How does loyalty marketing & CRM grow revenue exactly?

How does loyalty marketing & CRM grow revenue exactly?

< Back to Articles | Topics: Trends

This is a guest post from Bay Street to Main Street Consulting
(Member since 2017)

Contributors:

Maria Caines
Chief Growth Partner, Bay to Main Consulting

How can CRM sales software help boost sales performance for retail, hospitality, service-based and tourism business sectors? These businesses are where most consumers spend their dollars.

Now more than even, business owners need a more direct way to communicate with their customers when they aren’t in the store. Every customer has become extra crucial for revitalizing a business. By connecting directly with customers, you can:

• Thank your customers for their purchase and support.

• Let customers know about your full range of products and services.

• Let customers know when you have a sale or special offer.

• Keep customers current on your protocols to keep them safe.

• Increase the number of times they shop with you.

• Increase the number of items in their basket.

• Introduce higher-priced items more easily.

• Recognize special occasions like birthdays.

• Cross promotions with other businesses.

• Reduces customer churn.

• Increases customer referrals.

BONUS: Reduce the chance of defection to the competition who offer loyalty rewards!

Essentially, you use your customers’ information to nurture the trust in your relationship. You do so to keep your business top of mind as the only merchant whom they should obtain your sector’s products and/or services from.

Natalie Doyle Oldfield states that 81 per cent of consumers spend more with businesses they trust.

The Pareto Principle says that 20 per cent of your customers give 80 per cent of your sales. It makes sense then that moving more customers to the same level of support as that 20 per cent will increase your sales volume exponentially.

Let's look at the math. Your 20% (100 customers) are spending $1,000 per month for a total of $100K = 80% of $125K

If 30% (150 customers) begin spending $1,000 per month for $150K, it equals up to a 40% increase in total sales ($50K more/$125K) depending upon the original spending.

When your systems and controls are ready for this kind of growth and service delivery, find a loyalty partner who can scale with you and your goals.

Our team is here help!

< Back to Articles | Topics: Trends

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