Who Are Your Best Customers? Rethinking Customer Loyalty in a Digital-First World
Companies have long recognized the importance of retaining customers. Acquiring new customers, after all, can be five to 25 times more expensive than retaining existing ones. What’s more, increasing retention rates can increase profitability. For example, in the financial services industry, a 5% increase in retention can lead to a 25% increase in profit.
The experience a customer has with your brand is critical when it comes to loyalty and retention. In fact, 66% of consumers care more about experience than price when making a purchase. So what should you be considering when it comes to your customer experience? Read on in our latest e-book as we cover your 2021 must do’s including:
- Centralizing your data in a single customer view to save time and resources in your loyalty strategy development and execution
- Using machine learning and artificial intelligence to drive true customer understanding
- Putting data into action by tailoring customer experiences based on customer segmentation, behaviors and preferences