2. Leveraging Loyalty
Acquiring new customers is often said to be five times more expensive than retaining existing ones, yet building customer loyalty is easier said than done. “Many firms today are wasting half their marketing expenses on disloyal customers who will never stick around long enough to pay back the acquisition investment,” says Fred Reichheld of consultancy Bain & Company.
The challenge is identifying potentially loyal customers based on the volume and variety of data the companies have access to.
One of the many solutions tackling this problem is Singapore-based loyalty and customer engagement platform Perx. This machine learning powered software-as-a-service (SaaS) platform analyses data from a company’s marketing campaigns in real-time, providing insights into campaign effectiveness, breaking it down into spend vs. return, and turning large volumes of raw data into actionable recommendations.
What really sets Perx apart, however, are its innovative and customisable engagement and loyalty platform, allowing companies of any size to not just identify, but to immediately target and nurture loyal, dormant, or new customers with the right kinds of communications. Perx is also making the most of the gamification trend, with features such as digital scratch-cards, stamp cards, spin-the-wheels, leaderboards, and other interactive engagement methods.