It's hard to believe that so many brands are still devoting most of their resources to attracting new consumers. This is not wrong. However, it is not only new consumers who are the target of a brand, the loyalty of old consumers is also equally important.
If you lose loyal customers, it means you have to regain their trust, and keep them actively engaged. However, as you know, consumers are very sensitive. They will not hesitate to leave a brand if the product or service provided is bad. However, you can prevent these things with customer retention.
Basically, customer rendition is building relationships with consumers so that they will be loyal and loyal to your brand. Without realizing it, good relationships with consumers will build profits for brands and consumers.
By continuously increasing consumer involvement, consumers will feel an emotional connection to a brand. This will build a sense of loyalty and loyalty among consumers which of course has many benefits.
Customer retention may not have the same reputation as attracting new customers. However, to increase profits, customer retention is more useful. Even better, profit is just one positive aspect of customer retention.
There are various strategies that can be applied when a business plans a customer retention process. Every strategy is of course also carried out to continue to prioritize the value brought by a brand. Through these methods, here are the main benefits that businesses can get from customer retention.
There is an opinion that keeping consumers is more expensive than attracting new consumers. This assumption is not always true, because many studies show that retention is more economical than acquisition. However, retention is not always easier.
Never underestimate consumer loyalty. According to research, loyal consumers buy 90% more often, spend 60% more per transaction, and are five times more likely to buy from the same brand again. On average they deliver 23% more revenue and profitability over other consumers.
Put yourself in the shoes of a consumer, and consider how many brands are interacting with, and truly appreciating, your purchase. Most likely you can only think of one or two brands. This is because most brands focus on acquisition, so brands that carry out retention will stand out more.
Loyal consumers are the best source of business. Despite all of a brand's marketing efforts, audiences are still heavily influenced by recommendations from friends and family. Research shows that 90% of millennials will recommend brands they like online.
Feedback is very important for the success of a business. As research shows, consumers who complain, and whose problem is resolved well are 84% less likely to leave the brand. Apart from that, consumers will also be very happy if brands listen to criticism and suggestions, because they feel they are important and influential figures.
If you want the newest product to sell quickly on the market, take advantage of your loyal consumers. After a brand is able to prove itself through one product or service, consumers are six times more likely to try a new product or service from that brand. According to a study, loyal customers are 50% more likely to try new products.
Service is important for consumers. A study shows that more than 1.6 trillion dollars is lost because consumers experience poor service. This is also the main reason why audiences leave a brand. Meanwhile, loyal consumers will consider poor service to be normal, so they will forgive more easily than other consumers.
Nobody likes being the object of marketing, except loyal consumers. They are four times more likely to receive an invitation from a brand, and seven times more likely to receive a promotional offer. This is because consumers feel appreciated when a brand tries to reach them.
Keep in mind that loyalty will change, so too many changes to a brand can drive consumers away, be it changes to products, services, even logos. However, as long as you maintain the basic premise that makes consumers interested in your brand, they will remain loyal to your brand. In fact, loyal consumers are always waiting for changes to be made by a brand.
Meeting income targets by relying on new consumers is not an easy thing. Therefore, customer retention is carried out to protect income and ensure the welfare of employees who have an important role in maintaining consumer loyalty.
To increase customer retention, you can carry out reward programs, special promotions, discount programs, or even implement a sophisticated CRM system. Apart from that, the most important thing is not to forget loyal customers when you are looking for new customers.
Customer segment or segmentation is one of the best ways to get information about customer characteristics in a timely manner.
By segmenting customers, it will be easier for you to understand customers, including their needs which are beneficial for business.
Understanding customers or customers in business is one of the crucial things.
It could be said that by understanding customer needs, your business growth will be more precise and targeted.
So, for this reason it is necessary to understand customer segments better. Come on, see in full below!
Quoted from Shopify, customer segment or customer segmentation is the process of grouping customers into groups based on their general characteristics.
The grouping aims to optimize marketing efforts in each group.
HubSpot also added that this grouping is based on several general characteristics such as age, industry, gender, and others.
Customer segments are the right step to personalize marketing, including service and sales that can reach certain groups.
In the business-to-business marketing or B2B area, customer segmentation is carried out based on several factors including:
Meanwhile, for business-to-consumer marketing, companies usually group customers according to their demographics as previously explained, namely:
More targeted and accurate campaigns for each customer group will increase brand loyalty and customer satisfaction.
The main goal of customer segments is to create a more accurate marketing strategy for each customer's characteristics.
However, it should be noted that customer segmentation is not just about grouping customers.
Through customer segments, you can create appropriate content and find unique challenges for each customer group.
Efforts can be made in the form of communication with customers and product development.
More specifically, the customer segment objectives are as follows:
According to Forbes, the two main benefits of customer segments are improving good relationships with customers and brand loyalty, as well as improving customer experience.
Both boil down to the level of customer satisfaction with the products or services offered by the company.
According to HubSpot, here are some of the benefits that customer segments can provide for your company:
In marketing or building good relationships with customers, the approach is often one-size-fits-all or all customers are considered the same.
This will make you the same as other brands so it doesn't make your business stand out or excel.
Customer segments are more profitable because the targets are in accordance with the grouping.
Customer segments will make it easier for companies to determine in which areas and what kind of paid campaigns should be carried out.
Through effective paid campaigns, the budget used will also be efficient and not wasted because it is on target.
The easiest example is email. Of course, the Gen Z customer segment and other generations must be differentiated to make it more attractive.
Grouping customers will certainly make it easier to communicate your brand with customers.
Reported by Forbes, here are several types of customer segments that are usually carried out by companies:
Segmentation based on demographics is a customer segment that is grouped based on the same and common characteristics. For example, gender, age, marital status, education level, occupation, income and location.
A simple example is if you have a bookstore, then segment it for people who are older. Or you can make groupings based on age.
For geographic segmentation, you need to group customers based on language and location.
This location can be a neighborhood, city, province, or country. You can also add transportation mode preferences for geographic segmentation.
This geographic segmentation can be applied if you have at least two business locations in the same area.
Apart from that, you can also apply this segmentation if your business requires delivery of goods in different regions.
Psychographic segmentation includes grouping customers based on attitudes, values they believe in, lifestyle, personality, and interest in something.
Usually for this type of customer segment, the company will consider previously purchased products, survey responses, and shopping habits.
Usually this segmentation is used by companies that offer several types of services and products at once.
For behavioral segmentation or segmentation based on customer habits, several things that can be taken into consideration are:
From these habits, customer characteristics are formed and segmentation can be determined.
The basis is the frequency and tendency of habits carried out by customers.
So, that's some important information about customer segments that you need to know to develop your business.
Customers or consumers are an important asset for the development of a business.
It is important for companies and brands to understand customer needs amidst increasingly tight competition in the market.
That's why it's important to learn how to build positive relationships with your customers so that customer satisfaction is also met.
So, to learn more, you can take part in the Customer Satisfaction & Relationship Program from the prasmul-eli!
Through this program, you will be given knowledge and understanding of customer satisfaction and loyalty as well as concepts related to both.
What are you waiting for? Increase your business development and join the program now!
Product branding is now increasingly important in the era of ever-growing globalization and digitalization. Technological advances and the development of social media have created a more dynamic and competitive market.
Branding is not only about how your product looks, but also about how your product is perceived and remembered by consumers. In essence, branding is the art and science of creating a strong and consistent image for your product or service.
Effective branding can create emotional connections with consumers, build loyalty, and differentiate your product from competitors. Find out the definition, types, benefits and exact steps to do it in the following article.
Product branding is a strategic process of creating a unique identity for a product or service through various elements. Branding is not only related to visual aspects, but also includes perceptions, values and emotions associated with the product.
With effective branding, a product can create a strong and memorable image in the minds of consumers. Ultimately this will contribute to the success and sustainability of the business.
Product branding includes various types of strategies that can be used to create a unique and strong identity for a product or service. Here are some common types of product branding:
Focus on the company as a whole rather than individual products. Example: Apple, which is known not only for its iPhone or MacBook products, but also for innovation and overall quality.
Create a unique identity for individual products that differentiates them from other products on the market. Example: Coca-Cola with its signature soft drink products.
Focuses on specific individuals, often used by celebrities, influencers and professionals to promote themselves and their work. Example: Oprah Winfrey or Elon Musk.
Several brands collaborate to produce new products or services. This can help expand market reach and increase credibility. Example: Collaboration between Nike and Apple for Nike+iPod products.
Promoting products or services based on a specific geographic location, often using origin as a competitive advantage. Example: Parmigiano-Reggiano Cheese from Italy.
A strategy used by retailers to create a unique identity for their stores. Example: IKEA with its unique store concept and furniture products.
The importance of product branding lies in its ability to change the way consumers view and interact with your product. Here are some reasons why product branding is important:
In a market filled with similar products, strong branding helps your product stand out. A unique and different identity attracts consumers' attention and gives them a reason to choose your product over competitors' products.
Consumers tend to have more trust in products that have consistent and professional branding. Good branding creates a perception of quality and reliability which ultimately builds consumer loyalty.
Effective branding makes it easier for consumers to recognize your product among many other products. Visual elements such as logos, colors, and packaging, as well as auditory elements such as slogans and jingles, all contribute to building product recognition.
Products with strong branding can often be sold at higher prices than products without clear branding. Consumers are willing to pay more for products they know and trust.
Building effective branding is key to ensuring your product is not only known, but also remembered and loved by consumers. The following are some important steps that need to be followed in building effective branding:
The first step in building branding is understanding who your target market is. Knowing your consumer demographics, psychographics and behavior will help create the right message and identity.
Brand identity includes the brand name, logo, colors, typography and other visual elements. Make sure these elements reflect your brand's character and values. Consistency in the use of visual elements is critical to building recognition and trust.
Brand messaging is how you communicate with consumers. It includes taglines, slogans, and narratives that tell your brand story. Messages must be clear, consistent, and relevant to your target market.
In the digital era, a strong online presence is essential. A professional website, active social media profiles, and a good content strategy will help you reach and interact with consumers more effectively.
A good understanding of user needs and expectations can drive innovation and better product development in the future.
Product branding is a crucial element in modern business strategy. By building a strong identity and creating consumer trust, effective branding can bring long-term success to your product.
By following these principles, you can ensure your products are not only known, but also loved by consumers.
Product branding is only one of many management strategies that companies can carry out. Understand more about the various elements of management strategy through the Strategic Brand Management program from prasmul-eli.
With a study duration of 2 days, this ISO 9001:2015 certified program has the following five discussions:
Contact prasmul-eli for more complete information via this link!
User Experience (UX) is a crucial element in the success of products and services in the digital era. In various applications, UX plays an important role in determining how users interact when using a product.
Creating a positive experience is not just about providing an attractive appearance, but also involves a deep understanding of user needs and behavior. Good UX can increase user loyalty, reduce churn rates, and even accelerate product adoption in competitive markets.
This article will thoroughly examine various aspects of UX, from understanding to its practical application in the business world.
User Experience (UX) is a concept that covers all aspects of a user's interaction with a company, service, and product. The goal is to create a satisfying and enjoyable experience for users, and meet their needs and expectations.
UX focuses not only on visual design, but also on the entire process that users experience. This process starts from searching for information to using the product or service.
The function of user experience in product development is vital to achieving success in a competitive market. By understanding the various key functions of UX, companies can create optimal experiences and in turn increase retention and loyalty.
Here are some of the main functions of UX:
The main function of user experience is to increase user satisfaction by making their interaction with the product easier, efficient and enjoyable. Good UX ensures that users can quickly find what they are looking for and complete tasks without difficulty.
Positive user experience drives loyalty. When users feel comfortable and satisfied with a product, they tend to continue using it and even recommend it to others.
Good UX can increase user efficiency and productivity by providing an intuitive and functional interface. Users can complete tasks faster with fewer errors, which means they can focus on more important things.
Products with poor user experience tend to cause frustration and confusion for users, which ultimately increases the need for customer support. By investing in improving UX, companies can reduce the number of support calls and requests, which in turn can lower operational costs.
In the context of e-commerce or sales-oriented applications, good UX can increase conversion rates. By designing a clear and simple user path from start to finish, users can make purchases more quickly.
Each UX component plays an important role in creating a holistic and satisfying experience for users. The following are the main components of user experience, including:
Implementing the right UX can build stronger relationships with customers, increase loyalty and ultimately drive business growth.
The importance of user experience in business can be seen from the various benefits it offers, some of which are:
The first benefit of user experience is that it can increase customer satisfaction. A good experience makes users feel satisfied and happy using the product or service. This can increase user loyalty and retention.
Products designed with good UX can reduce customer support costs because users experience problems or confusion less frequently. This reduces the number of calls and assistance, which in turn reduces the workload of customer support teams and lowers operational costs.
Websites or apps that have good UX tend to have higher conversion rates. This is because users feel comfortable and easy in achieving their goals, such as making purchases.
Positive experiences can improve brand image and reputation. Users who are satisfied will usually recommend the product or service to others.
A good understanding of user needs and expectations can drive innovation and better product development in the future.
User experience is a very important aspect in product and service development. By focusing on UX, companies can increase user satisfaction, reduce costs, increase conversions, and build a strong brand reputation.
UX is just one aspect that you need to master in the world of Digital Marketing. Optimization still needs to be done in the realm of search engines, websites and social media.
Understand more about the application of digital marketing to companies through the Digital Marketing Fundamentals program from prasmul-eli.
With a study duration of 2 days, this ISO 9001:2015 certified program has the following seven discussions:
Contact prasmul-eli for more complete information via this link!