The Interplay of Loyalty
There is a lot of talk lately around customer loyalty, how to be effective and ultimately successful. One aspect often missed is that loyalty is a two-way street. As marketers, we expect our customers to be loyal to us–but are we being loyal to our customers? This is a great read to help you think about your approach from this perspective.
How Can You Show, That You Care?
- Develop a Noble Edge – The noble edge is the new-age strategy with ‘good’ old techniques. Simply explained, it is when a brand actively participates in noble causes and garners a reputation of doing so out of its sheer goodwill. Millennials as a whole are a socially-conscious generation and the Gen Zs are swiftly following suit. Brands that are sensitive to the pertaining issues, be it ecological or social, gain tremendous favor by the youth. It helps to project a socially conscious image that resonates with the audience beyond a brand’s target group and shows that the brand really cares.
- Run Time-Sensitive campaigns – Being sensitive to current conditions is now expected from businesses. The pandemic changed the dynamics between brands and their customers and clients. It became normal for companies to call their clients ‘without any agenda’ to actually enquire about their wellbeing. This tradition has been carried on along with other such activities. Running marketing initiatives and campaigns while considering the current affairs and conditions is a mark of a socially conscious brand.
- Be Intuitive – Be intuitive in your initiatives and strategies. Anticipate your customer’s needs and address them even before they get vocal about it. Data can give great insights into your customer purchase pattern and most importantly help you point out flaws and shortcomings in your own strategies. With the help of your data, it becomes easier to predict customer behavior. Following your instincts is also a good practice when it is backed up with quantifiable research. Put yourself in your customer’s shoes and analyze your customer’s journey. Brands that are intuitive and anticipate customers’ requirements eventually become their customer’s favorite.
- Be Responsive – Listen to your customers but pay extreme attention to data. Your data will help you create a deep sense of loyalty by helping you truly understand your customer’s journey with your brand. Don’t wait for customers to raise flags or report issues and grievances. Analyze your data and be proactive in your efforts. Also, create a strong customer feedback loop. Whenever a flag is raised, be quick to resolve it and make sure to notify the customer that the issue has been resolved. Closing the customer-feedback loop shows that you value your customers and their issues are given due consideration by your brand.
- Show Your Humane Side – Stoicism simply doesn’t work for a brand’s image, especially now, when customers have been actively calling out multinational brands for their indifference and nonchalance on social and ecological issues. Even if you are not actively taking a stand or contributing towards a cause, showing solidarity is a great way to show your human side. Show your audience you care, through your marketing campaigns. A considerate post or email can go a long way in building a human connect with your audience.
- Stay Consistent – Most importantly, stay consistent, loyalty is a two-way street and a result of consistent effort. One-off initiatives cannot foster loyalty, nor will they show the audience that you genuinely care. Even if your initiatives or strategies or not grandiose in nature, remain consistent. Consistency always shows through. Over a period of time, it will get you noticed and help you form an infallible bond with your audience that transcends financial transactions.
- Communicate – Communication is perhaps the most powerful tool that can help to solve major crises and is a sincere and highly effective form of engagement. Consistent communication can help you create an interpersonal relationship with your clients and customers. Depending on your business aesthetics, you can either connect with your audience on a one-on-one level or on a mass level. It is perhaps the simplest and efficient means of building trust and loyalty.
Creating a Mutually-Benefitting Relationship Through Loyalty Programs
If you are wondering, what does a loyalty program have to do with actual customer loyalty? Well, everything! Rewards and loyalty programs enable mutual value exchange. They not only give the customer an incentive to repurchase from your brand but help in creating a mutually beneficial relationship that has a strong potential to develop trust and loyalty.
Loyalty programs are an excellent means of showing your customers, that you care. Frequent offers, regular rewards on desired CTAs to loyal members, can not create a feel-good factor that nurtures prolonged association but it helps to form an emotional bond. It also creates a sense of community, that even attracts non-members and encourages them to join the brand’s tribe. Loyalty programs enable immersive engagement. Once customers start escalating through the tiers and earning rewards regularly, they are hooked! Hence loyalty programs have a direct and quantifiable impact on customer retention and even acquisition rate. The give-and-receive of loyalty programs eventually turns out to be a mutually beneficial and lucrative opportunity for both- the brand and its customers.
How Can You Create Loyalty?
A loyalty program is only as good as its design and execution. Annex Cloud’s Loyalty Experience Platform™ is purpose-built to create a mutual value exchange that rewards both brands and their customers. Recognized by Forrester, our loyalty solution helps you keep customers engaged and add value across the entire journey, building emotional bonds that last. Contact us to explore how loyalty can help you deliver the experiences your customers expect.