Customer retention is crucial for businesses of any size or industry. Keeping customers happy helps ensure their loyalty, leading to long-term success and cost savings from reduced marketing expenses. However, businesses must understand customer needs, preferences, and market trends to offer effective solutions and gain their trust.
As an industry leader taking the initiative to address this challenge, CleverTap recently held The Big Leap Roadshow Vietnam with the theme, “Retention Playbook Vietnam: Mapping Personalised Customer Journeys”on February 22nd, 2023. The event was attended by over 100 growth leaders, entrepreneurs, investors, and other key industry stakeholders from Vietnam’s dynamic tech startup scene.
The event featured a multitude of activities designed to provide attendees with valuable knowledge and insights into customer retention strategies. The interactive format included presentations, panel discussions, Q&A sessions, and networking opportunities. Industry leaders from reputable companies such as Sky Mavis, Central Retail, and Piktina in Vietnam shared their best practices and expertise, which helped inspire engaging conversations about customer retention, sustainable growth, and expansion strategies. The event’s goal was to equip attendees with practical solutions to navigate the challenges of the ever-changing business landscape.
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Participants also got to share their ideas on strategies to convert potential buyers into actual customers, keeping them engaged, and ultimately turning them into active brand ambassadors.
Here is a recap of some of the exciting insights brought up during the event:
Combining gamification and personalised customer journey mapping
One incredibly valuable tool for customer retention is personalised customer journey mapping, which enables businesses to gain insight into their customers’ experiences and learn how customers interact with their brands at different touch points. Sky Mavis has taken this a step further by introducing gamification elements such as points systems, rewards, and leaderboards into the user experience which encourages customers to remain engaged with a product or service over time.
By understanding customers’ motivators, we try to reproduce the experience for them as fast as we can for the succeeding encounters. As a Web3-based game provider, we have a unique comparative advantage of gamification capability. We used this to gamify the entire user journey process to retain our users and make them stay,” shared Quinn Campbell of Sky Mavis.
Data-driven omni-channel approach to customer engagement and retention
In highly competitive segments like food retailing, Gail Sarintip Satitsatian of Central Retail highlighted the value proposition of its seamless online-to-offline omni-channel focus to ensure a smooth customer journey as a unique selling point to retain customers. In fact, e-retailing has become a vital shopping channel for Vietnamese consumers with total revenue for the sector growing by 20% to reach $16.4 billion in 2022 — a trend further reinforced by the COVID-19 pandemic. Central Retail offers online ordering for offline pickup or delivery to accommodate the growing popularity of online shopping. This incentivises customers to continue engaging with the brand, even when they cannot visit physical stores due to their busy schedules.
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Moreover, with digital tools, the company can easily track behaviours, gather data, and analyse customer patterns, leveraging the insights to improve customer experience and make personalised offers for each individual shopper. Data analytics also facilitates customer segmentation, enabling businesses to categorise their customers, develop in-depth knowledge of each customer group, and customise the products/ services accordingly. More importantly, businesses can leverage predictive data analytics tools such as machine learning algorithms to forecast future trends based on past behaviour patterns across different channels to future-proof their success and maintain long-term relationships with their user base going forward!
Unlock the brand power for customer loyalty and retention
Customer loyalty has declined over the past decade, with the pandemic further exacerbating the trend, with 75% of American customers trying new shopping behaviours and switching brands during the pandemic. Huyen Trinh, Co-founder of Piktina, believes that building customer loyalty is still possible, but requires new approaches. Simply offering great prices and vouchers is no longer enough. Brands must create an attractive environment and provide superior customer value to stand out and retain customers.
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“Loyalty has drastically dipped in the past 10 years. It’s in part due to companies relying on monetary incentives to retain their customers. At Piktina, we want customers to be loyal to us and who we are as a brand, not the coupons. We believe that the best consumer retention and expansion strategy is to turn customers into our brand ambassadors,” shared Huyen.
Entering the marketing landscape in 2023
In sum, Retention Playbook Vietnam touched on big ideas and major changes that are taking place in the regional marketing landscape in 2023. The event called for businesses to prioritise customer retention through more innovative tactics, as customer retention is projected to become even more important than ever before. As such, companies should strive not only to focus on short-term gains but also consider investing resources into ongoing learnings so they are best prepared when faced with any unexpected developments along their journey ahead!
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