In this age of startups, revolutionary ideas shape the concept of contemporary entrepreneurship. Startups face the challenge of delivering products that can compete with established brands in terms of quality and price. While their focus is on gathering more consumers, they cannot overlook the fact that retaining existing consumers is cheaper than acquiring new ones.
As more and more businesses realise the importance of rewarding loyal customers, hundreds of loyalty service providers are sprouting in every corner of the world. These providers offer end-to-end loyalty services that range from developing loyalty programmes, tracking customer data, and improvising on existing strategies based on the data collected.
Even though their services are comprehensive, not all businesses can afford them. Startups are mostly limited on financial resources, consumer data and engagement strategies. However, where they change the game is passion and out-of-the-box ideas. The biggest advantage that startups have over the larger companies is their active presence across digital platforms. This is usually leveraged to build direct relationships with consumers and to deploy cost-effective loyalty schemes via the same.
The Indian market has several startups with ingenious strategies that have helped them build a loyal consumer base without having to invest much in marketing.
News Corp VCCircle is hosting the 6th Annual Loyalty Summit in Mumbai on December 14th with an intent to provide practical and relevant insights into consumer behaviour, brand communication and other marketing strategies.
The summit will host a panel on ‘Learning from Startups’ which will discuss how emerging firms are acquiring more niche consumers and building up a limited segment rather than targeting large masses.
Panel Members include:
Nitin Agarwal - AVP & Head of Marketing, ShopClues.com
Manisha Sood - Country General Manager, Fitbit India
Naveen Kukreja - Co-founder & CEO, Paisabazaar.com | CMO - Policybazaar.com
Aakrit Vaish - Co-founder & CEO, Haptik
Srini Vudayagiri - Partner, Peepul Capital (Moderator)
To register, please write to register@vccircle.com
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Use our event hashtag: #VCCLoyalty