Beyond Customer Acquisition: Insights for Fintechs & Grocery Apps

‍‍

TL;DR

For growth & product teams to survive in a standardized market while having to deal with that competition.

Obsessing over product features and functionalities is what we have been taught, but the game is different in the standardized markets.

This article explores how businesses can differentiate themselves by going beyond that “ONE PRODUCT FEATURE” and focusing on what to really offer beyond their core services & products not only to retain their customers but to give their prospective #customers a reason to use their app over their competitors.

Prelude:

In today's hyper-competitive marketplace, businesses face the daunting challenge of standing out in a sea of similar products and services. As companies strive to differentiate themselves, it becomes crucial to go beyond mere product features and standardization. In this article, we will explore the power of customer value optimization and loyalty as a strategic approach to not only survive the tough competition but also provide customers with a compelling reason to choose your product or service over others.

Going Above and Beyond What You Offer

Product standardization is an unavoidable reality in many industries. Whether it's using a ride-hailing app, shopping through a grocery app, or selecting a credit card, the experiences, and quality might not differ drastically. While product managers and growth teams obsess over improving specific features, customers often prioritize what they're getting beyond the core service or product to differentiate it from competitors. They value how brands leverage their data and behavior to provide better service, such as offering discounts, cash back, or a visible progress bar to unlock trophies.

Acing the Customer Experience Game in Ride-Hailing

In the realm of ride-hailing, for example, the customer experience between Uber and Careem may not be significantly different.

While everyone is stressing over how can we ‘IMPROVE’ that product feature/functionality, at some point, customers don’t really stress over that “ONE” feature that product managers & growth teams obsess over.

Customers are more concerned with what I am getting over and above that service or the product to differentiate it from that other competitor.

How will these brands leverage the use of my data and behavior to serve me better?

Will I be getting better discounts? Some cashback of sort?  Having better visibility on my progress bar to reach that one trophy with my everyday app?

What Grocery Apps Have to Offer Beyond That "Apple"

Credits: Breadfast's Loyalty Program by Gameball

We all see the hype over the 20 minutes, 15 minutes...Wait I got a plan. Looks better in seconds, and offers customers free products against delayed delivery. An interesting approach to capture some customers’ attention, but is that what the customers are looking for in their go-to grocery app?

While time constraint is important, there are other elements that businesses should consider to keep customers engaged and ensure repeat orders from their app.

Take, for example, buying an apple. Regardless of the store, most apples seem identical in terms of shape, size, and color. This standardization poses a challenge for brands to create a unique value proposition for their customers.

Photo from Breadfast's loyalty program by Gameball.

Elevating the Customer Experience

To truly set themselves apart, businesses must go beyond the core offerings of their products or services. This means focusing on delivering additional value and benefits to customers. For example, a grocery store could provide recipe suggestions and cooking tips (Shoutout to Talabat’s newest AI Shopping Assistant).

Inspiring customers to explore new culinary possibilities. By offering personalized recommendations, tutorials, or access to a vibrant online community, businesses can create an ecosystem that enhances the overall customer experience.

In Summary;

Product managers are now on top of their game of building robust products that serve. But standardization will always be triggering the questions in every customer’s mind: Why should this be over that?

Businesses shall proactively adopt customer value optimization, and loyalty not only to keep their current customers but also to acquire those low-hanging fruits.

So, the next time you buy an apple, remember the businesses that truly understand and cater to your preferences – they are the ones who have mastered the art of customer value optimization and loyalty while creating an irresistible offering in the sea of standardization.

‍