Loyal customers are, essentially, the proof in the marketing pudding. You spend hours creating campaigns that aim to engage leads and convert them into buyers, but the ultimate goal of the transaction is more profound.
Building strong emotional connections throughout the sales cycle reinforces customer loyalty and ensures your brand's longevity. In a global market, where choice is abundant, this should be a priority.
Capitalising on each touchpoint between you and your customers will help to magnify your marketing efforts organically and enable long term profitability.
For example, loyal customers provide free word-of-mouth advertising and referrals; they display your logo and branding proudly; they leave positive feedback on your digital platforms and add upsell opportunities to your pipeline. Fundamentally, established relationships yield higher value for your business as opposed to continuous lead acquisition.
Thanks to intelligent technologies that can automate your organisation's customer relationship building activities, you can effectively nurture engagement and track the success of your campaigns. Integrating customer loyalty software into your operations will provide deeper insights into your company's performance and help you to identify smarter ways to smash your targets. Let's take a look at how this is achieved.
Eliminate cash flow inconsistency
While offering discounts and rebates to customers may seem like a good promotional tactic, it can hurt your bottom line. The occasional quick sale that was prompted by a hefty discount doesn't inspire long term commitment and can impact your monthly income. A good example of this is the recent performance of the UK's retail sector over the holiday season. Of course, many factors affected sales (such as indecisions surrounding Brexit and consumer confidence), but evidence also points towards flaws in the discount pricing model. According to the BBC, price cuts didn't do much to encourage the frugal shopper. With so much competition for the consumer's budget, the extra spending caution in times of financial uncertainty is unsurprising.
The key learning is that discounts can diminish your brand's exclusivity and hinder differentiation from other businesses. You should, instead, focus on nurturing those essential emotional connections with clients. This helps to reinforce the message that your service offers value and quality. By implementing a reward scheme that helps to promote brand consistency, your business can avoid the peaks and troughs of seasonal sales. These efforts to personalise the customer's experience will go a long way to stabilise your cash flow and build stronger relationships through a long-term engagement strategy.
Also, because you're investing in building stronger, meaningful relationships, the long term value from future transactions will be reflected in regular purchases which boost your cash flow.
“I ran some statistics just before the Christmas break, and our Simply Rewards customers are worth two standard customers. They are lower maintenance and have a significantly lower churn rate.”
At Incentivesmart, we take a customised approach to each client we work with, ensuring that their customer loyalty programme remains relevant and cost-effective. Our software operates a point-based system which enables customers to redeem their rewards at a time that is suitable for them, and you only pay for what is claimed. This saves you from procuring large volumes of stock which may become obsolete.
By using customer loyalty software, you can silo your budget for rewards and only make them accessible once your target audience is displaying the desired outcomes. This creates exclusivity around your offer and encourages more buy-in from customers.
Furthermore, because our software allows you to generate reports and analyse activity, you can get a clear picture of how your promotional campaigns are performing. If they are not driving engagement from customers, you can make adjustments and create a new path to meeting your objectives instead of waiting for the annual or quarterly round-up of results to come in.
If you're struggling to keep customers engaged, this may have something to do with the level of personalisation that your rewards programme offers. The modern consumer does not want to be lumped in with the masses, and there's no reason why they should be. Research by Deloitte indicates that "in some categories, more than 50 per cent of consumers expressed interest in purchasing customised products and services".
With Incentivesmart, you can monitor your customer's responses to content offers and tailor your delivery accordingly. The platform allows you to gather feedback so that you can be flexible with your rewards and provide more satisfaction for the customer.
Just like cash isn't a primary motivator for individuals, there isn't a one size fits all reward. By using the data customers choose to share with you, you can ensure that your rewards suit their interests and serve a purpose for them – now that's a meaningful reward. In turn, you have a deeply engaged customer who feels that your business is prioritising their preferences.
At Incentivesmart, we achieve this by creating a comprehensive catalogue that reflects your company's values and aligns with your client's needs. We have something for everyone:
- travel and experiences
- merchandise and gifts
- food, drink and entertainment
- health and wellness offers
- digital and physical gift cards
In a digital landscape, more and more customers are open to interacting with business through online platforms and applications. By having a fun and informative customer loyalty programme that utilises widgets and other gamification tools, you can keep customers entertained, opening new gateways to market to them and introduce more products and services.
The results you achieve through your customer loyalty programme will help to build an active ecosystem for nurturing buyers through the customer journey. The software you choose to integrate into this initiative will be the foundational element for your greater retention strategy and help to support your efforts towards growing a successful business.
Let Incentivesmart help to establish your brand as an industry leader by harnessing the power of customer loyalty. Our software enables you to form authentic bonds with your customers, ensuring long-lasting relationships and better business outcomes for your organisation. By focusing on your goals, we will ensure that your platform delivers measurable results that keep your business on target and your customers happy. Give us a call today if you'd like to arrange a demo or have any questions about the benefits of using our software.