk about customer retention, it is important to remember the true value of customers to brands. Without them, it is likely that they’d cease to exist. Despite loyalty programs and reward systems being a great incentive - for customer retention, word-of-mouth and brand loyalty - they are a perfect approach to thanking your customers for their support through the likes of discounts, gifts and so much more.
Loyalty programs provide brands with the opportunity to build a genuine connection with customers, through the collection of zero party data & tailoring content specific to the customer and in return, fostering a loyal customer base. By understanding and focusing on the different types of loyalty customer’s you have, your brand can strategize the best methods to engage with each member's demographic.
Introducing a loyalty program is a cost-effective solution to encourage customer retention. Start your loyalty journey today with Influence.io. Book a free demo now.