There are many benefits to implementing a loyalty program within your company. In fact, it is one of the easiest things you can implement. By offering customer loyalty rewards for achieving certain levels within your organization, you will be able to retain your current employees and entice new ones with the opportunity to earn extra. Here are some of the top benefits you stand to receive when you implement a loyalty program with a CRM tool.
Increase Sales – When your employees feel rewarded for their loyalty and performance within the company, they are more likely to work harder, produce more and achieve additional goals in their job. This ultimately increases your overall profitability. CRM tools give your sales team the tools they need to gauge the interest in the products and services that you have to offer. Additionally, this information can help you develop campaigns that target your most loyal customers and reward them for future purchases. If a customer has reached out to you or mentioned your business to someone else, a reward can be earned for that customer based on their past or present level of engagement.
Build Sales Reputation – If your sales staff are performing below expectations, you may not be able to change their behavior until they show performance. However, by providing them with an incentive to increase their level of loyalty, you can begin the process of changing their behavior before they have decided to leave the company. By offering cash incentives for increased sales, you show your sales staff that by continuing to build their reputation you can get those promotions and raises that they deserve. When your sales staff are happy and your reputation is positive, word spreads quickly about your business. That will lead to increased client visits, phone calls and other forms of exposure that can lead to even more sales.
Reduce Turnover – Many companies experience a high rate of turnover because there simply aren’t enough experienced employees to fill all of the open positions. If you offered an employee incentive to sign a loyalty pledge, they would likely do it because it is better than having to lose money by letting go. Incentives can help you retain the key employees while promoting newcomers at a lower cost. A well thought out loyalty program is one of the best ways to keep a great employee on your team.
Increase Sales – The ability to connect with a specific customer is critical to increasing sales. CRM tools give you the tools necessary to reach out and communicate with customers. You can use specific trigger words or phrases to capture specific customer’s information so that you can provide tailor made solutions to their unique needs. Your sales team will be able to tap into the customer’s personal data and generate relevant results. If you currently have customer information in your CRM database, you can even search through it to find potential sales leads or new customers.
Reduce Turnover – If you currently have a large sales force and a high percentage of turnover, you may want to consider changing your sales practices. Instead of offering the same old products to the same old people, offer new products and promotions to get new customers in the door. Consider offering a loyalty bonus or rebate to encourage new customers. Offering a new car or an annual discount at your local gas station can motivate even the toughest customer to return to your store. Your loyalty program should allow you to measure how effective your sales are and reward those who help you achieve your goals. Reward your top customers with a corporate gift, such as a laptop computer or a dinner for two, which will show them that they are valued and appreciated.
Manage Inventory – With the introduction of E-commerce, the role of an in-house inventory management department has greatly diminished. This means that your sales team will now have to take more responsibility for keeping your inventories updated. A strong CRM tool will allow you to easily track sales activity, order statuses and monitor the progress of product supply and shipment to ensure that you always have enough stock on hand. Having a system in place for tracking sales, stock levels and orders ensures that your staff spends their time efficiently. It also encourages your sales team to work as a team and with one purpose to fill your customers’ needs. Many CRM systems can be partnered with outsourced fulfillment partners, too, which further streamlines inventory management. Learn more from this company.
Increase Customer retention – Using a customer loyalty and customer satisfaction tool will encourage customers to stay loyal to your business. Tracking how each customer is making a purchase will allow you to identify what is working and what is not. Your CRM tool should include detailed reports on customer satisfaction, including how each customer is being tracked by the company. Your sales and marketing team can analyze this data to create special offers or campaigns that are more likely to attract the kind of customers that you want. The more information that you gather from your CRM tool, the better equipped you will be to expand your marketing efforts and increase profitability.