How to retain customers in this highly competitive age

Whenever I walk into a mall or a bazar shop on any week day, I hardly notice customers there. When I enquire comes the quick reply online players taking away their business, they offer such a huge discounts that the customer can hardly contain desire to buy, online spot deals are sometime available at a whooping discount of 85%. Even within the online space the competition is very sharp. So my point is how to distinguish yourself from your competitors and stay firm in the market place.

There is no fixed formula but to win a customer the brand or store has to go beyond lure of discount.

Amazon has devised annual loyalty programme which allows members to enjoy product subscriptions, video streaming of popular films and shows, same day shipping of thousands of items and much more. This  annual loyalty after paying $99 , became instant hit it has tens of million members world wide. This unique concept has helped Amazon to swell its  profits.

In India also many companies trying to imitate Amazon Prime to lure customers. The privileges should be devised in such a way that customer should feel more special. But it is not only confined to online business  but extended by many off line players also. Big Bazar started their loyalty programme some 8 years ago which has seen a double digit increase in membership of various loyalty programmes. Girish Khare of Brandstrust suggested their theatre client  Aadyam to reward a theatre goer in his every action be it visiting theatre, reviewing it, referring to a friend, uploading picture on social media or participating in contest. Reward was not a discount but a very different experience. They roped in a food partner restaurant in the vicinity of theatre at a very heavy discount on five course meal, wine partner offering wine at the best deal price and a travel partner offering a discounted taxi service dropping  home after dinner. Result-seeing theatre converted into the best outing .

Payback India  has now become India's largest multi brand loyalty programme, it offers customers an opportunity to engage across a diverse portfolio of partner brands both off line as well as online with option to earn and spend points and avail instant rewards.

Hashtag Loyalty is thriving on experimental rewards, started by a 25 years old Krishika Fagwani has managed to rope up brands like Pepsi, American Express and Amazon. How it works, a consumer registered with Hashtag Loyalty may choose from playing a game to win a drink at bar and also getting a private lesson on tempering chocolate from a chef at La Folie Patisserie.

Big challenge is how offline players succeed in luring customer from online rivals. Well a bit difficult due to their heavy discount offer but on the basis of efficiency and speed you must have noticed that next door small grossers and general stores are also doing thriving business.

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