So many companies focus all of their sales and marketing efforts on new business but at Incentivesmart we believe that long-term loyalty is where the real money is.
Loyal customers are an important driver of sustainable business growth. They're usually much less price-sensitive, can be nearly immune to competitive approaches and can become a powerful marketing arm, going out of their way to promote and defend your company - for free.
68% of lost customers lapse due to perceived indifference; they simply don’t understand why you are different or better than your competitors and, on average, it costs 20 times more to replace a customer than to retain one.
When customers do feel valued they are 66% more engaged in your brand and Incentivesmart helps you to achieve this.
Watch our CEO, Richard White discuss the key drivers of customer loyalty in our Snog, Marry, Avoid on-demand webinar.
The Incentivesmart platform uses sophisticated points banking technology to manage complex enterprise level reward programmes. We help you to develop more rewarding relationships and trust with your dealers, distributors, franchisees and direct sales networks. We help you to develop strong partnerships, increased loyalty, improved communication, advocacy, and increased sales.
Incentivesmart is proven to increase sales by 19.5% and customer engagement by up to 25% giving you a significant return on investment that is unparalleled in other marketing media.
Incentivesmart enables you to reward your customers however you prefer; for every purchase, for hitting targets, for percentage uplifts, for buying from multiple product categories it’s up to you.
Incentivesmart has the tools to individually or bulk award points to your customers and offers a number of Apps to help you process your sales data. You may wish to award points yourself or you may wish your customer to claim for their purchases. Favourites and personal goals can be set by your customers so that they can visualise and work towards specific rewards.
There is no doubt that discounting can provide you with a quick sale and occasionally improve overall sales. Discounting might help to boost sales and attract new customers in the short-term too, but from a strategic perspective it can have a negative impact on your product or service, your quality and your profitability.
It is simple mathematics to see that company with a 10% net margin offering a mere 5% discount is damaging profitability by 50%, so the company has to sell twice as much to make the same profit but it is surprising how many companies blindly follow a discount or rebate strategy without really counting the cost to their business.
Incentivesmart has a compelling alternative by offering customers an added value proposition to your sale that, in most cases, can’t be matched by your competitors. The psychology of receiving something back for you should not be underestimated, just think about the people you know who go out of their way to buy more expensive fuel or groceries in order to earn their reward points; 77% of customer behaviour is driven by emotion rather than price.
The most effective sales team you'll ever find is enthusiastic customers. The reason is simple enough: customers aren't paid to praise. When a customer becomes a passionate advocate of your brand, it means you truly earned it. A loyal repeat customer is great but the next step is to transform that dedicated buyer into a missionary who spreads the word and converts their friends and associates into customers too.
By building great word-of-mouth, you nurture an all-volunteer sales force that generates leads and boosts sales. Incentivesmart promotes referrals and makes it easy for your customers to introduce you to people they know. What’s more Incentivesmart gives you the tools to easily track, monitor and reward those referrals.
Many of those who do ask for feedback and ideas fail to action it and fewer still reward their customers for their vital input. Good feedback serves as a great motivator for your employees and poor feedback helps you to improve your business so you should encourage feedback of all types.
Incentivesmart allows you to gather feedback from your customers, monitor actions and reward or compensate customers for their opinions.
Never underestimate the power of a disgruntled customer. They can wreak havoc because complaints upset everybody and, with tools such as Twitter and Facebook, they can get the word out quickly. Of course, fixing the problem is the first point of action, but then you may want to go a little further and offer a gesture for the inconvenience. But what to give? A discount can be damaging and the wrong gift can further enrage the customer. Incentivesmart has the perfect solution to this problem; reward points are flexible and can be given as a tangible reward card, voucher or allocated directly to the customers account.
Drive third party promotions from your suppliers and partners directly through to your customers. incentivesmart’s impressive communications tools allows you to drive channel promotions through to your users without the need for expensive marketing campaigns or, often diluted, word of mouth publicity.
A study by the Institute for Sales Promotion calculated that a 25% increase in customer engagement equates to an average 5% increase in operating profit but engaging with customers can be difficult, especially when you do not always have an opportunity to see them face-to-face. Incentivesmart helps you to create meaningful two-way communications with your customers.