Building Loyalty Strategies: How to Retain and Grow your Consumers
Consumer goods and retail companies of all types and sizes are constantly competing for the same share of wallet of an ever evolving consumer. There is often a hyper-focus on acquisition efforts to reach new consumers, and this past year has resulted in unique opportunities where broad consumer shifts due to macro trends have led to companies engaging with new customers, lapsed ones, or current ones in different ways (e.g. curbside pickup) or in different channels (e.g. solely digital).
It remains to be seen what behaviors that resulted from this year will turn permanent, but companies need to have loyalty strategies in place to ensure they retain and grow these relationships to maximize customer lifetime value. If not, companies will be faced with similar decisions in investing costly promotional and trial efforts as last ditch win-back efforts.
In this webinar, Hubert Paul, Director out of our Atlanta office, will share strategies and best practices for doing that, covering topics such as:
- How to articulate what your loyalty strategies are actually solving for and how to prioritize them before designing initiatives around them
- What are the options across the loyalty spectrum, and how to evaluate which ones are the best fit for your goals and brand
- How to effectively drive upsell, cross-sell and higher frequency of repeat purchase over time by building a relationship with consumers
- What are the immediate considerations once a strategy has been defined to operationalize and effectively drive towards steady state
Similar to promotions, loyalty strategies can lead to many new and exciting opportunities when done correctly, but can have the inverse effect and lead to heavy margin dilution when done incorrectly. Join us to learn how to best take advantage of these possibilities moving forward.