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Customer Loyalty Programs can build your business, promote customer loyalty and increase your bottom line. |
Does Customer Loyalty Pay? A mere 5 % increase in customer retention can result in a 75% increase in customer value according to Fred Reichheld, author of "Loyalty Rules". A great reason to pay attention to loyalty. Here are more benefits:
Customer Loyalty Programs Deliver Results:
- Increase Sales
- Introduce New Products
- Drive Customer Retention
- Improve Market Intelligence
- Increase Buying Frequency
Dealer Incentives Program Deliver Results:
- Capture Market share
- Drive Sales
- Increase Product Adoption
- Launch New Products
- Reduce Cost of Sales
Incentive Awards Programs are Effective With Any Type of Business! Request a Proposal and Price Quote for a Customer Incentive Program for your Company
* Retailers, Automobile Dealers, Banks, Mortgage Companies
* Direct Sales/Marketing Companies
* Multi Level Marketers
* Distributors/Wholesalers
* Mail Order Companies
* Manufacturers
Customer Incentive Programs: The Power of the Carrot
In the business world, when companies want to sell products or services, they often use incentives as motivators. These incentives can take the form of travel opportunities. It’s the "carrot and stick" theory refined by legions of smart marketers and savvy merchandisers to improve the way they do business. It works because people can often be persuaded to change loyalties and behavior when given a good enough reason to do so.
The four main business drivers for incentive programs are:
• Gaining customers
• Increasing customer loyalty
• Changing customer behavior
• Getting information about customers
Incentives programs have been successfully implemented in nearly every major industry imaginable. They can be used in any environment where a customer’s purchasing behavior is measured. The best incentive marketing fosters a sense of excitement and generates awareness of your company and product. A good incentive program should also have a clear, consistent message and concrete, measurable objectives.
Types of Incentives
The most popular types of incentives can be divided into two categories: direct and indirect.
1) Direct
The customer receives an incentive directly from the merchant. The key here is that the current or future value is from the merchant and is generally related to the goods or the service being purchased. Travel awards are a great inducement!
2) Indirect
Here, the customer receives a specific value that is not directly related to the purchase. The value may not - in fact, probably won't - come from the merchant in the transaction but rather a third party such as a cruise line, resort or tour operator.
Finally, the key is to see incentive programs for what they are: an addition to an existing value proposition. If the original value proposition of what you offer is not sound, no incentive is going to make a sustainable difference. The incentive must be directly tuned to the business objective, and its success in meeting that objective must be measurable so that a decision can be made to continue, modify or drop the program. Ultimately, incentive programs are only valuable if they significantly influence customer behaviorIncentive programs can also be structured to provide unique incentives for customers to buy big ticket items instead of utilizing commission rebates and other practices that undermine your business in the long run. Great for referrals. click here to request additional information
