Mastering the online consumer journey: Driving lifetime value via loyalty and retention offerings
Consumer goods and retail companies, both subscription and transaction-based, are constantly competing for the share of wallet of an increasingly fickle consumer. While there is often a hyper-focus on acquisition efforts to reach new consumers, until recently, less attention has been paid to what to do after acquiring these consumers – leading to an unprofitable dynamic as companies invest in costly promotional and trial efforts that are not always recouped. Maximizing consumer lifetime value can be a critical, underutilized lever for consumer goods companies looking to accelerate growth. Companies need to be thinking about retaining their consumers, but also growing their value over time by cultivating loyalty and engagement. In this webinar, Ellen Kan, Director out of our New York office, will share strategies and best practices for doing that, covering topics such as:
- How to proactively manage churn and retain your consumers, including designing the right win-back or retention offers
- How to effectively drive upsell, cross-sell and higher frequency of repeat purchase over time by building a relationship with consumers
- How to decide what the right retention and loyalty mechanisms for your business are
Growing consumer loyalty and hence share of wallet is a largely untapped opportunity for companies, with many new exciting possibilities enabled by digital channels. Join us to learn how to take advantage of these possibilities moving forward.