It just got a whole lot easier to launch a loyalty program for your customers, as Salesforce has announced a new product that will help you make customer retention a serious priority.
While acquiring new customer is certainly a noble strategy for any business, the reality is that retention marketing is a far more lucrative endeavor. It's cheaper, it's generates more revenue, and it makes your customers feel appreciated. What's not to love?
Now, Salesforce is launching a new Customer Loyalty platform designed to help you drive sales, improve customer satisfaction, and engage with your loyal following.
What is Salesforce Loyalty Management?
In a press release this week, Salesforce announced Loyalty Management. This new platform allows companies to improve their loyalty programs to offer more robust rewards, engage more customers, and generally improve the business-customer relationship.
“Loyalty Management allows companies across industries to evolve their loyalty programs from transactional to human-centric by delivering personalized, relationship-building moments to each customer,” said David Schmaier, CEO of Salesforce Industries, in the statement.
Loyalty Management will give companies a full, 360-degree view of every member in their loyalty program, facilitating unique, personalized experiences for everyone. It will be built into the Salesforce CRM, so you'll be able to seamlessly build distinctive campaigns depending on your company's needs.
The new platform from Salesforce will serve both B2B and B2C businesses, as well as a wide range of industries, including retail, consumer goods, manufacturing, travel and hospitality.
Why does customer loyalty matter?
It might seem like acquiring customers should be your number one strategy when it comes to marketing. But, fostering customer loyalty is a significantly more lucrative avenue to pursue.
Don't believe us?
For one, it costs five times as much to acquire a new customer as it does to retain a current customer. Additionally, loyal customers spend 67% more than new customers, and they're significantly more likely to refer other customers. Finally, US companies miss out on $136.8 billion per year due to avoidable customer switching.
Suffice it to say, there are plenty of reasons to make customer loyalty a priority when it comes to your marketing efforts, particularly during a pandemic that has seen a one in three US consumers trying a new brand for the first time and 80% of them planning on sticking with it.
Learn more about the main benefits of CRM Software
Should you choose Salesforce for your business?
If you run a business and are looking for a CRM solution…..we're going to guess you've probably heard of Salesforce. As the most popular Customer Relationship Management (CRM) provider on the market by a long shot, Salesforce represents one of the most valuable business tools you can use to help your business grow.
Among other CRM competitors, Salesforce is considered easily the most robust, with a truly massive feature catalogue, an endless array of third-party integrations, and a support team ready and raring to help with any and all problems that might arise.
Salesforce isn't without its faults, though. Obviously, a massive feature catalogue comes with a steep learning curve and lacks the ease of use required for some beginners. This makes it less than ideal for newer, smaller companies that don't require all that heft when it comes to a CRM – those businesses should see our guide to the Best Salesforce Alternatives
Still, Salesforce is considered the best for good reason, and if you run a business that has more than, say, 10 employees and has a bit of flexibility in the budget, Salesforce is an undeniably great option, particularly with the addition of this new Loyalty Management platform. If you want to see how Salesforce stacks up against a similar competitor, check out our head to head comparison with Oracle.