Boost Customer retention with a Loyalty program to drive profitable revenues

According to a survey conducted by AnnexCloud, “Existing customers contribute to 65% of a company’s business.”

This very statistic should be enough for businesses to understand the importance of Customer retention in order to generate profitable revenue. A loyalty program is one such initiative that has proved to be quite effective to generate a loyal following of consumers for a Brand.

Needless to say, from top corporates to SME’s, a loyalty program has become a must for any business organization looking to stay relevant in the psyche of their consumers.

Today, consumers expect a more personalized experience that goes way beyond than just offering freebies. A loyalty program covers all the tangential services associated with a product or service, and with the assistance of technology, a loyalty program becomes an ideal mediator between the brand and its consumers.

A mobile app, for example, keeps the audience engaged with a brand and can be used to keep the consumers in the loop with different services a brand has to offer. The features of Loyalty programs have significantly grown in the last few years. Engagement has become prominent in the scheme of things as consumers are always on a lookout for information pertaining to a product or services. A loyalty program caters to the overall expectation of consumers which go beyond just the product or service you have to offer.

Akkado has tied up with several top-notch brands as their Channel Partner Marketing organization. We create a personalized experience for the respective audience in the form of Loyalty programs which has fuelled Customer retention for many brands across the country.

Loyalty Program for Brands

For decades brands have operated on the basis of the traditional purchase funnel – Awareness, Interest, Desire, Action and Purchase. All we had to do was to use a variety of marketing tactics to drive those potential customers down the sales funnel into the final action of a purchase. Post purchase, we were basically off the hook.

But today, the consumer is a continuously connected person. The sales funnel has been turned on its head when the consumer makes their voice (post-purchase) more important and influential than ever.

More specifically, the pervasive nature of smartphone usage and the customer’s adaptation to voicing their opinion on social platforms, using their mobile device is the crux of the new consumer behaviour.

Post purchase, we now need to have a keen eye on our customers’ usage, continued usage, and user experience with our products because what they say about our product or service matters. They have the power to voice their opinion, they want to voice their opinion, and they have the power to influence their friends, family, colleagues, followers, and connections en masse.

Of course, it is no surprise that research shows that today’s consumer trusts recommendations from their friends in huge proportion over the brands themselves. Makes perfect sense. So, that puts more pressure on the new marketing funnel where a customer MUST not only buy our product but use it, love it and advocate for us.

In simpler terms the inverse funnel is: Buy, Use, Love and Endorse