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Home»For Buyers»Marketing & Management»The Evolution of Customer Loyalty
Marketing & Management

The Evolution of Customer Loyalty

Krystina MorganBy Krystina MorganApril 16, 20194 Mins Read
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Even though it’s been proven that more customers prefer to shop in store than online, it can still be a dizzying process trying to market to them and keep them loyal. You might even stop trying to bring old customers back and put your focus on bringing new ones in. Imagine being able to win back as many as 40 percent of your lost customers. Sounds like a dream, right? Luckily, Thanx can help make that dream happen.

Founded in 2011 by Zach Goldstein, Thanx is a free mobile app that rewards customers for shopping at brick and mortar storefronts. The platform was built to give a better solution for retailers to bring customers into their stores, whether it’s through coupons, discounts, promotions, or personalized messages given directly to the consumers through the app. Currently, Thanx is working with helping thousands of businesses to better their customer loyalty.

“Thanx works directly with retailers to give them a suite of tools to grow their businesses,” Goldstein said. “Thanx has an automated tool that identifies groups of customers who have stopped coming in and reaches out to them with personalized promotions to encourage them to come back in. They win back as many as 40% of lost customers.”

Customer Loyalty is Growing and Changing

Loyalty used to be synonymous with giving out rewards and customers would sign up and be given the same rewards as everyone else, and while this is still an important tool in keeping buyers coming back for more, there is more to it now. Customer feedback and learning about their experiences and what they’re interested in is at the core, so you can take that experience and personalize a reward or coupon for the customer.

“Referrals are important. Give customers rewards for telling their friends to go to your store,” Goldstein said. “Away from just being rewards, things like referrals and personalized offers are really much more relevant to modern customers.”

Kickstart Your Authentic Customer Experiences

Right now it’s all about data. Brands that are successful think about customer data as early as they think about selling a great product. Be able to connect with your audience with customers you can talk to personally.

Josh Wolff, VP of Customer at ThirdLove, says the company does a lot of outreach to first-time customers as soon as they receive their delivery. Making sure the customer is satisfied with the product is the most important thing. If the customer is unhappy with their purchase, ThirdLove makes themselves open to returns and exchanges.

“We don’t want people thinking the product isn’t working. We would rather cut the cost of exchange rather than the customer being unhappy,” Wolff said. “If there is a negative review with us, we reach out to them right away, as well.” Bad experiences can easily be turned into good experiences so long as you keep the communication with the customer open.

Evolution is Happening in Real World Businesses

Spamming customers with emails isn’t enough anymore, and conversion needs to be the main focus when reaching out. Thanx works directly with credit card companies to make it easier for customers to earn rewards, and ultimately will result in better conversion rates.

According to a new study conducted by Swift Prepaid Solutions, a payment solutions provider, rewards and surprises are a big draw for Millennials and Gen Z customers. 83% said value-added rewards and surprises inspire greater loyalty and 82% said when earned rewards come paired with a special offer it can encourage them to spend the reward.

Right now, customer loyalty is crucial for surviving in the retail industry because there are so many different options to shop from at the touch of a button, so why should they come back to you? Remind them of why they shopped from you in the first place and present them with personalized experiences to catch their attention.

April 2019 Issue customer loyalty marketing
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