Putting the loyalty into customer loyalty, repeatedly
Loyalty is more than a behavior. It’s foolish to believe that a customer is loyal just because they make repeat purchases. The reason for repeat purchases could be simple as they are too lazy to shop around. What happens when your customer is presented with another choice?
At Direct Sourcing Solutions, we believe that Customer Loyalty is defined as the customer believing that your organization offers the best product or service. When the customer believes that your organization delivers the best overall value proposition, they will take your offering when faced with a purchasing decision.
Many companies strive to achieve the often elusive 360-degree view of Customer Loyalty. Many are discovering that how the customer data is processed is essential to success. But how is a non-revenue generating initiative such as data management justified in these days of tight budgets and stringent ROI requirements?
Every organization, regardless of size or industry, is struggling with managing the data that’s generated from the constant interaction with customers. The volume of customer information coming into corporate systems is staggering and it’s growing every year. High volume unfortunately, does not equate to high quality, reconciled and unified customer information. This is especially true if the data is housed in different systems and “owned” by different entities of the enterprise.
Organizations across a variety of industries are already experiencing the benefits of data management and data integration has on Customer Loyalty. In the US, Amazon and Netflix have pioneered the use of data to increase customer loyalty. The benefits are obvious. Among the key benefits are:
- Improved customer service
- Broadened customer relationships
- Optimized operations
- Lower cost
- More revenue-generating opportunities.
All of these benefits contribute to return on investment.
At Direct Sourcing Solutions (DSS), we can help you design and take action with your data management strategy. Focusing on centralization, particularly with the fast, furious, fragmented nature of cross-channel customer data not only enhances the visibility of your customers’ actions and preferences, but also allows you to identify your Most Valuable Customers (MVCs). Most marketers are unable to build this list easily and effectively.
A comprehensive Customer loyalty approach allows your marketers to gain greater understanding, become more strategic, and have meaningful customer interactions while delivering relevant messaging. The bottom line is, once we’ve synthesize your data, you can take control, measure and start generating powerful results from it.
The Top 5 Benefits of a DSS Customer Loyalty solution
Optimized back-office operations:
- Unified billing
- Accurate revenue accounting
- Accurate contractual billings
- Unified credit management
- Reduced mailing costs
By having accurate, up-to-date customer information available to appropriate individuals across the enterprise, an organization is better equipped to perform functions which can lead to faster collection of revenue and more accurate cash flow accounting.
More effective cross-selling and up-selling
Business success starts by having customers tied to your organization for more than a single service or product. Accurate and reliable data on customer preferences, interests, and demographics increases the opportunity to cross-sell and up-sell. The more products or services the customer purchases, the more tied the customer becomes.
Improved customer service
Know your customer. High-quality customer service is an essential element of any business. Having accurate, real-time information on customer preferences and concerns is vital in the migration of a “purchaser of goods or services” to a loyal customer.
Improved regulatory/compliance efforts
With greater assurances that customer data is current and correct, companies are more likely to be compliant with government regulations. DSS data quality management solutions help organizations by consolidating and maintaining accurate customer data, allowing companies to improve corporate controls and data integrity.
Bolster privacy efforts
More than ever, protecting customer data is of paramount importance, particularly with the emergence of identity theft as a significant security threat. Comprehensive customer data management efforts can help protect the privacy and security of your customers.
Don’t take any chances with your Customer Loyalty, contact Direct Sourcing Solutions today and let us help you with your data auditing, database management and data mining. We will be happy to discuss your business and discuss how your business could reduce costs and increase revenue by outsourcing your Customer Loyalty program to DSS.
Email [email protected] to find out more!