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CRM ☛ WEB VERSION: Click Here


Customer loyalty is the new black


By Will Dymott, Hachikō


Over the past year with stores locked down we have seen an unprecedented shift from physical retail to online. Many direct retail brands have gained a lot of new customers as a result, but as web growth slows, customer acquisition will get harder, more complex and more expensive.


P


rivacy legislation has made recruitment even more difficult and


expensive as customers deny access to their data. Customer recruitment will become even more expensive and difficult with Apple and Google’s impending restrictions of 3rd party cookies.


In order to tackle these challenges, we need to make every customer count, beyond their first purchase or indeed after their last. Keeping your customers and turning them into repeat loyal brand advocates is what will deliver you profit.


Loyal customers are vital to a business, they drive profitability, it is not unusual for 80 per cent of a brand’s profit to be driven by 20 per cent or fewer of its customers. Using customer analysis and insight you can unlock key behaviours that drive customer loyalty, and the more loyal your customers, the better your profitability.


According to Fred Reichheld from Bain & Co. “Increasing customer retention rates by 5 per cent increases profits by 25 per cent to 95 per cent.” Personally, 95 per cent looks a little toppy to me. My guess


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is that everyone reading this would be delighted with a 25 per cent increase in profitability. And with profitable customers you are able to invest more in recruitment, driving even more growth.


Customer lifecycle marketing (CLM) means different things to different people, for many retail brands it has been an unreachable nirvana that makes marketing directors’ eyes light up and finance directors’ eyes roll.


With many email service providers incorporating marketing automation into their platforms, this is becoming a thing of the past. But how do you go about using these systems, and is marketing automation the silver bullet many would like you to believe?


Good CLM uses every opportunity where a brand communicates with its customers. Much more than eMail marking, it is using customer insight to deliver the right message to the right customer at the right time, via the right channel.


As marketers our job is to convert sales to relationships -


Direct Commerce | homeofdirectcommerce.com


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