How to Boost End of Year Sales with Loyalty Marketing

The ember months are upon us and these are the months that are notorious for consumer spending. Maybe your sales plateaued in the summer months and you are looking to boost sales again during the ember months. What is your company doing to make this happen? Has your company drafted a campaign strategy to ensure consumers are spending on your products and not the competition? How does your organization distinguish their brand within this frenzy? Ensuring your products are in hampers are great but offering consumers a little more will certainly get their attention during this period.

First you would need to define the objectives for your company and to do this you would need to take into account the current economic situation in your country. What are the current spending habits? What are the trends your company can capitalize on? These questions and many more would help you define realistic objectives and set realistic goals.

After analyzing your current situation, defining the strategy that would best serve your target market is the next step. Is your company trying to raise brand awareness at this point or just trying to clear the inventory in the warehouse? These goals would determine the strategy of the marketing. For example, if you are trying to clear inventory, you may want to offer a 2 for 1 pricing strategy to get consumers to buy the products off the shelf and possibly clear your warehouse.

The next step would be to decide on the best tactics to use to achieve the objectives for boosting end of year sales. As mentioned in the earlier example, you may decide to offer consumers a 2 for 1 pricing model and advertise this on radio, TV or online. Your strategy could be to reward consumers with airtime when they purchase your products in which case you can purchase labels to reward consumers using the Sproxil Champion program. That way consumers can be instantly rewarded with airtime straight to their mobile phones. These are some tactics to apply to win consumers loyalty during this end of year marketing frenzy period.

The end of year marketing plan on your end needs to be solid to achieve positive results. What plans have you made so far? Have you made plans in the past? Did they work for you?

How Loyalty Marketing Helps Your Business

Loyalty marketing is a term that has come to stay in the business world in recent times. How can you reward your consumers for being loyal to your products? Why should you even reward them? They need the products don’t they? Even necessity products have competition. Water is necessary for survival. So many companies manufacture bottled water but there is competition even within that industry. If water company A offers rewards for customers who patronize their brand and water company B keeps communicating just the benefits of drinking water which company do you think would have an increase in sales? Provided both companies offer the same value proposition. I think Water company A would win consumers hearts with their loyalty rewards.

How does Loyalty Marketing help your Business?

Win back customers

For several reasons, your original customers stray and find other products due to a number of issues. The other products may be more cost effective or your company did not invest the resources in looking after these customers when they were purchasing your products. Whatever the case may be, the best way to win back these customers is to run a loyalty marketing campaign. This entices them with the offerings but more importantly, you give them a chance to reconnect with a product they once loved and depending on whether your company has put in the work to improve the product, you would have won their hearts all over again.

Build a Database of Loyalty

Do you think that company that supply you consumer information have given you enough data about your real consumers? If you run a campaign and have consumers potential and existing purchase your product, you know they were genuinely interested in the product. The information you acquire from running that campaign is more targeted because you know for a fact that these consumers purchased your product. Loyalty campaigns help your company build a targeted database and you can always approach these consumers when your company is launching a new product or you want to get real market feedback.

There are many other reasons why loyalty campaigns are useful for your business. It helps you build customer lifetime value amongst other things. Has your company run a loyalty campaign before?

The 4R’s of Data in Loyalty Marketing

Big data, small data, loyalty marketing, consumer engagement are all the talk of any serious marketing department. If you are wondering how this all translates in the grand scheme of things, wonder no more. These buzzwords are here to stay because the world is migrating to the data age. Whether big or small, data is vital in effective marketing.
If you have an instagram account, you would have realized by now that with every other five pictures or so, there is an ad. There is also a very highly unlikely fact that you would have engaged with that ad. The reason is because there was little or no relevance to you. This is where data comes in. When instagram starts re-targeting their ad with data accumulated, their ads would become effective. Why is that? Consumers are more likely to relate with information they already know or have been searching for in recent times.

When Facebook collects our data (big or small) it helps them retarget the types of ads we get. For example, if I send a message to a friend talking about buying a new laptop, Facebook mines that information (data) and shows me ads of people selling laptops or related content. I would then be more likely to engage with that ad and maybe even proceed to purchase a new laptop because of that ad.

Bringing it back to loyalty marketing, consumer engagement based on familiar content is more effective and this familiar content information can be derived from data mined from consumers. The 4R’s of data in Loyalty marketing are Right Medium, Right Time, Right Offer, Right People.

4Rs of data in loyalty marketing

4R’s of Data in Loyalty Marketing

Right Medium

Whether it is through traditional or digital medium, data helps you understand how your customers prefer to receive communication materials from you. Data also helps you decipher the most effective channels to reach them without them necessarily expressing it.

right medium

Right Time

Data enables you study patterns on times your customers engage with your brand the most. It could be times of the day, months in the year and peak seasons in the year. For example, if your customers shop for excess salt during holiday periods during the year, that would be the best time to run a promo. That insight comes from the data you have gathered and studied.

right time

Right Offer

This ties into all that has been mentioned above. The right offer also comes from quality insights from your data gathered. For example, if a business employs the Sproxil Champion product to run a campaign around their body lotion products, offering your consumers a discount on an extra lotion during the dry seasons is the best offer at that time for them. This increases sales for the company and sensitizes the customer.

right offer

Right People

While companies are always looking to increase sales and market share, it is also important that you acquire quality customers. The ideal customer is the one that would help you market your business in the absence of marketing material from you. For them to do that, they should have a great positive experience with your brand. For that to happen, the company needs to engage with them providing the right offer through the right medium at the right time. This comes from studying the insights you have gathered about them in the past and employing creative strategies to engage them.

right people

Technology enables companies achieve these goals and use data to create more focused messaging to engage consumers effectively. Thereby improving the bottom line, increasing market share and growing as a company. Looking for an effective loyalty marketing solution for your business, do not hesitate to contact us and let us discuss creative options for your brand.