“How you gather, manage and use information will determine whether you win or lose.” – Bill Gates
Customer retention is a hugely profitable and sustainable programme, especially in a perpetually fluctuating market, with new strategic and marketing trends to keep on top of every day. Businesses spend a lot of time and effort chasing new customers, but keeping them isn’t always easy. In fact, many companies fail when customer acquisition becomes something of a conveyor belt process. That’s why leading companies give serious thought to loyalty programmes when planning how to spend marketing budgets.
The cost of keeping an existing customer is 10 percent of what it costs a business to obtain a new one, and most companies lose between 10 and 30 percent of their customers each year. Meticulously designed loyalty programmes can make all the difference.
Making customers feel cared for and nurtured is absolutely vital. With the recent rise in internet sales, competition is becoming increasingly intense now that customers have the freedom and opportunity to purchase what they want, whenever and however they want it. Customers can easily get a deal they see as ‘better’ elsewhere with very little effort, hence they expect to be rewarded for their loyalty. So it’s important to show the best customers that their loyalty matters.
However, loyalty programmes aren’t simply about increasing profits and purchases. The most effective programmes focus on insight and innovation to learn about customers and help develop meaningful relationships with them. Through an understanding of the evolution of customer needs, our team helps create a more passionate consumer base by taking a uniquely personalised approach. Stericycle Expert Solutions has worked with major brands for over 25 years to design, implement and manage specially tailored loyalty programmes that reflect core values and ensure customers keep coming back for more.
The types of rewards have a huge impact on whether customers will engage with a brand as many loyalty programmes fail and re-engaging can be very difficult. It’s important to remember that loyalty programs raise customer expectations — if customers are disappointed in a loyalty programme, they may be lost forever. Therefore, it’s critical that brands make promises they can keep.
Segmenting the customer base should be a primary focus of any brand. Stericycle can help by identifying customer types and uncovering what makes certain customers loyal, neutral or vulnerable. This segmentation provides a full, in-depth view of customer’s motivations and rationale, as well as the invaluable information required to keep them. Providing an outstanding customer experience assists in widening profit margins by making customers more receptive.
Up-selling or introducing a great loyalty programme will be far more fruitful than trying to engage a new market. A customer with positive purchase history is more likely to spend a few more pounds on a preferred brand than they are to pay a competitive price. In fact, the probability of up-selling to a new market is 5 to 20 percent, compared to 60-70 percent for existing customers. Offering the right discounts and incentives can even bring at-risk customers back from the brink. Even a 5 percent increase in customer retention can increase a company’s profitability by 75 percent, according to Baines & Company, a global business consulting organisation.
Thoughtfully executed loyalty programmes ensure that a business stands out against the competition. Stericycle Expert Solutions' creative, customer-friendly solutions are cleverly designed with both profit and retention in mind, and their success has ensured the longevity of our client relationships, some spanning over two decades.
The skill sets of highly trained and motivated teams are carefully matched to each client’s requirements. Our teams sensitively collect and enhance customer data, utilising it to deliver professional, intelligent, efficient and impressive customer service.
Stericycle Expert Solutions' tailored services include:
• Management and distribution of loyalty discounts, cards, vouchers, bonuses, gifts, add-ons and special pricing
• CRM consultancy and design, hosting, integration and management
• Multichannel, multilingual contact centre
• Global lead generation and management programmes
• Tailored email deployment systems (able to fully integrate with existing systems, and capable of tactical and triggered communications, including relationship-building customer lifestyle communications, e.g., birthday emails)
• Database and systems design, hosting, integration and management
• Customer satisfaction studies
• Identifying up and cross-selling opportunities
• Inbound and outbound B2B and B2C programmes
• Predictive marketing and modelling
• Customer care strategies
• Customer and fleet prospect marketing
• After sales marketing programmes
All data is securely managed in-house, while cloud-based systems provide users with incredible freedom and flexibility. Our in-house bespoke email deployment and CRM solutions provide insight and enable consumer behaviour tracking, capturing real-time trends and increasing conversion rates. These solutions also flag potential problems early on and identify gaps and areas for improvement within a business.
Because of our strong partnerships with high street retailers and restaurants, we’re able to remind customers that they can collect points for redemption at dealerships, in stores or online. Pre-paid credit and debit cards can be used just like a regular card, whilst earning the customer three percent back on all purchases. Points accrued can be put towards anything from routine services or accessories to a deposit on a new car. Should customers or retailers require assistance, our highly skilled multichannel agents act as a dedicated extension of a brand.
Loyalty programmes can even be devised so that dealer partners do not incur the cost of any discount, but still receive all the customer retention benefits, thereby boosting their commitment to the programmes. Beyond incentivising customers and dealers, tangible rewards also highlight a customer’s whereabouts in the buying cycle, making it easier to devise targeted offers that increase sales and loyalty. Bespoke reporting suites provide a much clearer, larger picture of the benefits and effectiveness of loyalty programmes, supplying granular, easily accessible and actionable data.
Our innovative use of specially tailored marketing strategies and activities helps companies focus on and attract new and existing customers while streamlining corporate performance in the process. Stericycle delivers seamless management throughout, highlighting ways to maintain customer loyalty and greatly strengthening a brand’s position in the marketplace.