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Major online stores and service providers, such as Amazon, Tinder, and Spotify, excel at taking significant portions of their respective markets through disruptive innovations. They have shown that success in the digital market lies in delivering new experiences and adhering to a customers tastes (Business Disruptors, 2017). In this paper, the primary ways of customer retention that are utilized by these companies will be discussed.
All these platforms have features that provide a highly personalized experience. Online marketing allows firms to gain a deep understanding of their customers profiles and adjust product advertisements accordingly to maximize revenue, and Tinder sells such data to other firms (Milia, 2021). Being the driving force of the online market, new generations require a specific approach that is based on engaging interactions instead of simple showcases and advertisements that will annoy them (Smith, 2010). Freemium, which is used by Spotify, is one such method that gives a customer the necessary push by letting them test the online product thoroughly before purchase (Kingsnorth, 2019). Amazon has shown the impact of affiliate marketing where multiple different products on the same platform increase overall sales, especially when they complement each other (Business Disruptors, 2017). Online customers also have access to a quick comparison of products on the market and make choices based on the extensiveness of the available information (Chaffey and Smith, 2017). A company must provide a thorough description of its products to retain a customer that intends to purchase since it is only natural for them to search and compare presented material.
Some companies go a long way to ensure that their customers prefer online purchases over local stores. For example, Cinch provides an opportunity to purchase such a high-involvement product as a car with just a single order and without additional offline interactions. Its policies target the most vulnerable points of online shopping. They address the lack of trust in the product and no transparency throughout the process (Bloomberg, 2020). They also utilize targeted advertisements to show products that would be tailored specifically to a customers preferences (Johnson, 2021). Cinch and other companies also work on increasing the convenience of online purchases, which is the primary advantage of this type of shopping (Bloomberg, 2020). In conclusion, online marketing requires highly creative solutions for a business that seeks major success on this channel.
Reference List
Bloomberg (2020) Cinch transforms the way consumers buy used cars in the UK.Â
Business Disruptors (2017) Business model innovation Amazon, Spotify and Tinder, YouTube.
Chaffey, D. and Smith, P. R. (2017) Digital marketing excellence: Planning, optimizing and integrating online marketing. 5th ed. London; New York: Routledge, Taylor & Francis Group.
Johnson, T. (2021) The shift from traditional marketing to digital marketing campaigns, The Marketing Folks.
Kingsnorth, S. (2019) Digital marketing strategy: An integrated approach to online marketing. 2nd ed. New York: Kogan Page Ltd.
Milia, A. (2021) 10 reasons you need a digital marketing strategy in 2021, Milia Marketing.
Smith, K. T. (2010) Digital marketing strategies that Millennials find appealing, motivating, or just annoying, SSRN Electronic Journal, 19(6). doi: 10.2139/ssrn.1692443.
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