Monetize customer base and improve Customer Lifetime Value (CLV)
Brands Struggle to Retain Customers & Grow Wallet Share
Recent research indicates the overall cost to acquire new customers is 6–7 times more than to retain an existing one.
Customer loyalty and retention is becoming an increasingly elusive goal for brands as consumers have many more choices, and are easily persuaded to switch to competitive products.
Studies show 89% of consumers who experience poor customer service leave for the competition. In fact, less than one in five consumers are loyal in most categories.
Because of customer churn, brands are struggling to monetize their existing customer base and improve Customer Lifetime Value (CLV).While products and services are important, earning customer loyalty requires going beyond features, price, availability, and promotions. Brands must leverage innovative mobile, social, and gamification strategies to surprise and delight customers, and earn their loyalty.
Mize Loyalty Solution: Leverage innovative mobile, social and gamification strategies
Brands can now utilize mobile technologies to trigger consumer engagement and increase retention in new, more effective ways. Mobile apps allow consumers to digitize their loyalty cards, enabling businesses to reward their best customers with targeted, personalized, location-based information, offers, and experiences.
Brands can incent wider range of activities to reward, recognize, and reinforce desirable customer behaviors. Rewards can be linked to activities beyond purchases such as product reviews, social network sharing, check-ins, registration, maintenance, services and many others.
Mize Loyalty solution enables brands to incorporate recognition, challenges, and other gamification mechanisms to deliver fun and rewarding experiences to customers.In addition to monetary incentives, brands can spark desirable actions using intrinsic motivations such as status, reputation, and clout of the customers.
Smarter Customer Engagement Engine enables brands to keep the customers engaged on multiple channels to drive additional sales from cross-selling and up-selling. Brands can unlock immense value from customer data by optimizing the frequency and content of the interactions to generate better response rates.
With deeper insights, Brands can delight customers by delivering personalized service, support, and experiences that recognizes the level of loyalty. As brands deliver better experiences, satisfaction levels go up and loyalty develops into advocacy. As a result, brands can now tap into the most influential streams of social networking with referrals and recommendations of products and services to friends.
Benefits to Consumers
- Simplifies enrollment & participation in loyalty programs
- Saves money with easily redeemable coupons, discounts & rewards
- Enjoy exclusives, special privileges & incentives
- Enhances social status & community influence
Benefits to Brands
- Increases Customer Lifetime Value for brands
- Reduces cost of churn & new customer acquisition
- Creates sustainable competitive advantage, elevating customer experience
- Builds loyal customer base who advocate brand’s products
- Improves profitability by monetizing post-sale revenue opportunities
Build lasting and rewarding relationships with customers
Contact us today for a complimentary assessment and a personalized demonstration.