At Talking Retention, we discuss customer retention with well-known global brands. Our inquiry revolves around their take on customer retention and customer repeat values, to help you apply the same knowledge to your business.
In this session of Talking Retention, our focus falls on Edenred. Edenred Singapore is among the world’s popular service provider to organizations to help them achieve efficiency in various areas. These include employee benefits, management of professional expenses, andmotivation and reward programs. Besides, the group provides expertise in social benefits programs implementation in partnership with public institutions. The magnitude and scope of Edenredis showcasedin its global presence, for instance, the group operates in 42 countries. It has more than 6,300 employees, and more than 660,000 clients in public sector and companies. Besides, the group has 41 million beneficiaries and 1.4 million affiliated merchants.
Below you can harness wisdomicadvice from one of the group’s Chief Executive officers, talking about customer retention and the future of commerce
1. Know your target
It is unwise to put all customers in the same basket because you assume they have similar taste and liking. Developing a customized and personalized way of communicating to customers is essential. However, you cannot do this without proper knowledge of your customers. Take the advantage of existence of your business for a long time, the presence of long-term loyal customers to know their preferences. Besides, use customer confidential data such as email addresses to personalize communication. Whereas you may hold massive database, you would rather automate personal messages other than customizing.
2. Enhance your customer loyalty further
When it comes to customer loyalty, no effort, achievement or breakthrough is enough. Whether current or repeat customers, special attention is paramount. Take time and learn loyalty drivers that enthrall your customers. One of the proven ways is email marketing where the impacts of loyalty schemes and reward points are communicated. When you make customer loyalty among the first things, it alters the way you examine your regular forms of communication to customers such as newsletters, and try to make them as personalized as possible.
3. Language is everything
Always invest in use of positive language. Language as a communication component directly and indirectly affects anybody’s emotional state. When dealing with customers, practicing utmost care and sensitivity avoids brushing them the wrong way.
Apply positive affirmations when appropriate as this makes people responsive to personal positive sounds. As a rule of thumb, treat others the way you would like them to treat you.
4. Telling a story is very significant
At Edenred, the group has lived long enough and served better enough for customers to tell a story. However, this is not enough. For you to build a better brand, you must invest organizational efforts on your story. I like using Sigmaes says to learn how to
come up with good stories. Let the stories focus more on your customers. According to study, it is apparent that people like to hear and associate with good stories. When you tell your brand story, it automatically reminds customers about your unwavering relevancy. Therefore, remind them the journey that facilitated their loving your brand.
5. Keep in touch
Even if you know your target customers, given that you are always striving to get new ones, take time to know your customers. The secret is keeping in touch regularly. Apart from the use of email, other platforms such as Facebook, whereas there is
a lot of traffic, take time to respond to genuine concerns of customers. Use social media platforms to collect feedback from customers and respond to them promptly. Make it a habit of updating status and posing questions and points of concern on social media. You can also communicate through email once in a month.
The Future of Commerce
After a detailed inquiry about Edenred’s retention efforts, I also inquired from the CEO his thoughts regarding some of the major anticipated trends in commerce. The details below are what the CEO thinks the future will be like.
1. Competition will continue to soar
Businesses would rather look for others ways that commerce avail as untapped or less tapped opportunities to survive the heat. Given that businesses are competing for same customers, there is a likelihood of a stiff competition for not only sales but also attaining repeat customers and in areas such as advertising.
2. Customer driven
The future of commerce leverages upon the customer. Given that,consumers are fond of convenient, personalized and shopping based on technology, businesses will therefore have to move forward and provide goods and services to the customer likes. Instead of shopping to remain as an event, in future, it will be an experience and a daily routine done alongside other things
3. Exchange of goods and services will shift
The ideality of technology shows that purchases will be done electronically more than done physically. Physical stores will diminish due to increase and preference for virtual stores. Instead of picking products after purchase, delivery will be more intensified. Gadgets will place more orders than what people do today. Intensive use of the internet of things and dashboards enabled devices such as a car that orders itself a new tyre,or a refrigerator that orders itself a new sensor.
4. Individualized shopping experiences
Commerce entities serve thousands of customers. Customers have expectations that brands will know their needs and offer them individually based on specific customer interests. The intelligent ads will utilize customers’ search history, and the browsing data used in populating options that address customers taste.
5. Delivery of products will be customized
Commerce entities need to brace themselves with the pressure to personalize products and delivery. Shoppers will customize everything at the point of manufacture from inscriptions, color and materials among other things. Given that commerce will be customer-focused, organizations that will embrace personalization will outsell their brick-and-mortar counterparts.
It is apparent that as we sample the 21st century, ecommerce dictates the business world. Today, electronic sale represents a fraction of total commerce sales, payments and other commercial transactions. However, in future, the internet will be the most used platform for commerce.
There are only brands that will embrace personalization to retain customers that will embrace technological advancements in commerce. Making shoppers come back, as businesses strive to achieve now, is likely to demand more in future. There may be some brands you have seen experiencing repeat customers. You can provide your reviews now we may include them in the next
Talking Retention post.