Retention rate is the metric that measures customer loyalty to your brand. Or, to put it another way, your company's ability to retain customers over the long term and keep them away from switching to another brand. It is also a good reflection of the satisfaction of your customers and the emotional bonds they have forged with your brand.
To calculate it, simply establish the percentage of your sales that come from consumers who have already purchased from your company. The higher this percentage, the more the latter excels in retaining its customers and therefore in federating a committed community.
The loyalty of your customers is not only an essential metric to assess the relevance and quality of your offer. It is more crucial as the costs of acquiring new customers are increasingly high. Competition between brands has in fact caused the price of advertisements to soar, but also reduced the attention available to consumers, who are solicited from all sides.
How to build customer loyalty through influence?
Marketing influence, and more generally the fact that your brand is present and interacts with its customers and prospects on social networks, is a powerful loyalty tool.
Here's how your brand can rekindle the interest of its target audience by optimizing its content strategy and collaborating with influencers.
1. Renew the interest and trust of customers
Consumer attention is an extremely valuable currency. To convince your customers to buy from your brand again, you must remind them of good memories. And your presence on social networks is the first way to achieve this.
But people don't just follow brands on social media. They are more likely to be interested and engaged with the content of an influencer, who not only shares their top tips but also more intimate slices of their life.
By collaborating with influencers, your brand can renew the interest of its target audience in a more organic and authentic way. It is also an excellent strategy to gain credibility since your products and their quality will be validated by a person whom consumers trust more than a company.
2. Build customer loyalty through influence by having a better understanding of their needs
A crucial element in building customer loyalty is to make over the long term (and not just on a collection) an offer that meets the needs of your target audience. For a company, it is not always easy to understand what consumers expect, especially in a constantly changing environment.
Conducting interviews with your customers can take a lot of time, in addition to representing a significant budget. It is easier to retain customers through influence since the content creators you will collaborate with are generally very good representatives of your market.
The connection they have with their community, and the feedback they receive on the products they present to them are all consumer insights that your company can use to evolve its offer. And thus, offer products or services that meet a real demand.
Certain collaborations, such as take-overs of your brand account, lives and Q&As can be very good ideas for obtaining feedback. The data that you will collect in this context is also very valuable for understanding consumer behavior and thus better anticipating.
3. Target the right customers
Building customer loyalty begins long before you make your first sale. This is because your business is more likely to retain customers who are already interested in your offer and your message, but who have also created a genuine relationship with your brand. Influencer marketing allows you to reach, but also to retain (we also speak of nurturing) people who have the potential to commit to your brand in the long term. Attracting and retaining such an audience will be much easier through an influencer whose speech sounds more authentic and who knows how to speak with his/her community.