IIPTF PET FESTIVAL PUNE Vol 12 Issue No 10 October 2019 | Page 38

Pet Specialty Retail
HOW TO ENSURE CUSTOMER
LOYALTY IN THE DIGITAL
MARKETPLACE
By Divya Pathak*
T
he dynamic content to the
page behaviour insights help
paint a better picture for the
organisations as to how customers
interact with organisations. The
ever changing digital landscape has
also changed the way a customer
thinks and responds to a particular
offering.
Although,
the
digital
transformation has helped the
companies in understanding their
target audience better, however, it has
also had a profound effect on customer
expectations and customer loyalty.
Customer loyalty – a shifting
landscape
The options available to a customer
have grown exponentially, with the
number of channels to choose from,
signifi cantly increasing. Studies show
that customers are likely to change
their preferences and switch to
competitors if they feel discontented
with the current offering, no matter
how long the association with a brand
or an organisation. Rachel Barton,
Managing Director for advanced
customer strategy at Accenture in
a recent interview with the Daily
Telegraph admitted that, ‘customer
38
loyalty’, as we know it today is dead. The
traditional known drivers of customer
loyalty that were product, price and
service are no longer differentiators in
the fast-moving digital world. Harvard
Business Review research shows that
it costs approximately seven times
more to earn a new customer than
it does to retain one. Therefore, it is
safe to conclude that customer loyalty
has both reputational and fi nancial
benefi ts.
However, the moot question remains
that how to cultivate customer loyalty
in an era where loyalty is limited and
slippery?
What Do Brands Need To Do…?
Understanding the customer
interactivity and data
If managed correctly and accurately,
digital platforms provide the brands
with an unmatched opportunity to
infl uence choice and connectivity to
engage and nurture their business.
Bring in as many data sources as
possible to learn more about the
customers than what meets the eye.
Know your customer beyond what
Creature Companion | October 2019 • Vol. XII • Issue 10 • Noida
the organisations may be able to see.
Brands can track customer behaviour
better by analysing every engagement
and tailoring the offering, sales, service
or support. The idea is to understand
the mindset of the customers through
predictive data and test it in smaller
groups which might not match 100
percent across all data sources but can
still deliver better learning models that
can be confi dently applied to bigger
groups.
The emotional connect – create
a memorable experience
The key to building loyalty in the digital
age is to evolve customer expectations.
Brands should use data to predict and
understand customer behaviour, their
digital and physical presence. What
customers use is what needs to be
optimised. Use this information to
position your brand with the target
audience. The idea is to understand
your customers - their needs and
aspirations, what they care about,
what motivates them and makes them
happy; and build your strategies and
customer experience around these
fi ndings. Customers will connect your
brand to the customer experience you
provide. Make it a happy one!
Customers attach positive feelings to
a brand should you offer them a great
experience, which will also extend as
a positive memory of the brand and in
turn will build the brand’s image and
vice versa.