In 2017, 44% of consumers were likely to become repeat buyers if brands offered a personalization in their shopping experience. In 2021, the figure increased to 60%!
69% of consumers say they are okay with personalization, so long as it is data that has been shared with a business directly. 45% of consumers are likely to move over to another brand if their current choice of brands fails to offer personalized experiences.
Here are some ways that brands can embrace personalization to drive higher retention -
Make the first purchase memorable
If you have managed to bring in a new customer, make them feel like they are really special! Send them a handwritten 'Thank You' message or a personalized video with their name on it.
Modern buyers love a differentiated experience, and they are not shy to share the experiences they have had with their friends, families & peers.
Give users an avenue to refer someone
If you have noticed that your customer has just experienced an Aha! Moment, don’t hesitate to request them for referrals. Just make sure that you’re making it easy for them to do it.
Successful referral initiatives also enable their customers to track who came through a referral. Allow them to re-send referral messages, and you will notice that a majority of them will nudge their friends if they know they haven’t!
Don’t forget their important days
Most of us don’t like it when our friends forget our birthday. Brands shouldn’t either!
Sending messages on important days such as birthdays & anniversaries will let your brand appear before them when they are having a pleasant time in their lives. This positivity will seep into their relationship with the brand.
Hence, blending personalization with your customer journeys is proven to result in around a 50% reduction in Customer Acquisition Costs (CAC) & 5%-15% increase in Revenues.
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