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Customer Loyalty | Back to Basics

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Customer Loyalty | Back to Basics | Thank You

Covid19 is impacting all our business plans and has stalled many major initiatives.

The question is – going forward how will we retain our existing customers and rekindle their loyalty to our brand or service ‘during and after lock down’.

It is imperative as business owners we re-plan and consider putting in place a strategy and tactics for the near future, to rebuild our approach to customer engagement with a view to rekindle our customer base.

Explore a quick and simple but effective way to keep existing customers by recognising them for their business and loyalty to our brand or service and to engage with them directly on a 1:1 basis.

The most effective way to do this is using very basic marketing tactics and to personally communicate on a 1:1 basis.

Devise a communication campaign starting with a single message from the heart of the business saying ‘THANK YOU’ for their loyalty & custom.

There are a plethora of multi media techniques and missives available that we can use to get the message across – choose which is the most cost effective and expedient way to communicate.

Back to Basics: 3 Step Plan

  1. Social media as we know plays a massive role in society and by placing a well structured ‘THANK YOU’ message on different social media means that it will reach as many people as possible as quick as possible.
  2. Alternatively a simplistic well designed printed personalised mailing in the format of a ‘THANK YOU’ card or personalised em message.
  3. A tastefully designed video with a message from the owner or CEO of the organisation or better still the front line employees expressing how much you value your customers and their business played in store (essential businesses only). This can also be featured on social media platforms thanking your customers for their loyalty and reassuring customers your business or service – will be back when it is safe to do so.

But most of all whatever marketing communications tactics you choose – do it now – and do it today!

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Customer Lifetime Value is still a valuable metric (LTV)

Customer Engagement is about understanding who your customers really are and the value they bring to the organisation.

Net Promoter Score or traditional LTV models using predictive analysis are one of the ways to look at LTV.

As a practitioner I still prefer the traditional LTV model for customer acquisition to estimate retention (“LTV”) of a customer.

Roughly defined, LTV is the projected revenue that a customer will generate during their lifetime to determine true value and worth.

Below is an interesting example in an Infographic.

How To Calculate Customer Lifetime Value

Managing Customer Experience is about knowing who your customers are and the value they represent to you.