Let’s face it. It is tough to acquire new customers and you cannot rely merely on customer acquisition to run a business. Spending money on acquiring customers is just not the sustainable model of doing business. This applies particularly to e-commerce stores that usually have low cart value.
The truth is: it is easier to sell to an existing customer. You stand a 60-70% chance of selling to your existing customers but only a measly 5-20% chance of getting a sale from a new customer.
Not that we are against customer acquisition effort by any means. But your focus needs to be at the right place, at the right time. Besides, a returning customer is likely to spend 67% more money than a new customer.
You do the math.
This is why brands are trying hard to retain customers by every means possible. Unfortunately, most of them find themselves falling down the rabbit hole due to the lack of a proper strategy.
A Customer Loyalty Solution is a great way to challenge that leaking sales bucket. Offer customers an experience, rather than a product or a service that they are more likely to forget after purchase.
When customers feel valued, it leads to frequent subsequent interactions. CX360 by NextBee does just that by rewarding every engagement to build eCommerce loyalty. Here’s a quick overview of CX360’s smart features that increase your customer lifetime value:
- Reward Every Interaction: Customers won’t feel motivated to return unless you give them a reason to come back. With our customer loyalty solution, you can create a points-based system and offer your customers loyalty points for purchasing or sharing a testimonial. These points can be accumulated and redeemed at the POS on the next purchase, online or offline.
- Flexible Rule Configurator: Not every customer activity will mean the same for your business, and so not every activity should be rewarded the same reward points. For example, you might want your customers to share their purchases with friends and family on social media, and would, therefore, want to assign more reward points for the same. With CX360, you get the ability to assign different reward points for separate activities, allowing you to drive desirable behavior.
- Tiered Structure: Journeys become memorable only when there is progress. CX360’s tiered rewards structure motivates customers to increase cart value and purchase in order to get promoted to a higher tier. As your customers reach a higher tier, they get access to bigger rewards and cashback.
- Loyalty Club: Retaining your best customers is really important. You do not want them to switch to another business because they just don’t feel valued. Create a loyalty club as a premium and include your top performers to make them feel special. Our Loyalty Rewards Software will automatically enroll them in your membership program so they can gain access to premium rewards.
- Reactive Dormant Customers: Customers drop off the curve. That’s a sad reality. Fortunately, CX360 offers you plenty of features to reactive dormant customers. Easily create personalized coupons and offers based on your customers’ preferences and buying history. Offer them cashback upon their next purchase.
- Set Points Threshold for Participation: Contests and sweepstakes are thrilling. You can now leverage the excitement around participation to set a points threshold for customers. Customers will need to accumulate a particular number of loyalty points in the account to participate. Using a Member Loyalty Program, you can also create contests and sweepstakes for customers promoted to higher tiers. This will encourage your customers to stay active and purchase frequently.
- Push Notifications: Keep your customers alert so they never miss an offer or a contest notification. With Push Notifications, CX360 offers you the ability to communicate with your customers 24×7. Notify your customers when they earn a reward. Alert them when their loyalty points are about to expire. The possibilities to motivate your customers to return are nearly endless.
Brands that value their customers retain customers. Developing customer loyalty is a journey. It takes continual efforts to develop brand affinity. CX360 generates recurring revenue through your existing customers using the power of personalization while also creating opportunities for new customers to sign up.
Schedule a no-strings-attached demo now to see how we can customer our loyalty solution entirely around your business needs.