A guide to customer engagement (with real brand examples)
Did you know that two-thirds of a company’s profit relies on effectively engaging customers?
Customer engagement isn’t a fluffy marketing term. It’s a strategy proven to grow business and increase long-term revenue. As well as boosting your profit margins, engaging your customers could reduce churn rate and increase customer revenue by an average of 23%.
And that’s before considering the impact of the pandemic.
Now, in the age of Covid-19, customer engagement is even more crucial to business success. Consumers are spending carefully and scrutinising the brands they shop with. Marketing budgets are smaller. Companies are under pressure to keep new customers acquired during lockdown.
The marketing landscape is new and evolving. Both macro – such as the nationwide lockdown – and micro effects – such as the buying options available to individuals – are continuously changing customer behaviour. To remain relevant, brands must understand and adapt to shoppers’ changing needs and desires. Even if working with a reduced marketing budget and/or team.
As consumers shop in new ways, building advocacy through good customer experiences and high engagement is crucial. As is continuous measurement, so you can develop your understanding of what works for specific segments throughout the customer lifecycle.
Companies that improve engagement can increase cross-sell revenue by 22%, up-sell revenue by 38% and order size by 5 to 85%. Engage with your customers in the right ways, and you can turn one-off transactions into loyal brand advocates. Into customers who love your brand so much, they aren’t interested in looking anywhere else (even if they could find similar products cheaper). Customers who actively recommend your brand, introducing friends who are statistically more likely to spend more and buy again.
Customers with high lifetime value who drive significant long-term revenue for your business, in tough times and beyond.
Here’s how you can do just that…
Continue reading the full guide here.
