The key to success for businesses operating in today’s era is customers. Not a single retailer has a different goal than attracting as many customers as possible. The same is the case with the restaurant owners. They cannot sustain their presence in the market without increasing their market share with time. However, there are some industries i.e. automobile that has a limited target market. Still, these companies aim to attract the maximum number of customers from their target market. Retailers and Restaurant owners cannot work with the same pace and strategy, instead, they strive to maximize their market share by offering customized or different category products to the customers. Do you agree that attracting new customers is one of the most difficult tasks of a business? Then you will also agree on the statement that keeping those customers engaged with the brand in order to make them loyal is the toughest yet the most important thing to do. The brands that have failed to maintain the loyalty of their customers have wasted their efforts and the cost of making new customers.
In retail and the majority of the B2C industries, the customer starts to add value in the brand through their loyalty. Their first time buying gives no benefit to the company. With the passage of time, when operators started to realize the importance of customer retention, they demanded technological solutions. And in response, high tech POS has introduced new features to facilitate businesses with improved CRM. What are those 6 improved ways through which brands can attract their customers and build their loyalty? They are discussed as follows:
1. Record your Customers Detail
If you don’t remember your customers that your customers will not remember you! Keep the important information of your customers save in your system in order to respond to their concerns immediately without asking about them again and again. This means that you should be using your POS effectively for saving and retrieving your customer data at the time of need.
2. Target Different Customer Groups with Personalized Coupons
As a retailer or a restaurant owner, you must have faced the difficulty in keeping all your customers happy. Either happy with your new offerings, new pricing, new discounts and etc. This is because Retailers and Restaurant owners usually target different market segments. Therefore, firstly it is suggested that attract and retain your customers by making their preferred products and deals available for them. And make personalized coupons different targeted segments in order to generate more returns. However, having theses customizations in promotions is impossible without the POS system. An ideal POS solution is one on which a business can rely completely. These customizations are not instructed by the customers neither they tell us which segment do they belong instead of POs systems help the marketers in segmenting the customers based on their recorded information. Plus, the stored data in the system suggest customized promotional activities for different segments which helps in attracting as well as retaining the customers.
3. Reward High Spending Customers with Big Incentives
Every individual customer has a different history and engagement with a brand. And these differences also affect their levels of emotional attachment. The point which I am stressing over here is that not in just promotional activities but while rewarding your customer, you should be dealing with all of them differently. The ones that have made your brand prior to others, spread good word of mouth and have shown high interest in the past deserve to be treated differently extra. In that case, you will again need a reliable POS system. The integrated Artificial Intelligence in the system will be using the recorded data against a customer to help you update with the top spending customers and specifically the products they have invested in. Using these statistics, you can easily reward your top customers and retain them.
4. Promote Smartly by using Inventory Data
How can promotions help a business make more profits? As a business owner, you would already have an idea that change in pricing of the offerings requires detailed analysis and adjustments. And how can we cover the expected costs with these promotions? Plus, a brand cannot avoid this step of making promotional deals because it can directly affect its competitiveness. For making high profits on the promotional items, all you need is an updated POS system, one that generates real-time reports of inventory. Why? Because it will help you finish your remaining inventory first and help you make a profitable investment in the next inventory. Let me explain to you more briefly. Having real-time tracking of sales will help you analyze your demanded products! You can promote the right product in the correct season and can stop investing in the products with low sales statistics. While many of the smart retailers and businesses to sell their less demanded product by offering low discounts (that are covering the cost and making minimum price) in order to avoid any kind of loss. And trust me brands have attained high market share through these tactics.
5. Give 24/7 Assistance to the Customers
In this era when there are at least 100 suppliers available for the same product in the market, imagine how important timing has become. If your customers are unable to reach you at their required time and contacted the available option i.e. your competitor, you just lost one potential buyer. In the business world, you cannot challenge customer loyalty instead you built it. In other words, you as a business are required to make 100% effort to develop 10% interest of your customers. Whereas, the emerging technology and digitalization have reduced the geographical as well as time barriers which makes it compulsory for the operators to remain available at their customer’s service 24/7. This is because; not being responsive can make customers go to your competitors. Therefore, to avoid this risk and to make your customers stay connected with the brand, you should make your brand available to them. However, you cannot remain effective in the offline assistance of your customers, if you do not have all your business details with you at that moment. So, even the solution to this problem is POS.
6. Keep Them Engaged and Aware about Your Upcoming Products/Events
How do you expect to have an outstanding opening and overwhelming response from your customers on your new launched products without letting them know? As a business operator, it is your responsibility to keep reminding your customers about your current happenings again and again. As a brand, you cannot demand your customers to take timely updates from you instead you should be the one to initiate ALWAYS! This does get irritating for the customers sometimes but you can manage it by making both positive and negative comments as progress. Use creativity to keep your customers entertained while informing them about your happenings. By doing this, you will notice that your customers are participating in your company event. They will be more engaged with the brand because they will be aware of it.