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5 ways to manage and enhance customer loyalty v1.2
 

5 ways to manage and enhance customer loyalty v1.2

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    5 ways to manage and enhance customer loyalty v1.2 5 ways to manage and enhance customer loyalty v1.2 Presentation Transcript

    • 5 ways to Manage & Enhance Customer Loyalty
    • About Us – CitiXsys Technologies
      • Business Drivers
      • Products for SAP® Business One in Retail, Warehousing, Distribution
      • Largest SAP® Business One Services Partner in the world
      • Installation, Implementation, Integration and Customization Services
      • Strategic Partner for SAP Ecosystem Opportunities
      • Operating Locations in US, Canada, UK, Australia and India
      • Global Employee Count: 225+
      • 700 seat R & D and Support Center in India
    • Agenda & Introduction
      5 ways to Manage & Enhance Customer Loyalty
      Our Experience as a consumer
      Why is it so important?
      Loyalty Defined
      How best to Manage it?
      Can it be enhanced?
      A case in point – iVendLoyalty
    • Where do we experience it?
      North America alone has over 1.2 billion+ loyalty programs underway at any point
      Every house hold is typically a member of over 6 loyalty programs
      Loyalty Programs have traditionally been offered by
      Airlines
      Credit Card Companies
      Grocery Stores
      Restaurants
      There are all sorts of loyalty programs
      Bill Value based
      Quantity based
      Promotional (Buy some get some)
      Many more….
    • Why is it so important?
      68% of customers are lost due to indifference. Indifferent customers are a result of pure neglect - Michael LeBoeuf, Ph.D., author of How to Win Customers and Keep them for Life
      You can increase profits by as much as 95% through increasing retention by as little as 5% - Bain & Company
      It is far too expensive (over 7 times) to acquire a new customer as against getting repeat business from an existing one
      Loyal customers are your best marketers
    • What is it Anyway?
      Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behavior which is potentially of benefit to the firm – Wikipedia
      They help better understand and monitor customer preferences and buying patterns and in turn reward the preferences
      Loyalty is NOT about Points and redemption
      Loyalty is aboutRelationships and their Longevity
    • What is it Anyway?
      Its about getting more customers to
      Buy more
      More Frequently
      A business tool to increase revenue by
      Building customer relationships
      Targeted promotions and rewards
      They increase
      Recency
      Frequency
      Purchase Dollars
    • How to Manage them?
      Strategize business goals
      What do we want to achieve from the program
      Increased traffic and sales
      Increased referrals
      How to structure the program
      Lower MRP
      Increased service offerings
      Identify target segment
      Demographics based
      Buying seasons vary from region to region
      Certain products are more popular in a particular region
      Product or Service based
      Promote a new product
      Increase sales of the best selling product
      Keep Loyalty Programs simple – to execute and to understand
      • Collect the bottle caps
      • Complete the combination
      • Logon to get a secret code
      • Qualify for the sweepstakes
      • Thank you for being loyal…!!!
    • How to Manage them?
      Start with simple courtesies
      Thank your customers for their business
      Make realistic promises
      Don’t kill the goose
      Stay connected
      With new and past customers
      Share information
      Send industry specific pertinent information to your customer
      Give Referrals
      Refer your customers and give them business wherever possible –let them know that you referred them.
      Think Ahead
      Know your customers business and needs. Anticipate their needs. Answer the question before it is asked
    • How to enhance Customer Loyalty
      Keep up with Marketing Trends
      Its more about enhancing experience than just points and their redemption
      Identify and monitor your best customers
      Collate data, analyze spending patterns
      Customers spend more in North America than their counterparts in Asia
    • How to enhance Customer Loyalty
      Create brand recognition
      Be present at the right place and not All places
      Get regular feedback from customers
      Leverage Social Media
      Make it easy for customers to provide feedback
      Act upon the feedback
      Its no good if you only listen and don’t act
    • Case in point – iVend Loyalty
      A platform seamlessly integrated with iVend Retail
      Out of the box configuration
      Default Setup
      Personalization (for unique web presence)
      Dual modes of operation
      Online as well as offline
      Integration and Support
      Web Service Support
      Integration with SAP
    • Case in point – iVend Loyalty
      Usability and Design
      Wizard Based Setup
      Intuitive User Interface
      Exception Management and User Help
      Multiple Registration Modes
      Customer ID:
      Loyalty Card or:
      Loyalty Card Attached to a Customer ID
    • Case in point – iVend Loyalty
      • User Defined Themes e.g. Bronze, Silver and Gold
      Points-to-Currency conversion ratio for each slab
      Redemption percentage against an invoiced amount for each slab
      Threshold limits and rules for upgrade to the next slab or downgrade to a slab below
      Current and Fallback based redemption methods
      Points Management
      Points Journal
      Loyalty Point Aging
      Flexible mechanism of upgrading or downgrading the status of a customer
    • Summary:Whyis it so important?
      68% of customers are lost due to indifference. Indifferent customers are a result of pure neglect - Michael LeBoeuf, Ph.D., author of How to Win Customers and Keep them for Life
      You can increase profits by as much as 95% through increasing retention by as little as 5% - Bain & Company
      It is far too expensive (over 7 times) to acquire a new customer as against getting repeat business from an existing one
      Loyal customers are your best marketers
    • Contact Us
      Canada – Toronto
      CitiXsys Canada Inc8th Floor, 2425 Matheson Blvd. East Mississauga, ON L4W 5K4 Canada T:1 905 361 2886 F:1 905 361 6401 E: toronto@citixsys.com
      EMEA - London
      CitiXsys UK Ltd Lakeside House, 1 Furzeground Way Stockley Park, Uxbridge UB11 1BD United Kingdom T: 44 0 208 622 3006 F: 44 0 845 280 8848 E: london@citixsys.com
      India - New Delhi
      CitiXsys Technologies Pvt Ltd A-24/5, MCIE, Mathura Road New Delhi 110044 India T: 91 11 42696666 F: 91 11 42696600E: newdelhi@citixsys.com
      Asia Pacific - Sydney
      CitiXsys Australia Pty Ltd Tower 2, Level 20, 201 Sussex Street Sydney NSW 2000 Australia T: 61 2 9006 1616 F: 61 2 9006 1515E:sydney@citixsys.com
      USA - CitiXsys Americas IncNew YorkRockefeller Center7th floor, 1230 Avenue of the Americas New York NY 10020 USAT: 1 212 745 1365 F: 1 646 349 3441 E: newyork@citixsys.comNew Hampshire264 South River Road, #474Bedford NH 03110USA T: 1 603 232 8252 F: 1 646 390 1988E: newhampshire@citixsys.com Chicago22nd Floor, The Merc, West Loop30 South Wacker DriveChicago, IL 60606USAT: 1 630 359 5956F: 1 630 697 1315E: chicago@citixsys.com ChicagoCantera Center 4320 Winfield Road, Suite 200Warrenville, Chicago, IL 60555USAT: 1 630 836 8528 F: 1 630 836 8010 E: chicago@citixsys.com  
    • Questions…???
      www.citixsys.com
      www.ivend.com
    • Thank you!