Companies throughout the world are implementing customer loyalty programs to boost their revenues. A loyalty program is a marketing system implemented by a business that rewards purchasing behavior, increasing the customer’s tendency to stay loyal to the brand.
A loyalty program may offer store credit, convenience, prizes, or other benefits that would attract a customer’s loyalty. Loyalty programs help a customer feel valued by your organization. When a customer feels valued and is happy with your service, it is only natural that the same customer will refer you to his friends and families.
The result is effortless, free, and effective word-of-mouth marketing and building a loyalty base for your future customers.
Some of the reasons why loyalty marketing solutions are crucial for automobile dealers are:
- It boosts the growth of any business. It is proven to be a “growth hacker,” as pointed out in this detailed article. Useful to expand the company and bring in more revenue than the conventional marketing and relationship building system.
- Some dealers think that loyalty programs will create a massive hole in their pockets and drain their resources. It is not as expensive as you think they are. Finding new buyers is more costly than offering reward points and other benefits, as is pointed out in this article. A loyalty reward initiative also generates more business, which is why the expense for rewarding benefits to a customer is nil.
- Loyalty marketing solutions also boost your reputation in the market. By implementing them, you help the new buyers stick around for a more extended period and make your old customers feel valued.
- Attractive benefits and rewards often tempt customers to spend more than they would typically do, helping you increase your sales. Customers appreciate different loyalty initiatives by a company because it makes them feel like organizations understand their needs.
- According to Troy Ireland,
“Understanding the purchasing behavior of a specific demographic is one of the most important sets of research data available to marketers. To develop a strategic plan to present your products in a way that produces the most optimal buying behavior, one needs to understand what the target audience avoids as much as what triggers them to spend their money.”
Loyalty reward programs also help you conduct vital market research, which will further help you seek out the most appreciated reward programs.
What are some of the problems faced by automobile dealers in marketing?
Dealers need to apply their years of car selling business experience for marketing their business online. Many dealers are still unaware of the advantages of using a digital marketing platform, investments to enhance their website, SEM, SEO, and other social media platforms. Without involving the latest online marketing tools and automation software, it will only get harder for auto dealers to compete with the other industries that are continually inspecting, upgrading, measuring, and testing their strategies. Automobile dealers need to make a transition to improve customers’ buying experience.
Investment in automobiles is usually a very planned and well-researched step for any customer.
“According to Google, on average, car shoppers are influenced by 6-7 different sources. The top online sources include: Independent Research Sites (50%), Search engines (49%), Manufacturer Websites (46%), and Automotive Dealership Websites (42%). Dealerships must provide ample information, especially to local consumers, through online channels.”
[Source: Car Shoppers Prefer the Digital Path to Purchase]
Data management is also another feature that is lacking in the present automobile dealers’ scenario. Keeping and following records allow you to deal with and customer and understand his needs personally. You can send them highly customized and personalized emails and messages.
It will eventually motivate and inspire them to seal the deal with you. By offering personalized deals and offers for them, you earn their loyalty and build a lifelong relationship. Good service will also make you several referrals, which will bring even more business to your doorstep.
Some of the objectives that are crucial for automobile dealers are:
- Probable customers need a detailed analysis of the market structure and the forecast on other segments of the global automotive sensor market.
- We analyze the hydroponics market based on several factors like supply chain analysis, porter’s five force analysis, price analysis, etc.
- Providing the forecast and history of the market revenue segment of the four main geographical continents, like Asia, North America, Europe, and Australia.
- Also, according to several countries, future prospective and the analysis of the current market size is essential for any buyer to reach his purchase conclusion.
- Strategic profiling is needed for the different key players in the market, with a comprehensive analysis of their core competencies to create a competitive landscape.
- Track and analyze competitive developments such as strategic alliances, new product developments, joint ventures, research and development, mergers and acquisitions, in the global automobile market.
The market scenario
In the last thirty years, the vehicle electronics system has increased. The evolution of sensor technologies and microcontroller gives the automotive industry authority to develop complex technologies that will provide higher levels of safety and vehicle control to the end-users.
Many factors are responsible for the global automotive sensor industry’s growth. Such as rising environmental concerns, urbanization, and an increase in the middle-class population’s disposable income. It is forecasted to hit several million dollars in the market within a few years.
Some of the key players in this market are Avago Technologies (CA), Analog Devices Inc. (US), Bosch Sensortec (Germany), CTS Corporation (US), Bourns (CA), Gill sensors and controls (UK), Denso Corporation (Japan), Delphi automobile (UK), and so on.
The dealers need to shift their focus to digital marketing. People do not just need the lowest prices, but also product-based information. Vivid details and offers and price structures help a customer to seal the deal with the automobile dealers.
Along with selling the product, the dealers also need to market value and knowledge. Selling only a price point has never helped a customer to finalize a deal. All this is necessary to earn the trust and loyalty to build a healthy seller and buyer relationship.
Benefits of loyalty programs
A loyalty initiative program will help your dealership by transitioning ordinary customers to regular customers with membership cards. It will have a positive influence on your customer pay revenue and customer retention levels for many years to come.
- Customers who have joined the rewards and benefits schemes will return to explore your services frequently than those customers who have not. When customers return often, there is always a tendency to spend more than they would typically do. A customer with a loyalty membership will pay 35% – 45% more than a non-member annually.
- Customers who service their automobiles frequently at your dealership will significantly have a higher chance of buying another vehicle. These chances are enhanced when there is a member benefit or a reward to entice customers to spend more. The rate at which a member will make his secondary transaction is higher than that of the non-members.
- Communication programs are essential to building more substantial and more loyal relationships with customers. Enrolling them in different programs, and keeping them up-to-date about every new launch and offers through e-mails and messages is crucial. Rewarding the purchase behavior that you think is beneficial to your business encourages the customer to return to your services.
Why choose NextBee?
NextBee has all the service professionals to help you out at every step. Our professionalism, experience, and product performance to implement loyalty programs for dealerships are superlative. NextBee focuses on various loyalty marketing solutions, from social media promotions to digital marketing solutions. NextBee will provide you with:
- Expert assistance is provided in deciding incentive structures proven and based on a knowledge base of extensive experiences.
- Regularly occurring one-on-one focused meetings to analyze and evaluate, helping you optimize the performance of your program.
- Quality graphic design assistance enhances your loyalty program’s message and increases its effectiveness as your plan progresses.
- By creating custom support portals, you can offer quick hands-on assistance to any user who has a question and provide the needed guidance.
- Support for any reward – cash, points, gift cards, physical items, etc.
Some of the loyalty features offered by NextBee include:
- Single sign-on configuration fully integrates with the existing website, including your shopping cart, for all loyalty program users’ seamless experience.
- Secure APIs automatically pull and push order data, allowing customers to see and redeem their loyalty rewards quickly.
- Readily available integration with all major ESPs and CRM systems ensures your loyalty program can track every interaction and activity.
- Automated tracking of every purchase, including returns, charge-backs, and customer installment payments.
- Integrated data integrity protocols and double redundancy tracking ensures every segment, channel, activity, purchase, credit, and loyalty reward is conducted with accuracy.
- Customizable features allow you to segment loyalty program users based on purchase amount, shopping frequency, etc.
- Points get transferred on each purchase, benefits on services and repairs, bonus points on signing up, referral points, etc.
NextBee’s commitment also extends to helping your business run smoothly and effectively. We will also help you to build your customer loyalty program to generate sales and expand your business.
You can track the success of your program by:
- Word of mouth buzz for your solution based on authentic and persuasive stories that will nurture your marketing efforts
- Engaged employees and partners with attractive incentives for acquiring and retaining social influencers
- Referred customers in high-value segments through multi-channel word of mouth outreach that builds over time and earns buy-ins
- The minimal burden on your CRM and web team with pro-active assistance from NextBee at every step of your business journey
- Metrics-driven optimized social posts through pro-active participation from a motivated customer base without an ounce of forced cookie cutter sharing
- Lifetime value optimization of every segment of your valuable customers with personalized offers and incentives
- Savings on incentives budget with equitable and competitive rewards pegged to actual results and always set at the lowest acquisition and distribution cost
- Engage employees and partners in your loyalty efforts by giving everyone control over offers/customization of incentives and leaderboards/challenges to track the success
- The 360-degree solution that gets into action from the day of onboarding builds along every upsell and focuses on affinity and optimal usage patterns as much as at-risk/churn signal detection
The program works in various ways to assist you in every step of loyalty marketing solutions. We are helping you to earn your customer’s loyalty at the very first step.
- Leverage a robust platform and extensive hands-on service for a custom-configured loyalty program for your customers built from proven engagement software.
- Automate customer recognition – capture the persona of key user groups. And, implement a system that seamlessly embeds motivators directly into your customers’ normal activity flow.
- Rely on our experienced team of designers and developers. They help to manage and expand your customer-focused loyalty program for a continuously improved customer experience.
- Sit-back, as your marketing manager effortlessly tracks program performance and monitors customer activity. Meanwhile, you can enjoy the benefits of more engaged and active customers.
NextBee is the most preferred loyalty marketing solutions for several dealerships in North America. Loyalty programs are efficient marketing tools. They help to retain customers, increase growth, and also improve the reputation of your brand.
So, are you ready to revolutionize your business? Contact us to know more about customer loyalty programs for the growth of your business because it is one of the easiest and most effective ways to build a successful business.