These are challenging times for online retailers. Customer loyalty is short lived and just one unpleasant experience can lead to losing the customer for life. Customers not only expect a great experience across all touchpoints but also demand the best price and an accurate understanding of their needs.
Get this mix right, though, and loyalty pays huge dividends in increasing the lifetime value of a customer, lower acquisition cost through referrals and a positive brand association that creates new business opportunities.
Online retailers, like Zappos, Nordstrom and Expedia, are leading examples of a customer-focused culture that has helped them attract & retain customers and further grow their business via word-of-mouth marketing. The best way to enrich customer relationships is by making customers feel special in every interaction they have with your company. This can be accomplished by following these three maxims for customer delight:
1. Personalize the shopping experience
This includes not only personalizing the products offered to customers but also specially tailored content and promotions. Research shows that personalization can deliver five to eight times the ROI on marketing spend and lift sales 10% or more.
2. Acknowledge and reward customer loyalty
Send customers thank you notes with special offers to let them know that you appreciate their loyalty. This will drive repeat purchases, reduce customer churn, grow word-of-mouth marketing and increase customer lifetime value.
3. Invest in the right technology solutions
In-Memory Data Management (IMDM) solutions are the perfect fit to add velocity to your customer experience while enabling personalization, loyalty based rewards, fraud management and predictive customer analytics, all in real-time. Choose technology that can seamlessly integrate with your existing environment and make the job of enriching your customer relationships a lot easier.
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