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What is Customer Loyalty?
Customer loyalty, in this context, refers to the level of attachment, commitment, and most importantly repeat business consumers demonstrate towards a company or brand.
Most of the time, customer loyalty is gained and strengthened through a variety of factors like:
- Perceived value of the product or service
- Branding and social proofing
- Pricing
- Secondary added value
- Emotional or sentimental attachments
Loyal customers are what all businesses want to attract mainly because they’re mostly more tolerant when it comes to mistakes or issues, least sensitive to price, and will be the main progenitor of word-of-mouth marketing.
This makes customer loyalty an essential aspect of any business, whether B2B or B2C.
A customer relationship management (CRM) system specializes in data collection, in all aspects of a business. This data allows companies to study their customer engagement metrics to understand how their customers behave.
This further allows business owners or members of senior management to make data-driven decisions based on real-time or past information.
How Does a CRM Help Increase Customer Loyalty - Benefits
A CRM Can Be Integrated into Other Important Tools
One of the standout features of a CRM is its seamless integration with various essential tools for your business. For instance, you can effortlessly link your social media channels to monitor your marketing department’s real-time activities.
Additionally, you can connect your loyalty program, relevant apps, website data (such as Google Analytics), and even forms from platforms like Google Forms.
In the case of restaurants, integration with the POS system is also possible, while e-commerce companies can utilize tools like Hotjar to map out the customer journey and connect it to the CRM, gaining clear information about customer challenges.
The versatility of CRM integration goes beyond just tools – every aspect of your business can be linked to your CRM! If you’re in the electronic vending machine business, you can track each transaction and gather customer data based on phone numbers or email inputs.
For those organizing events or roadshows, staff members can input data or attendees can sign up for prizes and gifts, all of which enrich the data in your CRM.
This, in turn, equips you with the necessary information for continuous improvement and the development of tailored marketing strategies – ultimately helping you increase customer loyalty.
Collect Membership Data & Customer Feedback from All Channels
One of the most powerful functions of a CRM is its ability to efficiently collect, store, and utilize data – which is the next point we’re going to talk about.
At KlikNGo, we follow the mantra of ‘know them to hold them.’ To grasp this concept, it’s essential to understand the overall flow of the data collection process.
When data initially comes in, it tends to be scattered. Therefore, it’s crucial to thoroughly examine and organize the data by segmenting it. Many CRMs can filter data based on specific criteria.
Once you’ve segmented and analyzed your data, you gain a comprehensive understanding of your customer’s behavior.
This insight allows you to tailor personalized promotions and retargeting strategies, fostering customer loyalty.
By following this process, you’re not just offering products based on prices; you’re providing value to your customers.
Beyond pricing, customers seek value, which can be superior service, complimentary items, or exclusive perks.
A CRM enables you to take a look at your customers’ true preferences and deliver exactly what they want – gaining their trust and continual business.
Enhance Your Customer Service Department Through a CRM
A CRM can streamline and improve your customer service, thus enhancing customer and brand loyalty.
For example, you can store previous customer-submitted queries and tickets that your customer service team can pull up during a live chat.
They can then get a list of the customer persona and get a better idea as to how to better satisfy the customer. For example, if a customer has a history of redeeming vouchers – they’ll be more receptive to accepting vouchers as compensation.
On top of that, customer service representatives can input more data in the CRM to be able to better complete the customer profile, to make future tickets easier to resolve.
Through this, companies can retain more customers and boost customer loyalty through amazing and efficient customer service.
Predictive Data to Enhance Customer Satisfaction
A good CRM allows you to understand every customer persona using machine learning and Artificial Intelligence (AI) to predict trends and preferences. As a result, you can run campaigns to either target certain individuals or an entire demographic.
As we’ve mentioned earlier, a good CRM can browse and track your customer’s interaction with your brand. On your website, you’re able to use tools similar to Hotjar to map out where your customers are getting stuck, how long they engage with your mobile app, etc.
After that, optimizing and enhancing the customer experience should be in the next list of things to do.
Other than that, if you’ve identified that certain products or services are better received based on your CRM data, you can consider doubling down and getting better ROI by putting more of your effort and resources into that particular product.
Another added benefit of predictive data in a CRM is that you’re able to see seasonality and anticipate demand based on previous data – on top of everything else!
Remember, the key is to provide personalized content and promotions that can help businesses increase customer loyalty by giving customers what they want.
Through this, you’re able to anticipate demand, and plan and prepare inventory beforehand, especially for those days that you might expect higher-than-usual online orders or foot traffic.
CRM Can Reward Your Customers (Rewards & Loyalty Program)
A CRM system in addition to a loyalty program, can also reward loyal customers, which strengthens the relationship between you and your customers.
This is by far one of the most important factors in strengthening customer loyalty. According to some studies, 37.5% of people join loyalty programs specifically to receive rewards.
Rewards can come in the form of points that can be exchanged for certain goods and services, birthday promotions, etc.
These types of rewards are great because they provide value to your customers, without bringing up discounts, which might lower the perceived value of your products.
To give you an idea, here are the most common types of loyalty program modules:
- Voucher-based Loyalty Programs
- Point-based Loyalty Programs
- Attendance-based Loyalty Programs
- Subscription-based Loyalty Programs
- Tiered Loyalty Programs
Real-Time Monitoring for Businesses
Some advanced CRMs go beyond the basics, offering integration with AI-enabled cameras to identify specific individuals or your target demographic upon entering your premises.
This functionality allows you to efficiently assign staff to make sure your customers receive top-notch service and care, particularly in industries such as hotels, restaurants, and hospitality in general.
Take the hotel industry, for instance. You can have cameras equipped with facial recognition or number plate detection to identify VIPs or premium guests as they enter the parking lot or hotel lobby.
The system then promptly relays this information to your CRM, notifying the designated person in charge of organizing tasks for staff members, and ensuring the best customer experience.
This personalized service could range from a warm towel or a welcome glass of champagne upon arrival to thoughtful gestures like a chocolate spread or a fruit basket in their rooms. These seemingly small details accumulate and play a pivotal role in strengthening customer loyalty.
Given that, on average, most businesses allocate around $950 per employee per year on travel-related expenses, enhancing customer loyalty can translate into millions in additional revenue for hotels.
The best part about this is that these executives will likely recommend these hotels to their colleagues, friends, and families. This means that through one happy guest, a hotel might get a lot more referrals, on top of enhanced customer loyalty!
The same thing can be applied to premises like shopping malls, resorts, corporate buildings, etc.
Identifying Potential Strategies to Strengthen Customer Loyalty
A CRM isn’t just about managing and collecting data; it’s also a powerful tool for boosting customer loyalty and refining successful strategies.
Take, for example, Coca-Cola runs a corporate social responsibility (CSR) campaign promoting biodegradable bottles. Effective CRM systems can easily track and categorize sales related to specific campaigns, using artificial intelligence or manual input by staff members.
Coca-Cola then discovers, thanks to the CRM, that sales from their CSR campaign surpass that of other marketing efforts.
This tells Coca-Cola that their consumers resonate more with this style of campaign, suggesting a preference for environmentally-conscious campaigns.
In response, Coca-Cola might choose to intensify its focus on CSR-styled campaigns to align with its consumers’ values.
Besides that, CRMs also excel at identifying low-hanging fruit. Let’s revisit Coca-Cola’s scenario.
By leveraging CRM data, they recognize a demographic with an impressive conversion rate, but the numbers are suboptimal because of insufficient resource allocation.
In response, they can pivot their marketing approach, allocating more resources to channels targeting that specific demographic.
These seemingly minor adjustments can accumulate, potentially translating to millions of dollars in revenue, depending on the scale of the business!
Level Up Your Customer Loyalty Game With KlikNGo
With all that being said, we’d like to introduce KlikNGo’s CRM system – which we’ve taken a lot of time and effort to perfect
Every feature discussed in this article represents tangible advancements that we’ve carefully refined over the years. In the past, our CRM features and capabilities were exclusively available to major conglomerates, particularly those in the Hong Kong area.
Esteemed clients like Haagen Dasz, Nestle, and the globally recognized Pizza Hut continue to rely on and utilize our CRM system.
It caters to their intricate and specific requirements, providing a suite of features that have been fine-tuned over time.
Drawing from the foundational aspects of these capabilities, we proudly present our very own SaaS CRM software – KlikNGo! The beauty of it all? You have the flexibility to shape your loyalty program and CRM according to your business’s preferences.
Excited to learn more about our solutions? Check out our loyalty program CRM solution page today!
