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[New Retail + New Platform] Chapter 3- The Lover Economy

Love is important in business.

Love for your business, your team, and most of all for your customers.

This could mean treating your customers as sweethearts - nurturing a valuable relationship between retailer and customer then maintaining it for the long run.

 

In Chapter 3 of New Retail + New Platform, we delve into how Senheng has exercised their version of The Lover Economy.

We explore how they have cherished and pampered their customers just as one would cherish their significant other, and how this has earned them loyal customers who trust them wholeheartedly.

 

♦ Building loyalty and customer retention.

After the initial excitement, romantic relationships without a strong foundation are bound to wither away.

Senheng’s strong foundation of customer loyalty has been built through various ever-present programs and events, namely the infamous PlusOne Program, PlusOne Members Day and EZ Credit Rebate Program.

 

  • PlusOne Program

In Chapter 2, we introduced the PlusOne program and how it was paramount in boosting customer loyalty despite the slightly higher price tags that came with implementation of the Fixed Price Policy.

The program absolutely showers members with personalised rewards. Additional one-year warranty, 24-month one-to-one replacements, free delivery and additional service guarantees...you name it.

Perhaps the biggest differentiator however, is how Senheng identifies each group of customers and caters to each of them individually with their own PlusOne program.

 

The PlusOne Classic aside, the PlusOne Gold offers up even more exclusivity, while the PlusOne Lady Gold caters specifically for the female audience.

The PlusOne Citi is a notable partnership between Senheng and Citibank, where Citibank card members get to enjoy the best of both worlds with benefits from both parties.

  • PlusOne Members Day

Held three times annually, Senheng’s PlusOne Members Day has been a constant for the past 15 years and counting.

During these events, members are treated to exceptionally exclusive offers and discounts from not only Senheng but also third party merchants such as Starbucks, Kenny Rogers and other well-known non-home appliance retailers.

 

  • EZ Credit Rebate Program

The EZ Credit Rebate Program is a loyalty program that’s once again, exclusive for PlusOne members. Members can earn EZ Credits from purchases on selected products to accumulate and redeem as discounts for future purchases.

 

♦ More than just face value.

In romantic relationships, it’s often the small things that make an impact.

The same goes for relationships between customer and retailer. As minor as they may be, it’s the small details that further enhance the overall experience for customers in a Lover Economy.

In Senheng, these changes can be observed in their paperless project and Senheng app.

 

♦ Going paperless.

As early as 2015, Senheng has been taking the company digital, transitioning all company processes to their paperless, digitalised counterparts (read more on Senheng’s digitalisation journey here!).

Today, the membership application process for PlusOne membership registration is done via e-form on a tablet. This not only downsizes Senheng’s carbon footprint, but also makes for a more accurate and efficient application process.

 

♦ The Senheng app.

The Senheng app takes convenience one step further for customers. Through the app, customers can view:

  • PlusOne points
  • EZ Credit points
  • Warranty validity
  • E-receipts
  • Store locations
  • Current offers and promotions

Within the app, the QuickChat function connects customers with their nearest Senheng store, while the e-Wallet function makes payments a paperless breeze.

 

♦ For a better tomorrow.

Positioning your customers as your brand’s “sweetheart” extends past mere loyalty programs and member-centric features. It also means genuinely taking feedback to heart.

In a May 2019 survey involving over 18,000 PlusOne members, 90% stated that they will recommend Senheng to relatives and friends.

 

When asked what they like about being a PlusOne member, the top three perks echoed by the majority include:

  • Free premium warranty services
  • Attractive promotions
  • Devoted customer service

 

On a more negative note, the top five issues members were dissatisfied with include:

  • Attitude and image of the salesperson
  • Slow follow-up and response
  • Delayed delivery
  • Untrained staff
  • Desired products being out of stock

 

Positive or negative, feedback allows a business to further grow and reward their customers with the pampering they deserve - whatever your business’s version of a Lover Economy may be.

CREATED BY Charlotte Liew ON 13-10-2020 11:43