Hope you had an awesome weekend. We had a happyxens meetup on Saturday & I just couldn't be happier. Oh and if you still don't know, we call ourselves happyxens here at Xeno🤭
We've been in the pandemic for far too long now and meeting everyone after more than 1.5 years felt surreal. Here's my favorite capture from the meetup:
Back to the grind now. Before you get into the Monday mood, let's dive into today's edition.
Here's what we'll be talking about today:
- Emotional loyalty: Evolving restaurants' approach to brand love
- Retention campaigns or invasive marketing – How to identify the right approach
- How Bestseller India grew incremental revenue by 19% with the help of Xeno!!
Let's dive in!
😋Emotional loyalty: Evolving restaurants' approach to brand love
If we think about loyalty, it's not a rational concept — it's an emotional one. We're loyal to people in our lives because we've shared little moments together and, over time, those moments coalesce into something greater and inexplicable.
Restaurants can create that same bond, little by little, and they're doing it all the time.
For example, Dutch Bros Coffee brings that idea to life by focusing on "interactions over transactions." The company has a mindset of hooking customers up with drinks when they are having a bad day or visiting for the first time, which builds an instant connection
The path to 'wow' moments
It's important to identify and take action at the moments that matter most for the customer. Here are a few ways we do that:
👉Capturing feedback at key touchpoints (ex. when a customer joins the rewards program, upgrades to a higher tier, etc.) and always understanding "the why"
👉Recognizing and celebrating key milestones (ex. 50th visit, visiting during a new daypart, referring a friend to join, program anniversary, etc.)
👉Elevating customers with a premier-tier membership experience
👉Giving top members input and early access on new products, rewards and causes
The future of emotional loyalty
- For most restaurants, "transactional loyalty" is still the overwhelming priority. Brands need to feel comfortable investing in the long-term gains from emotional loyalty as a business driver and have the ability to prove the impact to their leadership. The goal is to capture customer sentiment in more places — and by acting upon it, you'll create brand love.
🧐Retention campaigns or invasive marketing - How to identify the right approach
In recent years, retention marketing is gaining increasing mention and traction among marketers. This new form of marketing seeks to ensure engaged existing customers who keep returning to a store to shop. Or to bring back past customers once more into the buying cycle.
Attention to Existing Customers
As per Bain and Co., attracting new customers costs seven times more than retaining existing ones. Besides, research indicates that a modest 5% rise in customer retention helps in generating profits of up to 125%. This single factor highlights why marketers are attaching great importance to retention.
To drive successful retention marketing, an organization needs to establish a two-way, engaging relationship with customers. Given the present scenario of big data and predictive analytics that offers companies in-depth consumer insights, personalization is crucial for engagement. Indeed, customers expect and demand personalization.
Risks of Invasive Marketing
Conversely, invasive marketing typically tailors promotions targeted towards the needs or wants of potential customers.
Some years ago, invasive advertising denoted static one-dimensional hoardings on the roadside, incompatible product commercials in theatres and on TV, or some junk mail. Fortunately, big data, smartphones, and smart advertisers have transformed this into more personal communiqués.
- To succeed, both the messaging and the mode must be appropriate. If this isn’t done, it will only generate more spam for customers to ignore and junk.
🤑Bestseller India grew incremental revenue by 19% with the help of Xeno!!
What happens when you reach out to your customers during the biggest shopping sale of the year? 🤩 Let me tell you!
Bestseller India partnered with Xeno during the Black Friday sale to reach out to their customers on the channels they love.
But we didn’t rely on Black Friday to do the work for us! The customer base was divided into various segments to make sure the communication is relevant to each & every customer for all 4 of its brands - Only, Vero Moda, Jack & Jones & Selected.
The results are now in front of you!!
🧐 What's cooking in the Marketing & Advertising World?
- Pepsi and Netflix come together for Money Heist party
- Tata Consumer Products rolls out Tata Soulful brand name
- When celebrities switch brands, what does it mean for marketers and consumers?
That's all that I had for today. Take care & stay safe :")