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When inflation and interest rates are on the rise, the average consumer tends to tighten their budget. During such times, marketing becomes an important tool to ensure that your brand stays relevant. By tailoring the communication and offers that your customers receive, you can stimulate activity even as market purchasing power weakens.
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Marketing is not just about sales, but the entire process of delivering value to a customer. This means that marketing cannot be checked off a "to-do" list; it's something that must be continuously worked on. The entire customer journey is influenced by marketing, and customers are what make a business profitable. Therefore, a significant part of marketing is about various types of communication aimed at the right customers at the right times.
An important aspect of marketing is brand building. Brand building is about creating the right impression of the company in the customer's mind. A balance between sales-promoting marketing activities and strong brand building is a combination that can contribute to a competitive advantage and increased market share.
When the average consumer seeks to spend less money, marketing becomes even more important. Tailoring communications and offers helps strengthen your brand, while also encouraging your customers to remain loyal. In this case, it might be especially relevant to highlight customers’ savings by choosing your brand over a competitor, in addition to rewarding returning customers. Such rewards may include exclusive offers, discounts and/or bonuses for repeat customers, thereby encouraging customers to maintain a long-term relationship with your brand.
In order to maintain your brand’s competitive position, you should continuously monitor market trends, customer preferences and feedback. This allows you to adjust your marketing strategy as needed, while also ensuring that customers are happy with your brand and the offers they receive.
Marketing becomes significantly easier with a loyalty program from Loyall. Gathering all members in one database allows you to easily communicate with them and shape the desired brand identity. Our software allows you to efficiently segment members, enabling strategic communication with which the right message reaches the right members at the right time. Communications may be automated, which simplifies both marketing and brand building. Members’ offers and benefits are also easily administered via the software. It is possible to create benefits for all members, while certain benefits may be reserved for chosen segments. This allows you to ensure that all members receive the right benefits, making them eager to do business with you in the future as well.
Do you want to learn more about what a loyalty program from Loyall can bring to your business? Read more here or get in touch with us!
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