Loyal customers are a brand’s biggest asset. Typically, up to 80% of a brand’s revenue comes from just 20% of their customer base.
Studies show that a 5% improvement in retention can yield up to 95% increase in profits. Optimizing your customer journey is critical to nurturing and retaining loyal customers. The best way to do that is through mobile engagement.
We recently held a webinar on optimizing your customer’s journey through mobile engagement with Plexure’s Chief Product Officer, Richard Fraser, and Russell Harwood, Customer Success Director.
Here we share the highlights of the discussion and how Plexure can help high frequency, repeat purchase retail brands to engage their customers throughout each step of their journey.
Connect with customers via their most personal device
Mobile engagement refers to the interaction between a brand and consumer via a mobile app. Our mobile devices are our constant companions. We rely on them for more and more of our everyday activities. They are our most personal and trusted devices.
- 85% of adults own a smartphone
- There are over 5 billion unique mobile users worldwide
- Mobile commerce sales hit $2.92 trillion in 2020
- The average time spent per day per person is 3 hours, 43 minutes
It’s not enough to just have a mobile optimized website. Mobile apps provide a superior consumer experience and increased opportunities for brands to grow, retain, and reward their customer base.
With a Plexure-powered mobile engagement solution, you can curate content and offers for each specific user, gain valuable customer transaction data, and deliver campaigns at scale, which can be interrogated, iterated and optimized using our analytics platform.
It enables the constant flow of information, including closing the loop with transactional data (using Point of Sale or Payment integrations), to inform not just marketers but the wider business on their consumers preferences, habits and trends.
Data-driven customer engagement
The ultimate goal of customer engagement is to grow the lifetime value of your customers. By tailoring the experience and providing customers with relevant and timely incentives and experiences, you maximize the relationship with those most likely to purchase from your brand.
When marketing efforts are focused on those loyal customers who have the biggest impact to your bottom line - they shop more frequently, spend more, redeem fewer unnecessary discounts and cost less to serve.
Conversely, marketing efforts focused on activating less engaged users will produce new loyal users – driving higher lifetime value across your customer base.