The mattress industry in India has emerged as a $2.5 Bn market, growing at a CAGR of over 11% in the last 5 years, Interestingly the organized sector which contributes to around 40% of the market share have grown at a CAGR of 17% over the same period.
The strongest moat that FMCG giants in India enjoy is their widely spread distribution channel. This distribution channel enables them to have an upper edge over any new competition coming their way. Before the existence of D2C, a new brand required several years to establish a decent distribution channel, no matter how great their products are, but with the rise of D2C backed by new age logistics ventures like Delhivery, Shiprocket etc. distribution channel is no longer an uncrossable Moat....
According to the Harvard Business Review, “Acquiring a new customer can be 5 to 25 times more expensive than holding on to an existing one”. Hence holding on to your old customers by understanding their needs, preferences, problems, support and devising customized loyalty programs can be way more cost-effective and provide a constant growth fuel for your brand.
Educating your customers is one of the most crucial part of the customer retention. Correct information about the product and how to consume or use it plays a very important part in the results which the customers are expecting....
A brand’s success depends on the ability to offer a unique, personalized experience for the customer. According to Salesforce, “79% of customers are willing to share relevant information about themselves in exchange for contextualized interactions in which they’re immediately known and understood”
According to research from Dixon, Toman, and DeLisi published in The Effortless Experience, the true driver of customer retention and loyalty is the ease of getting a problem solved.
The key to creating loyalty programs that work is to know why customers use them and what gets customers to keep using them.
Mistakes are very common in life as well as in Business. Apologizing honestly and rectifying your mistake promptly and making sure it does not repeat helps greatly in Retaining Customers when the brand has committed some error on their part.
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