Developing a strong customer retention strategy can be challenging in any industry, but it is a well-known fact that it costs a business more to attract new customers than to retain old ones.
In today’s saturated and competitive marketplace, where consumers find it easier than ever to switch providers, rewarding loyalty is essential to improve customer retention rates and increase profits.
The omnichannel approach
In a multi-channel marketplace and with consumers researching and purchasing products and services across a variety of devices, a shift in the allocation of Marketing budget has become necessary.
Instead of focusing on raising brand awareness and increasing customer acquisition at the top end of the purchase funnel, marketers across the UK are shifting the spotlight to invest across the entire journey of their customers – concentrating on retaining their business.
Businesses with a focus on building long-term, emotional connections with their customers and who are willing to go the extra mile by rewarding loyalty are far more likely to retain customers and prosper in the long run. As such, marketers can no longer rely on a customer acquisition focus alone. Instead, a focus on customer retention and becoming a touchpoint of your customers’ daily lives can provide the foundations for reducing churn, building brand loyalty and increasing spend across your company’s products and services.
Become a topic of discussion
Connecting with your customers is key to creating customer loyalty and reducing churn. This is, however, becoming increasingly difficult to achieve in a marketplace where so many brands are competing for your customers’ attention.
By offering an experiential loyalty incentive, businesses can develop a far more robust and meaningful connection with their customers.
Michael Kalli, Commercial Director at The Dining Club Group comments;
“In an ever-evolving marketplace, marketers are becoming less interested in traditional Marketing tactics, such as print or television, and are focusing on digital methods to remain at the forefront of their customers’ minds.
The Dining Club Group offers businesses a unique customer retention incentive that excels in this digital age. With our dining memberships and restaurant feeds available 24/7 through our tastecard, Gourmet Society and hi-life mobile apps, your business can enhance experiences and build memories while your customers wine and dine across the UK.”
Improve customer retention with The Dining Club Group
For over 30 years, The Dining Club Groups’ memberships have offered businesses a distinctive and versatile incentive to retain customers and increase their lifetime value.
As an innovative, cost effective alternative to gift vouchers and other traditional incentives, our dining memberships to tastecard, Gourmet Society and hi-life offer discounted dining at thousands of restaurants across the UK – supporting businesses in their Marketing campaigns to reduce churn, make renewal even more attractive and tie customers to their brand for longer.
To learn more about how we could support your business, please fill out our contact form, email email@example.com or call 0800 304 7337.