It's 2021 and the world is still recovering from the major losses in businesses, the economy going all-time low, and a lot of stuff. But, what’s accelerated in the tough times is the usage of technology and the urge to value customers more than ever! Amidst the hustle, are the brands ready for a comeback?
If it’s a yes then another question strikes in, how? Today there’s nothing more important than letting your customers feel valued and the best way to do so is by rewarding them with the help of a smart loyalty program. Now we might still have a string of questions about how loyalty can be the right thing to invest in 2021 and a lot more. Let’s dig in with the most imperative questions every business owner is seeking answers for.
How was 2020 an eye-opener for many businesses?
As the previous year took away the normal lives of not just common people but the leading businesses too. The brands realized that customer loyalty is the only factor that can increase sales and bring better outcomes in the coming time, as physical stores were completely shut or partially had options to open up with lesser people it was important for brands to move digital or turn toward eCommerce. Another reason blocking the way was lower manpower and other resources which can worsen later as the pandemic is here to stay. 2020 was a year of strategies, digitization, and offers that seem appealing enough for the target audience.
Well, we somehow have talked about it but the major lesson to every business is to turn agile, which of course is digital agility and the ability to take up a separate eCommerce space to explore more in the direction. Though the competition in these times race up as a few brands were already digital, it was imperative to reach the space, add in options for customer engagement and, look in for better ways to stay ahead. Many brands even decided to improve their communication channels and customize strategies to reach a larger number of audience.
Role of a Customer Loyalty Solution
Loyalty is basically having a fair understanding of your customers and recognizing their needs at the right time. A loyalty program is a tool helping brands reward and recognizes their customers in the best way possible. Having a customer loyalty program software for a business can be an excellent option to retain customers, know them well, provide them with what’s required, and manage the entire process smoothly, it does help in building proper communication. Having technology-empowered solutions is always considered a plus with customer segmentation, personalized deals, data analysis, and much more! It may look like just an added feature to a brand’s digital outlook but, it’s way more than this.
Why isn’t every brand utilizing the power of customer loyalty solutions?
Looking at the stat, 50% of brands deny having a current loyalty program or might not even consider it, while 22% are successfully running one and the rest 28% are working on the idea of having the right loyalty program software for their business. let’s dig into the reasons, most companies do not recognize the power of loyalty as they haven’t ever tried them yet, it may feel like an extra cost added up to the company’s total expenditure or it might just be a plan of action when it’s about customer acquisition. Talking in other terms, it also includes the practical limitation of technology which is keeping the brands far away from realizing how important loyalty is. In a short piece of advice, brands need to implement a loyalty program for their brands and add value to their business.
How will a brand know if their customer experience needs improvement?
Well, nobody is coming to the brand telling them the loopholes or what they didn’t like unless they’re willing to fill in feedback forms. If customers dislike any brand’s services they will simply look for the competitors and avail the services. Through a customer loyalty program tailored to customer requirements, a brand would have better possibilities to track customer behavior, their purchasing patterns and customize offers for them accordingly. Integrating technology solutions such as business intelligence, artificial intelligence with a loyalty program can be a boost to customer retention. Plus, we have a list of questions for brands to analyze if they’re lacking in providing a smooth experience to the customers-
- It is costing more to acquire new customers?
- Are we losing our existing customers rapidly?
- Are we getting lesser recommendations and positive reviews on social media handles?
- Has any customer complaint about services either on social media or via query mails?
What should be the focus area for 2021?
In a business, the customer is the king and there’s no denial of the fact that it’s only about meeting customer needs and getting them the right services at the right time. For the brands trying hard to stay in the game, 2021 is the year for them! With a wave of digitization hitting almost every industry, this year requires each business to level up and find the right solutions for their brands. Get started with a smart customer loyalty rewards program and find an extra bit of probability to raise business profit charts.
Always remember, as a brand if you’re selling your services there are other people around the table doing similar stuff, what defines you in the crowd is your strategy and approach. 2021 can be a spectacular year to enhance and extend your organization’s reach through a loyalty software solution working for customer engagement, acquisition, and retention altogether! Curious about the benefits and deeper implications of a loyalty solution? Talk to the right company providing a smart software solution to not just enhance your retention strategy but, also be a convenient option to manage customers, segment data, and get it all sorted in no time.