CIE brings to our Deeptech community,
Fire Up Founder Insights series 5th edition, hosted by our COO, Mr. Ramesh Loganathan. The series is brought to you as a part of Startup Gyan Blog series by CIE-IIITH where we feature our founders and talk about their Startup status and the journey so far through conversation on specific topics useful for other Deeptech startups and the community at large.
In Conversation with Jeevan, founder Froogal:
Learning about customer insights and pain points from his first Startup, Froogal comes from a founder who lost his first Startup to Demonetisation and built the second that is hitting the charts with 1000+ Businesses as customers!
Froogal is a cloud based Customer Loyalty & Engagement Platform delivering multiple consumer oriented Industries to build Customer Centricity by modernised and personalised interactions with Consumers. The Startup works with industries like Retail, Food & Beverages, Fashion & Apparel, Wellness etc. and offers products for customer loyalty, engagement and analytics along with intelligent CRM.
“Personalised experience has become integral to longevity of a business and consequently the need of knowing customer profile & behaviour is more than ever”
The customer retention strategy has to be tailored to different businesses as their standards and pricing etc. differ. Some of the approaches to build on Customer loyalty and retention are analysing what consumer data companies already have and what is lacking, how they acquire data and what they are doing to create better customer experience.
Approaches for Customer retention:
- Creating different templates for different businesses
- Engaging customers through content communication
- Following up to make the second purchase
- Making customers Brand advocates through referral programs
- Reward and Loyalty points
- Understand demographic, transactional and loyalty behaviour to create personalised campaigns
- Know when the customer churn is happening and why
- Look at the past year data to know the factors behind the 80% customers not visiting again
“Customer loyalty is not just about offers & Rewards, but extend to consumer experience”
Some best practices for Customer retention:
- Identifying Customer Churn – Deviation in Customer lifetime value (visiting pattern of Customers)
- Timing and type of offer to keep the customer engaged
- Seeking in-store customer experience feedback and then following up to get them to make the next visit
- Digital forms for product unavailability to generate an assured availability at a later stage
The Growth Hack tip:
Consistency and Perseverance are important traits for a founder and the team. Also, have a set of yearly goals for what you are focussing on and want to achieve.
Setting the processes in the company from day 1 is very important. It may be hiring process, Onboarding process of customers, standard SOPs,….become more important.
Watch the complete interview for some cool anecdotes and fun facts!
Keep watching this space for more under Fire Up Series.
Stay safe and sound!
– Sunita Kumari, Team CIE