In this blog post, we will go over the definitions of loyalty and retention while pointing out the differences. When we set aside the basics, we will dive deep into emerging creative technologies such as personalized videos that are sure ways to boost your strategy.
Growth is the name of the game. Loyalty, retention, and satisfaction are the three pillars that drive that game to near-perfect, elevated customer engagement. Although customer loyalty programs are mostly designed to keep retention, the difference between them is what turns a tactical move into a strategy.
What Is A Loyalty Program And How Does It Differ From Retention?
Customer loyalty is a metric that tells you how likely a customer is to endorse, praise, recommend, and advocate your brand. It shows the level of gratification and happiness towards your service or product as well as your brand.
Retention is a completely measurable metric that keeps you informed about the likelihood of an existing clientele to keep using your services or products. This metric does not necessarily mean that your customer base is especially engaged with your brand.
How To Measure Loyalty Engagement?
Customer loyalty is important to the success of any business. Keeping your customers happy and engaged is key to keeping them coming back for more. When they come back, it means you play the game of growth the right way, but it doesn’t necessarily mean they are satisfied with your brand. Long story short, you need to measure to get the complete picture, and then manage accordingly.
Here are your best friends when measuring customer loyalty:
Net Promoter Score (NPS):
It is a widely used market research metric that is based on a single survey question: Would you recommend us to a friend, colleague, or relative?
Repeat Purchase Rate (RPR):
It is the proportion of a company’s clientele that make more than one purchase at a given time period.
Upsell Ratio
While similar to the repeat purchase rate, this metric focuses on a particular client segment that is willing to buy another service or product from your company.
Customer Lifetime Value (CLV):
This is a metric to get the gist of the time that your clientele sticks with you before they decide to switch to another provider.
These all add up to create your company’s Client Loyalty Index (CLI) and give you a more complete picture when dealing with enterprise loyalty programs and help you create an elevated customer engagement roadmap for your company.
How To Improve The Success Of Your Customer Loyalty Program?
Loyalty programs are among the oldest and most profitable marketing strategies a company can adopt. According to research by Bain & Company, a rise of just 5% in customer retention rate could make increase profits by 25 to 95%. As for all marketing strategies, there are many ways for your company to boost and expand its success story.
Tactics that Will Help Your Customer Loyalty Program Strategy
- Create a roadmap for future loyalty engagement interactions
This way, you will always be in the know when, how, and why your company will interact with any given client segment. - Be sure to include personalized services
Customer loyalty programs are, in essence, very personalized relationships. Make that visible as much as possible and address them personally in both tone of voice and in your offers. - Communicate regularly
Design a communication routine that is built on transparency and frequency. Share results with the purpose to create a feeling of belonging. - Beat the expectations with new ways to interact
Always be on the lookout for new ways of engagement. In today’s business world, that mostly means employing emerging video marketing tech such as interactive videos, personalized videos, etc.
How Can You Adopt Interactive Videos To Improve Customer Loyalty?
The million dollar question for the customer loyalty programs. Worry not, the main function of this blog post is to answer it with a really simple and actionable answer. An answer that includes interactive video platforms that make personalized video creation a breeze.
Implementing Interactive Video Loyalty Program for Your Business:
- Make sure to serve high-quality and informative videos
The videos should be enjoyable to watch and your loyal customer base should be able to learn something from watching them. Always remember, information is a big part of customer loyalty programs. - Keep the videos short and to the point
Let’s be honest with ourselves, no one wants to sit through a long commercial masquerading as entertainment. Especially the videos that do not have clear messages. Avoid that. - Use interactivity sparingly
Interactive video creators are so easy to use but that can lead to too much interactivity. Be aware that it can start to be overwhelming real quick and turn people off from completing the video altogether. - Make the personalization visible
Customer loyalty programs are a type of highly personalized marketing strategy. A human touch with a personalized video that addresses the customer personally goes a long way.
A Perfect Interactive Video Creator For Your Humbled Loyalty Program: OmmaVQ
Provide timely and meaningful messages with personalized and interactive video experiences to your most valued clientele. OmmaVQ cultivates enterprise loyalty programs by encouraging the desired behavior and updating customers to create meaningful relationships.
Interactive and engaging video experiences are a great way to improve customer loyalty and can act as loyalty engagement tools with quizzes and surveys. Enrich these experiences with personalized videos that your customers can watch to learn more about the products or services you provide.
This approach proves to be very effective because it allows customers to get more information about what they’re interested in, while also providing a way for businesses to gauge customer engagement and satisfaction.
In today’s challenging business world, personalized video experiences have been proven to be very profitable in creating ROI and building competitive advantages. The challenges of managing data silos, making sense of customer engagement data, and turning these into working knowledge also present themselves in every step.
Let OmmaVQ free your critical customer experience data that remains trapped in data silos and turn it into a future-perfect interactive video engagement strategy for your customer loyalty program.
Personalized Interactive Videos on Omma VQ
Provide timely and meaningful messages with personalized and interactive video experiences to your most valued clientele. OmmaVQ cultivates enterprise loyalty programs by encouraging the desired behavior and updating customers to create meaningful relationships.
Interactive and engaging video experiences are a great way to improve customer loyalty and can act as loyalty engagement tools with quizzes and surveys. Enrich these experiences with personalized videos that your customers can watch to learn more about the products or services you provide.
This approach proves to be very effective because it allows customers to get more information about what they're interested in, while also providing a way for businesses to gauge customer engagement and satisfaction.
In today's challenging business world, personalized video experiences have been proven to be very profitable in creating ROI and building competitive advantages. The challenges of managing data silos, making sense of customer engagement data, and turning these into working knowledge also present themselves in every step.
Let OmmaVQ free your critical customer experience data that remains trapped in data silos and turn it into a future-perfect interactive video engagement strategy for your customer loyalty program.
Longlasting relationships start here with the adoption of interactive video marketing. Get to know our product and take a closer look at our subscription packages to scale your enterprise interactive video production.
