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Is great customer service really worth the effort? It might seem like a no-brainer, but many businesses struggle with this question. The answer is yes: loyal customers are satisfied customers. Therefore, succeeding in today's business world requires an intimate understanding of your customers in an effort to build loyalty.
Change is Inevitable as Culture Moves On
Let's take a look at how customer culture has changed over the past decades.
In the 1990s, consumers made decisions based on what organizations offered by looking for the best competitive value in the marketplace. This was considered a "spectator culture." Then, in the 2000s, consumers were invited to be involved in deciding which products and services companies would create. This is where co-creation methods became dominant as a "participation culture." Now we're in a "convergence culture" age, which alters the relationships between existing technologies, industries, markets, genres, and audiences. Consumers are dictating to brands what they need and how they want it.
This shift in culture has completely altered the relationship between consumers and brands. This means customers are rewriting the rules of engagement. They are taking control. Consumers can now design their own Nike shoes and be running in them in four weeks. They can also change their cell phone plan daily or design their perfect car from a blank canvas.
In the convergence era, brands will need to create a loyalty strategy that proves the value of your brand and builds customer confidence and loyalty. Customer loyalty matters because selling more to existing customers is easier and more profitable than finding new ones to sell to.
Want to get up close and personal with your customers?
If loyalty marketing is not currently part of your strategy, here are four steps that will help you change your game plan:
Today's smart businesses are gathering, interpreting, and acting upon data to turn it into useful insights and actionable customer loyalty strategies. By delivering exceptional customer experiences, companies can cut through the noise to drive trust, engagement, and loyalty. And once you understand your existing customer, it will make it easier to find similar prospects through predictive analytics.
As digital culture continues to evolve, it will be essential to use a collection of leading social data and analytics tools to ensure you're truly reflecting the language, emotions, and needs of your customers. Are you ready?
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