They say a company’s most loyal customers are also its most profitable.
And in a market that has been significantly affected by the pandemic, building a strong and loyal customer base has never been more important, especially as times continue to remain uncertain.
CIMET, a white-label platform that compares services and prices from multiple retailers, is dedicated to helping brands diversify by creating user experiences that significantly improve customer retention.
Recently, in partnership with leading global buy now, pay later company, Zip Co, the company launched Bill Switch, a new in-app and desktop tool designed to empower Zip customers to not only offset payments but also save money by finding a better power deal by comparing energy retailers.
With Bill Switch, customers can now search for better energy rates, estimate future savings, and request to change their electricity, solar or gas provider. On average, they can save $410.60 a year on their bill. Not bad!
The platform is available to all customers regardless of whether they are a current member or not, allowing the company to diversify beyond their core business (predominantly payments) to the energy space, and engaging their audience through extended services.
Another interesting case is CIMET’s work with the renowned cashback reward program, Cashrewards. Over the past few years, CIMET completely rebranded Cashrewards’ energy comparator tool and provided a closed member-only offer with exclusive cashbacks when they use the platform.
They were able to therefore increase their customer buy-in at the time by creating something aspirational – something bigger than the customer, which provided a goal.
The principle comes down to working out how to create a community for the end customer – one that encourages them to feel connected to the wider world, particularly as many are only now starting to reintegrate after lockdown.
And with studies showing 84 per cent of Australians consider loyalty programs important, we can see there is a clear and continued appetite in the market for these structures.
Another one of the core ways in which loyalty programs work is that they allow brands to personalise their marketing to customers.
With the data which can be captured from customer purchases, brands can build up a strong picture of buying habits and target their marketing campaigns directly to consumers with personalised messages.
Loyalty programs are also a key method to showcase company values and encourage consumers to get on board with their core mission. They are a way of connecting more deeply with customers on an emotional level – and therefore influencing their purchasing behaviour.
So, the message is simple.
Brands have a lot to gain by diversifying their portfolio, but with the end goal in mind of genuinely benefitting their customers’ lives.
This often equals an emotional reaction which equals loyalty – and is where the money lies.
CIMET offers a customisable white-label platform for all businesses looking to expand their offering to customers and to help customers compare services in the market.
The platform is free of charge and works through a handy commission structure. To explore the experience for yourself head over to Econnex.com.au and see how much you can save on your home utilities.
If you are interested, feel free to get in touch on our website.