Annex Cloud VP Speaks on Retention at RecurLA

by Mark Stansbury | Customer Loyalty

Our very own VP of Marketing Chris Bechtel recently spoke at the RecurLA Event in Santa Monica, CA where he presented “Overcoming Distractions with the Right Incentives.” During his presentation, he explains how shifts in consumer behavior and content habits are shortening customer attention spans while general consumer trust in businesses continues to fall. But there are many actions we can do to facilitate customer loyalty.

He also discusses how brand loyalty goes beyond the typical points-for-purchase model, so engaging with brands on social media or following them on Instagram is now an action redeemable of rewards points. By have multiple interactions with customers across various channels, a true relationship begins to build. These actions have proven to increase average order value, repeat purchase rate, and even conversion rate.

“The most important thing is understanding your customers and personalizing the right set of incentives,” states Bechtel. “By working with the customers through all of their major touch points and rewarding them for everyday social media actions, we’re able to create loyalty and begin to build a larger community.”

Points for Customer Loyalty:

  • Marketing Noise: Traditional advertising is becoming more and more difficult to do when reaching customers. Previously there were a handful of channels to reach customers, now there are thousands. The question on everyone’s mind is, how do brands break through the noise?
  • Acquisition: Because it’s much more expensive to acquire a customer as opposed to keep one, it’s important to invest in your current customer base. By focusing on your current customers with personal incentives, marketing your loyalty program, and encouraging user generated content; you’re able to keep and grow your customer base.
  • Two goals of a good loyalty program: provide merchants more opportunities to communicate with their consumer base and tailor points at the right intervals to keep the subscribers invested and motivated.
  • Loyalty program Insights: Look into what rewards are popular and which ones customers ignore. Create a feedback loop to constantly improve your offerings.
  • Don’t overlook your UGC: Good user generated content has more sway than the most refined and targeted advertisements and has the potential to significantly improve conversion rates. Merchants can work user-generated content into the loyalty program by offering incentives for social shares and posts.

Thank you so much to RecurLA for having us speak at your conference! Annex Cloud is constantly working with marketing leaders to learn about and to educate the industry. We are a part of so many awesome events in 2019, check our events calendar here! Have any questions about any topics that Chris covered in this video? Feel free to contact us for a free demo today!

 
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