Brands must focus on customer retention

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 20, 2021, 10:24 AM GMT+0

Loyalty programs and customer retention plans can help brands wave through uncertain times.

According to Gartner’s 2020 CMO Spend Survey, 79% of marketers plan to focus on existing markets and customers to fuel growth, making investments in retention levers like personalisation and loyalty essential. With the economic crises continuing to rise this year, marketers should make customer retention one of the top priorities.

Marketers should use existing resources to improve retention. They can source customer data from an individual’s browsing history or account activity. These insights can then be used to improve results through personalisation. They can further leverage baseline personalisation strategies, like showing recommended products at the bottom of the homepage, to enhance user experience.

Creating loyalty programs can help brands activate in-depth account data. Businesses can also implement customised loyalty features in their mobile app to improve user engagement and enhance users’ digital experiences.

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