Report on customer loyalty identifies top methods for identifying, engaging and rewarding the most valuable customers.
According to a new report from Boston Retail Partners (BRP) as consumers become more technologically savvy and have access to better information, there is a widening gap as retailers struggle to meet consumers’ escalating expectations.
Personalization is one of the best ways to create and maintain a connection with the brand’s most valuable and loyal customers. The “2018 Special Report – Personalization is Key to Customer Loyalty” identifies how retailers are personalizing the shopping experience for their most valuable customers.
“Personalization is the best way for retailers to enhance the customer experience, especially for those customers who are already invested in your brand,” said Perry Kramer, senior vice president and practice lead at BRP. “Identifying and rewarding your most valuable customers with personalized offers and services is imperative to cultivating loyal, brand enthusiasts.”
The key customer loyalty trends identified in the study include:
Customer Identification and Incentives. To engage with customers on a personal level requires retailers to identify the customer early in the process at any touchpoint.
- 53% of retailers extend specialized offers to encourage customers to identify themselves with personal information.
Most Valuable Customers. With 80% of a retailer’s business typically coming from 20% of its customers, identifying your most valuable customers and understanding their shopping habits is critical to cultivating loyal, brand enthusiasts.
- 77% of retailers identify their most valuable customers; however, 69% of those feel the process needs improvement.
Personalizing the Experience. Retailers that identify customers when they enter the store and equip their associates with the proper mobile tools can personalize the shopping experience based on customer context.
- 69% of retailers that identify their most valuable customers share this information with their associates, which represents missed opportunities for the 31% that don’t share customer information with associates.