Fast Moving Consumer Goods/Consumer durables are dynamic industry where the competition is very high and gaining an edge over your rivals usually means burning a big slice of the profits on discounts or other promotional activities, so that you can get customer shift from competitors over to your business.
Another breakthrough strategy involves acquisition of new customers and retaining the existing ones and in order to do this, it becomes imperative to unleash the power of loyalty software. A loyalty program that identifies influencers/customers who refer the highest number of new customers and rewards them for sustained loyalty – or sustained business.
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Does your business invest all its efforts on acquiring new customers? Amazing. But here’s the thing - existing customers for FMCG brands will probably buy from you again. The only challenge is to create a proper strategy to spike customer loyalty, which proves to a hard nut to crack for FMCG brands. Luckily, with the advent of new technologies, FMCG make a tip the scale in their favor.
In the case of packaged consumer goods, incorporating unconventional customer loyalty programs will never be sustainable. More so, if you consider implementation and maintenance costs, and pit it against the projected revenue.
This is the one of the biggest compulsion for FMCG companies. They often invest in B2B or multi-partner loyalty programs, instead of knocking out one of their own schemes. While partnering is not a bad choice, it often deprives the company of the opportunity to track and analyze customer behavior in real time. This sometimes leads to substandard campaigns and major deviations from the desirable results in the long run.
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There’s certainly a huge room for improvement, and various well-known brands have begun to understand the profitability of customer loyalty programs. Recent trend-shifts in the FMCG sector show that it become a common place to design such programs from the producers, so that businesses don’t have to rely on middle-men in order to collect relevant data and create complex loyalty programs. It’s high time to get inspired and develop a successful customer loyalty program for your brand.
Since almost every business uses multiple channels to sell their products, it is a critical opportunity to capitalize on it. An omni channel strategy makes it simple to nudge and retain your customers, more so if you merge online and offline channels.
A good way to do amalgamate offline and online channels is to digitize existing products. Due to the inherent traits of FMCG industry, producers adopt this method for promotional activities. There is no better example than soda and carbonated drink manufacturer, who imprint unique code underneath the bottle cap or the packaging. Once you go online, register on a dedicated website and enter that code, you can collect points and exchange them for rewards.
- Food products is the leading segment, accounting for 43 per cent of the overall market.
- Global FMCG Packaging Market Will Reach USD 657.27 Billion by 2024
- Personal care (22 per cent) and fabric care (12 per cent) come next in terms of market share
- Adding a personalized approach to your marketing efforts
- Deploying a loyalty program that works
- Decline in the average basket size
- Huge efflux of customers due to brand indifference
- Switch the business model focusing on the consumer
- Restructure the customer resolution and grievance center for lightning fast turn-around.
- Build a robust omni-channel experience for the customers to experience uniformity.
- Automation for offers and precaution message on data lapse or validity.
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