Right Customer Segmentation Drives Higher ROI Do’s & Dont’s.
The idea and approach of loyalty is changing fast. Loyalty is no more a plastic card that you use for few weeks and then can’t find it anymore.
M’ loyal, the leading player in the mobile loyalty and data analytics space is mining huge data loads for Retail Brands in India.
In the recent years mobile usage has truly skyrocketed to enormous proportions in India. As per Business Monitor International (BMI), a leading London based Industry Research Company there are as many as 8 to 10 million mobile subscribers being added every month.
Tracking purchase pattern of existing customers and rewarding repeat purchases has become a widely acknowledged strategy by brand managers across the globe.
A comprehensive customer relationship strategy calls for implementation of an effective loyalty program to acquire, retain and engage your customers in a consistent manner. Today, a loyalty program needs to be tier-based and must focus on lifestyle and purchase pattern of a consumer. Identifying and serving potential high value customers will help increase consumer advocacy. Retailers must make a sincere attempt towards focused marketing instead of just blasting off text and e-mail messages to an unverified database.
There is no denying the fact that a lot of advertising and brand promotion related expenditure goes into acquiring first-time customers. Marketing professionals should instead direct a large part of their time/effort towards building on the existing customers and getting repeat business out of them. The loss of a customer to competition severely impacts the revenue figures of a company.