What CRM Integrated Loyalty Programs Can Mean to Your Bottom Line
Regardless of whether you are in the goods, services or manufacturing sector, point of sale customers are the single most significant asset of any outfit. Valued customers keep the organization running by providing a necessary revenue stream and feedback. Their consumer needs lead your company in a particular direction. Never forget that consumers drive the marketplace, and the market drives your operation. That’s why a CRM integrated loyalty program is important.
Many forward-thinking companies are outsourcing their loyalty rewards program development and tapping professionals such Loyaltyworks to pull everything together with cost-effective CRM integration. These are some of the ways a CRM integrated loyalty program is helping improve profitability.
Understand Your Customers Through a CRM Integrated Loyalty Program
The company-customer relationship tends to be a one-way street. Most consumers can do a quick Google search and find a wealth of information about your operation. From Google profiles to Yelp reviews to Better Business Bureau standing, it’s all online and accessible to everyday people. The reverse is not so simple.
To understand who your customers are and what drives them, businesses must gather data. Many utilize loyalty programs because they provide a customer benefit and the enrollment process helps capture information about your valued customers. Accumulating that information is the first step in getting to know your customer base.
But intel is only useful if you make it actionable. That’s where CRM integration comes into play. When data points to certain demographics and purchase trends, having CRM software in place to act on those activities can drive people to spend with you rather than somewhere else.
Think about it this way: if the latest trend for your base is sandals, stay-cations or luxury vehicles, it’s imperative that your company has the agility to push those products in conjunction with discounts, rewards or other incentives.
A well-thought-out CRM system can take consumer demographics, purchase trends and other pertinent information and provide you with real-time data about who your customer base is and what they want to purchase.
CRM Integrated Loyalty Programs Can Improve Communication
Once your loyalty program delivers on the pertinent customer data, CRM integration turns that into next steps communication. Whether customers engage through social media notifications, emails or text messages, the relationship between their inclinations and your product or service enjoy positive communication.
In many ways, that’s because your CRM has drilled down on what they enjoy and things they want to know about. Random pop-up ads on your Facebook feed and spam have just the opposite effect.
A properly implemented CRM integrated loyalty program system, in conjunction with your loyalty program, highlights the fact that you understand your valued customers. You are communicating in an intimate fashion that shows you care about what they care about by pressing only items that have a high probability of being well-received.
Think about this communication in everyday terms. A group of employees is talking about the recent NFL draft and the new players that will impact their favorite teams. If a customer walks in who is also a pro-football fan, this is a great conversation to join. Your team is connecting with a valued client on their level.
On the other hand, if that same customer has to sit in a waiting area while everyone talks football and they have no interest in sports, that’s an awkward environment. As a business that has gone to all the trouble of learning about your customer interests, a CRM system can help start up the right conversation.
A CRM Integrated Loyalty Program Improves Analytics
Keep in mind that garnering information about customer trends is only the first step toward growing your bottom line. Once you take possession of that data, it needs proper vetting and analysis to provide an accurate reflection of your customer base.
One of the fatal mistakes that do-it-yourself loyalty programs make is scrolling through consumer data and making assumptions about next steps. One of the key problems with that approach is those assumptions are sometimes informed by you, as the decision-maker, regarding where you would “like” the organization to go. Being immersed in day-to-day activities tends to minimize objectivity.
That’s why utilizing CRM systems that are not rife with personal opinions, leanings and wishes are far more likely to provide businesses with a clear, concise analytics-driven picture about communication and next steps.
Humans are full of wishful thinking. A CRM integrated loyalty program is not.
Contact a CRM Integrated Loyalty Program Professional Today
Integrating cutting-edge CRM systems into your loyalty programs to maximize data usage can provide excellent bottom-line benefits. It’s important to work with an experienced team that understands the common pitfalls business owners make by not outsourcing.
In all likelihood, you are an expert in your particular industry and understand the nuances necessary for success. The same goes for CRM integration. If you are a decision-maker that wants to ramp up your profitability with a CRM integrated loyalty program, contact our friendly professionals at Loyaltyworks.