One of the important aspects of retail business that has evolved due to the increasing market competition is the tailor-made program to build Customer Loyalty. For a retailer, after the product/service gets released successfully in the market and the respective inflow of returns also starts pouring in, it becomes a vital step for him/her to focus on having a long term business engagement.
Irrespective of the business vertical/segment of retail, you might be active in, it’s always good to reward those customers who have been loyal. This leads to creation of various programs to keep the attention of customers on your products/services from the horde of other options available in the market. These programs not only help in retaining the existing ones but also lets the retailer to attract new customers.
Some of the major advantages associated with customer loyalty programs are:
- Imminent business – It has been observed that 65% of loyal customers make sure to buy from their selected specific brands/stores only. This creates a certain percentage of sales surety to the retailer.
- Indirect marketing – The customers with a strong loyalty towards a brand/store will convey the same to their family, friends and acquaintances. This is reflected on from their online presence too. If you have an online marketing page on social networking sites, website, blogs, etc. the loyal customers will follow, like and share whenever possible.
- Saving costs – It seems that creating, implementing and maintaining a program for loyal customers is another type of extra investment. But it does lead to the saving of your overall costs because retaining a customer turns out to be less expensive affair compared to getting a new one.
- Customer Data Acquisition – One of the most important advantage is the customer related data that gets collected through these programs. This data can be utilized to analyze the existing strategy, find the loopholes, review trends, get feedbacks and to have a clear understanding of changes required in future strategies.
We at CITI India, through Spectrum – A Retail Management Suite – provide a module for Customer Loyalty Programs called ‘Spectrum CLIP’. Our tagline says ‘Build Loyal Customers the Easy Way’ and following this motto we provide a comprehensive loyalty program management and execution system, designed specially to cater to the modern customer. ‘Spectrum CLIP’ empowers retailers to build, track and reward the loyalty of their customers.
To get a detailed understanding of ‘Spectrum CLIP’ its features and benefits visit our webpage: