From Lead Generation to Brand Loyalty: Cultivating Brand Advocates
The importance of increasing CLV through loyalty
There is a fine line between retaining customers and developing them into loyal brand advocates. According to Forbes magazine, studies suggest that depending on the industry you are in, acquiring a new customer can cost five to seven times more than retaining an old one. * So in exchange for the value and satisfaction a brand delivers, growing your current customers into brand advocates not only saves money, but it generates higher revenue through repeat products and services purchases. Although loyalty is the last segment of the customer journey, nurturing an audience to become devoted customers starts from the moment they interact with your brand.
The interconnectedness of data, the methods used to direct the information for analysis to provide insights and next steps, and how the information is collected, stored, and transferred between platforms all contribute to the success of moving audiences through the journey lifecycle. Whether looking at the end-to-end view or an individual segment of the journey, implementing longitudinal data analysis helps brands to understand the pillars, identify gaps, prioritize the most impactful initiatives, and discover any overlapping facets for economies of scale. The process can clearly detail objectives, segments, communications, and channels.
Much like the marketing ecosystem, customer journey orchestration combines science and art. Understanding the passions that ignite customer loyalty and retention should not depend on a ‘shot in the dark’ approach. We’ve all seen loyalty programs that work and those that don’t. Having an understanding of consumer preferences and values can make all the difference. This goes for B2B companies as well. Personalized digital experiences that continue to focus on onboarding and engagement based on affinity and loyalty scores move buyers into a fully dynamic engagement loop. Connecting the dots between engagement scoring, reactivation and customer winback, and next expected purchase rates analysis provides insights on high value segments that merit saving and those most likely to return.
Every step along the customer journey includes a well-developed strategy that aligns goals with a detailed execution plan that leverages data, analytics, technology, and incorporating insights. Learn how Allant can improve and maximize your brand’s results along each segment of the journey.
Contact US for more information on how we can help you build your customers into brand advocates.