Conveying the value proposition of products and services offered can help increase retention rates

New Ideas in MarketingEssential news for marketers, summarised by YouGov
December 01, 2020, 1:21 AM GMT+0

Tracking data can help brands segment consumers, offer personalised rewards, and boost retention efforts.

Creating a customer retention strategy could help brands improve their marketing campaigns, grow businesses, and boost ROI. Communicating the value proposition offered can help brands effectively convey the value of their products and services and enhance overall retention rates.

To build effective one-to-one relationships, leverage digital platforms and communicate with consumers beyond the sales team. Consistently updating consumers via opt-in emails, SMS, and push notifications can help marketers maintain relationships with consumers and build loyalty.

Consumers can also be retained through VIP programs, as it encourages them to uphold their elite status and makes them feel valued. Further, turning consumers into brand advocates by creating referral programs, can help brands acquire new consumers and retain the existing ones.

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