Economy
3 Big Hooks Businesses Use to Attract and Retain Customers
When you take a look around you, you’re always targeted by ads, offers and limited time discounts. They’re in print, on buildings, and everywhere you go online; but what are the most effective methods used by the most lucrative brands? And how can we expect them to evolve in the years ahead? Let’s take a closer look at 3 notable examples of popular techniques used to attract and retain customers.
Remove friction, increase sales
Netflix rose to the top of the streaming world in large part due to their willingness to offer 30-day free trials all over the world. The clever thing about this move is that they knew that after 30 days, you’ll be interested in many shows and desperate to continue watching.
There was, however, the frictional element of the first payment which needed to be removed if the funnel was going to work as intended. Setting up a payment plan along with all payment details is often a complex and time-consuming task. That’s why the Netflix team kept everything simple by taking payment details electronically as part of the registration process for the free trial. They then set the paid subscription to automatically begin after 30 days, while continuing to learn about the user’s likes and dislikes during that window.
By having an entire month of user data, Netflix was able to retain millions of customers by recommending shows they knew they would like. The fact that all a user had to do was simply continue watching meant that the transition to paid use was hardly noticed by them. Now that they have attained market dominance, Netflix has removed the free trial options.
Given Netflix’s unstable position, it’s possible that trials will officially become a thing of the past. Instead, there’s talking about a cheaper ad-supported version designed to steer people away from disruptive entrants like Disney+ or HBO Max.
Who doesn’t love free stuff?
No deposit bonuses that are offered by online casinos are another great example of schemes designed to attract new potential customers. By offering things like free spins, online casinos are attempting to entice players to start playing in their casinos. Because they don’t have to deposit money to activate the bonus, they will feel like it won’t hurt to try.
Casinos want players to get a taste of a particular game or the casino itself, and since the selection of products and services today is practically endless, one must try to sway the customer to their side and stand out. With savvy players always looking for new ways to have fun online, we can continue to expect a raft of new types of bonuses to keep flowing.
When points matter
The cost of living crisis and inflation in many markets means that household budgets are being stretched in a way they haven’t been for a long time. Supermarkets have come up with their own ingenious way of retaining customers. In-store offers and discounts have long been the norm in every type of store — not just supermarkets — so many shops needed something to stand out from the rest of the market.
Target’s loyalty program was the market leading initiative in this space. The company used an in-depth knowledge of each shopper’s habits to offer personalized discounts. This gave rise to store loyalty cards and points systems where the more a shopper bought, the more they would earn in loyalty points.
Nowadays, shoppers can redeem their points for discounts applied in store, extra products at the checkout, or sometimes even products and services from third parties. The idea here is to turn an everyday action (paying for clothes and groceries) into something which leads to a desirable reward, in addition to the products themselves. Stores are then able to produce greater brand buy-in, while customers feel valued and have an attachment to a particular chain, regardless of how similar the rest of the market is.
These types of offers are not likely to go away any time soon and are set to gather pace in the 12 months that lie ahead. Because of the unstable situation around the world right now, we can safely expect to see supermarkets double down on their offers and loyalty schemes in an effort to maintain their customer bases.
Now that you’ve heard our thoughts on some of the common methods for retaining customers, can you identify if you’re “guilty” of some of them?
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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