Research reveals that acquiring a new customer can be very expensive to a company than when retaining an existing one. This line can only become meaningful when you understand that keeping a customer that you already have is more valuable than going out there to find a new one. On the same note, increasing customer retention rates by a smaller percentage have a more significant effect on the profitability of your product.
Loyal customers stick with brands that appreciate their expectations, meet their needs, and develop closer relationships. Customers are becoming informed and proactive every single day. Customers now have several opportunities and choices that make them switch easily to competing brands. Different platforms also provide them with avenues to share their experiences whether positively or negatively.
Companies depend on customer loyalty to track activities of their customers and design strategies that can retain loyal customers. They also do this knowing that they can create a positive relationship between their customers and brands. Customer loyalty drives repeat purchases as well as making existing customers see the reason to stick with a company even when other companies offer products with similar benefits.
Reasons that make companies conduct loyalty research
- Seek to identify the profitable customer segment
- Look for the best approach to deliver targeted advertising and promotions
- Look for the best approach to improve products that meet customer needs
- Motivate customers to buy products
- Design effective customer loyalty programs that work beyond discounts, points, and rewards
- To create a personalised shopping experience that motivates customers through individualised treatments
- Provide pricing strategies against other competing products
- Optimise marketing strategies through appropriate marketing media
What it means by conducting your customer loyalty research with Walaco Africa
We work with our clients to conduct customer surveys that focus on feedback from product users. We analyse data on several metrices and give quality results that make our clients customise their priorities towards the creation of a stronger relationship. Our results also help our clients focus on ways to nurture their customers.
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