Use of technology in Customer Retention

Customer Retention is a term used in the Retail world to indicate all those practices and strategies that help  to maintain a stable and long-term relationship with the customer. This type of activity is one of the most difficult challenges for companies, but plays a key role because an engaged customer represents a considerable economic advantage. Customer Retention depends on a number of factors that make up Customer Experience from start to finish whether online and offline: from reception, ease of access to information, courtesy of staff, and personalized offers.
In management strategies to improve customer retention, technology can be crucial, facilitating many processes for customer care and data collection.Here’s how you can increase Customer Retention strategies with technology:

1. COLLECT THE DATA

In an effective marketing strategy you need to know your customers, their needs, their habits and all the mechanisms that lead them to make certain purchases. The best way to get all this information is to collect consumer data through digital solutions that allow the ease and speed of this operation.

2. CREATE  PROFILE COMMUNICATIONS

Technology enables marketing campaigns, especially in the post-sale phase, with customized communications, based on the consumer profile and habitual actions. Geo-localized communications, for example, are a way to implement a loyalty strategy and are more effective than generic communications sent to all users indiscriminately.

3. ANALYZE THE CONSUMER FEEDBACK

Demanding one-to-one feedback is crucial to analyze customer satisfaction. For example, following a purchase, online or offline, or other customer specific actions, you can establish  a dialogue via mail, web, social media, or SMS.

4. MEET  THE CONSUMER REQUIREMENTS

Promoting your own products and services based on an analysis of collected data, personalizing promotions, deals, and communications and sending them directly to engaged customers.
Effective are lift cards, discount codes, or coupons to those consumers that fall within predetermined parameters.

The benefits of creating an effective Customer Retention strategy are varied and especially lasting; It is important to remember that a loyal customer is always more valuable than a customer at the first purchase.

Here are the benefits of an appropriate one-to-one Marketing Strategy:

1. INCREASE OF PURCHASES

In an engaged customer decreases the insecurities, increases satisfaction and relies more on the supplier, buying it more easily.

2. DIMENSION OF MANAGEMENT COSTS

An engaged customer requires less money than an initial customer: a newly born relationship requires more or less investment, which can then be recovered over time.

3. BY WORD OF MOUTH WITH OTHER CONSUMERS

satisfied and engaged customer, often relying on the vendor, is an important customer who can influence other consumers with word-of-mouth, telling his positive experience.

4. BENEFIT ON THE PRICE

An engaged and satisfied customer is a consumer who is less price-sensitive as it does not only perceive an economic value, but a set of services, promotions and attentions received over time.

Bizeta Retail Solutions offers software solutions for retail and customer retention management.

An effective marketing strategy requires avant-garde technologies such as VISION BeanStore Engagement, a platform for engaging your Customers using the right channels, notifications and vouchers, creating customized bids and promotions.

To find out all our solutions and services, please, contact us!

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