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Consider that it takes five to seven times more money to retain an existing customer than acquire a new one. What’s more, the average, loyal customer is worth at least 10 times as much as their first purchase and 50% more likely to try out new products from your company. ‘Nuf said about the value of customer retention!
Customer Retention is Hard
Yes, customer retention is hard. Yet, it is amply clear from the statistics above that it is also imperative that you retain your existing customers to build a successful business. This is where sending and sending platforms to come in. Sending - or, in other words, gifting - and sending platforms, essentially software built to manage your sending campaigns at scale, help you succeed when it comes to differentiating your offerings and standing out in the highly saturated marketing landscape that we find ourselves in today.
With the average consumer being exposed to nothing short of 4,000 to 10,000 ads each day, you need more than an ad budget to be appreciated by your customers. And sending, with its unique ability to generate reciprocal goodwill, is just what you need to achieve this priceless emotional connection with your customers. On that note, let’s dive into the nitty-gritty of how to make sending work for you and your organization.
Sending isn’t an activity you can jump into without forethought. To make the sending strategies below work for you, first create a reliable, repeatable process. This involves putting together a sending playbook that ensures your team knows what to send, how to send, and when to send. Besides, a follow-up plan and ROI-tracking methods are essential. Next, budget your sending using customer segmentation based on the account value, the customer's stage life cycle, or campaign specifics. Basis the criteria, the gift can vary from a simple e-gift voucher for a webinar attendee, for instance, or a highly personalized gift for an influencer.
While a timely and relevant send will create an impression, what will make your prospects sit up and take notice is creative gifting. Understand your customer well before deciding on the sending strategy you’ll use to entice them and use all available information about them before you arrive at a decision.
And voila, with that, you’re ready to go to market with your sending strategies! Without further ado, then, we give you the four tried and tested strategies that will have your customers sitting up and taking notice of your organization in no time and, most importantly, continuing their engagement with your company without a second thought!
4 Sending Strategies Guaranteed to Increase Customer Retention and Satisfaction
These 4 customer retention strategies are tried How to increase customer retention and satisfaction? Move over discounts and rebates and try these customer retention strategies.
1. Invite New Customers to Your Organization by Sending
Let’s start right at the beginning of the sales cycle. There’s no time like that when a new customer makes their first touchpoint with your company to make your brand stand out. Customers are most receptive at this point and even expectant, in today’s landscape, to receive more information from you.
Moreover, the transition period from sales to marketing can be especially quiet, and some much-needed pampering can be delivered in the form of nurturing through gifting. This helps the customer build a rapport with your company, generates goodwill, and builds a strong relationship right from the start when the customer is most receptive to your relationship-building efforts.
Insider Tip: Make sure that you send gifts relevant to your customer at this stage of the sales cycle to ensure effective rapport-building. This can be done by segmenting customers according to company type, size, etc.
2. Align Teams Across Your Organization to Unearth Great Sending Ideas
When it comes to appealing to your customer through sending, it is important to stay relevant. And this can be achieved through aligning different internal teams in your organization. Such a coming together should aim at sharing data that will reveal where the gaps in customer satisfaction lie and what the unmet customer needs are.
Another area that will benefit from such collaboration is customer stories. Stories of successful customer journeys can be gathered through interaction with the customer success and customer support teams, for instance, to create valuable content, such as case studies, to use your marketing team. In the end, the idea is to share data that lies scattered across teams to determine the best ideas for content sharing and other sending strategies to nurture your relationship with your customers.
Insider Tip: Identifying your happiest customers can also prove to be the perfect first step towards leveraging them for brand advocacy activities in the future.
3. Allow Your Support Team to Leverage Sending Opportunities
Your customer support team's everyday transactional interactions with your customers can be rendered far more powerful by sending strategies. A personal connection is thus made possible, resulting in a sea change in how your customers interact and talk about your brand to their peers and organizations.
Use sending here as a way to both say thank you to your customers for using your products or services and to enable an ongoing conversation with your customer support team, vis-à-vis a mere transactional relationship.
Insider Tip: Some great ways to empower your support team by making gifting a part of their everyday operations are by recognizing customers for contributing to building a better product by pointing out issues with your current version and also by leveraging your customers’ life events around which sending strategies can be executed.
4. Reward Loyalty and Celebrate Milestones with Sending
It is a tragedy to see that a number of major brands have neglected to reward loyal customers. Avoid this grave mistake that can put you at the risk of churn that can seriously impact your growth as a brand and business and, instead, keep customers engaged as they journey with your brand. In fact, prioritizing this should be a no-brainer for brands across the board.
Rather than sink into the marsh that is business as usual, show your customers that you value them by offering them both surprise and delight by implementing sending strategies through the customer life cycle. For instance, renewals, usage milestones, and upsells all offer opportunities for just this.
Insider Tip: Define the milestones for which sending will be carried out and pair them up with the gift you will be using for each milestone to make life easier and the plan clearer to your internal stakeholders.
When it comes to sending, do you struggle with siloed solutions that require you to make a host of integrations before you can go seamlessly from trigger to action? Are multiple vendors breaking your bank? Are you unable to track effectiveness due to the fragmented nature of your sending solutions? Is the user experience of these solutions being hampered by limited catalog options, delayed deliveries, and poor support?
No matter which business function you have in mind when it comes to leveraging sending, Xoxoday has just the platform you need. A unified solution targeted at your marketing, sales, HR teams, and more, Xoxoday is designed to simplify the management of rewards, benefits, and incentives to achieve the business goals you have in mind.
Sending for Every Stage of the Sales Cycle
Use instant gifting to drive traffic to your webinars, demos, and meetings, ultimately allowing you to gather more leads. Then nudge them along the sales funnel with personalized gifts to close deals faster. Effectively influence purchase decisions through the customer journey, from the awareness and interest stages to the decision and advocacy stages, by using Xoxoday to incentivize your customers. Use context-based rewards and benefits to stimulate demand and drive sales. Further, reward loyalty and incentivize referrals using Xoxoday.
Xoxoday can also be used by agencies, your research team, or even your dev team to achieve the goals they have in mind.
Sending for HR teams
Xoxoday acts as the ideal sending platform for HR needs, incorporating features to recognize employee achievements, celebrate with festive gifting, appreciate your employees with service anniversary awards, and implement employee savings and discounts. Enjoy a dashboard that gives you full visibility into spends, access control, bulk orders, and notifications, and chooses from an array of gifting options, including prepaid cards, gift cards, experiences, perks, financial benefits, donations, and more!
And all this in under 60 minutes of work!
Create campaigns that integrate seamlessly with your existing systems, including your HRIS, CRM, and more, in no more than 60 minutes, and distribute them using a wide range of channels, including SMS, email, WhatsApp, QR codes, or APIs with just the click of a button!
Sending platforms, such as Xoxoday, are among the most powerful tools in the market today to differentiate your brand from your competitors in the highly saturated marketing landscape we find ourselves in today. Plan ahead and implement sending throughout the sales cycle to take advantage of the power of gifting, which is among the oldest social customs built into the human psyche, and help your customer retention efforts win!
At Xoxoday, we deeply understand the intrinsic and extrinsic motivation and engagement drivers of people, be it an employee, supplier, contract staff, gig, or consumer. We bring simplicity and continuity to a complex everyday problem.