If you are using a CLM (Customer Lifetime Management) CRM software you must be knowing that any great loyalty program not only makes sure that your customers feel appreciated, but it also boosts revenue generation in the long haul.
However, even if you just announce a customer loyalty program for your brand, the program will undoubtedly generate great attention, although the values from such loyalty programs are most often hard to extract and analyze for business growth.
Therefore, it is absolutely necessary for businesses to focus on robust loyalty programs using CLM CRM software solutions that will create a lasting impression on the consumers of your offerings.Companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience - Temkin Group Click To Tweet
CLM CRM solutions can not only be used for boosting the success of these loyalty programs but it also helps in increasing customer satisfaction, which can be done by doing the following as explained below:
Primarily even before you launch a loyalty program you must understand the purpose of launching your program, which can include reasons such as:
Although most of these stated goals are related to each other, nevertheless, it is always advised that you must provide your attention to specific goals.
Use an easy to use CRM solution that offers comprehensive tools for accumulating your customer’s data, such as integrating your CLM CRM tool with accounting software, like QuickBooks CRM that offer QuickBooks CRM integration free. Using integrations like these helps in analyzing the purchase behaviors of your customers and thereafter offer customized discounts and customer schemes according to their spending habits for upselling your offerings.
Hence integrating third party business applications with CLM CRM software present a great way to update brands to assemble customer data from several sources that help in making your loyalty programs a success.
Businesses employ several approaches to reward their loyal customers and thereby enhance the company-consumer relationship.
Therefore, always remember to honor your commitments while running a loyalty program.
Avoid putting complex rules and regulations as doing so will for sure scare away your customers and even worse make them feel that the program is all but just another ‘bait’.
Additionally, avoid creating tricky situations where points are awarded to the customers in the loyalty programs but are distributed in such a manner that most customers can never accumulate enough reward points to redeem anything meaningful.
Therefore, remember; if you shortchange customers your loyalty programs are sure to fail.
Just like businesses use CLM CRM software to gain insights on the spending habits of the consumers and find out ways they can make use of that information to boosts service delivery which aids in building better relationships between them and their customers, you can do the same for vendors associated with your loyalty program using your CRM solution.
This is because doing this activity will aid you in rightly matching vendors with your customer’s expectations that in turn will help improve the performance of your loyalty programs in the long haul.
The interaction history that can be found in the CRM database can offer vital clues about both the customers and the vendors to determine the parameters around the program.
For example, analyzing and tracking interactions will help you to set the right number of loyalty points to be earned for a specific amount of cash spent by the customers for buying your offerings.
Moreover, without a log to monitor the activities of your customers, you will always risk of excluding most of your customers if the information is not properly gathered, or land up in a scenario where your brand many give out too many loyalty points that can eventually eat into the profits of your company when customers redeem them.
Hence, CLM CRM solution not only helps to establish an effective loyalty program, but it also aids in impacting both the customers and the partnering vendors in the program that aids in the growth of your business positively.