Why your business needs to have a loyalty and rewards system?

Tuesday, June 07, 2016

The resource website SearchCRM of TechTarget defines CRM as "a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth." In short, CRM is a way to know what your customers do.

Today, we are going to expand what we've talked about in the past few weeks to dig deeper and give you the benefits of Customer Love to improve your business. Maybe you're still not convinced to have your loyalty and rewards system until now, so we'll be delving more on why there is a need for businesses to have these kinds of systems.

To Attract Customers

One reason why your business has a need to implement rewards systems is to attract customers. There are customers who are buying pizza pies at the pizza parlor because they have a loyalty card, more so if they have friends tagging along. Their friends in turn will think of getting their own cards because chances are they are attracted to getting a delicious pizza pie at a discounted price.

To Know Your Customer

"Never waste an opportunity to get to know your customer," said speaker, consultant and book author Don Peppers in a Fast Company article. Knowing your customers mean knowing the purchasing decisions they are doing. If you know they're buying apples each time you put them on sale, you know that your customers are looking forward to your apples when it's sold less. This should make you think more about the value of those delicious apples.

To Influence Purchasing Decisions

Clothing brands also have their system of rewarding its loyal customers, thus affecting their purchasing decisions. Aside from having a sale on clothes, having a loyalty and rewards system adds more value to it, making it more sell-able.

These are just a few reasons why your business needs to reward your loyal customers, and if you look online, there are lots of great examples of companies having their own, some of which we are sharing in the "Love thy Customer" series on this space. Having a loyalty and rewards system is the norm these days, so think about these further as a way to solidify your business.

The Customer Love Fest will happen at the New World Hotel, Makati on October 20 to 21, 2016 from 9am to 5pm. This event will feature key resource speakers and the latest concepts in customer loyalty, rewards and experience. Join in on the fun and don't be left out.

This event is produced and organized by Ex-Link Management and Marketing Services Corporation, a business organizer in the Philippines. For more information, call telephone numbers 633-01-53, 643-38-87, mobile number 0920-981-4376 or send an email at info@exlinkevents.com.

Ex-Link Events is also on FacebookTwitter and Instagram.

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