Have you seen How To SELL Anything?

This incredible sales handbook distils an expert's lifetime of sales and marketing experience and hands it to you on a platter, in a simple, easy-to-follow format. With existing customers being the most valuable source of income for any business, this book will teach you how to increase your return business and make more profit from your most loyal customers - and even how to reduce the costs of dealing with your least profitable customers.

Get it on Amazon (Kindle/Print)

Seven steps to build sales and profits

By Brian Woolf
October 6, 2002

One of the biggest mistakes still being made by companies contemplating a loyalty program is that they consider it a clip-on, a fifth wheel, rather than an integral part of the business ...

Introduction

One of the biggest mistakes still being made by companies contemplating a loyalty program is that they consider it a clip-on - a fifth wheel - rather than an integral part of the business. The primary benefit of a loyalty card program, for many companies, is gathering customer information that is then used throughout the business to improve corporate results. It is not just a targeted mailing tool.

A crucial - yet usually overlooked - question that management should ask when considering a loyalty card program is: How can we use customer information to help us achieve our strategic goals?

Asking that question is one of the seven essential steps required in setting up and running a successful loyalty program. These steps are drawn from my observation of the leading loyalty programs around the world. Why don't you take a few minutes and see how many of the Seven Steps your company practices? Then, either pat yourself on the back or start effecting some change ...

Seven Steps to Build Your Sales and Profits

1. Company Goals: Spell out what your company's 3-year goals are for customers, sales, and profits. (They are all inter-related!)
    
2. Customer Information: Set out all the ways you can think of how customer information, if used effectively throughout the business, could help in the achievement of these three company goals. Examples might include: identifying your customers' behavior so you can set up a recording system to measure their loyalty; increase the number of higher spending customers per outlet through a program of targeted offers, rewards and recognition; improve customer retention rates by establishing tripwires that trigger appropriate targeted actions; and reducing advertising costs by overlaying advertising distribution over a plot-map of where your Best Customers live and eliminating the wasted advertising.
    
3. Loyalty Program: Decide whether you want to capture the customer behavior of most of your customers or just of your higher spenders. Then introduce an appropriate low-cost loyalty program that gathers such data, keeping in mind that the best programs are simple and flexible.
    
4. Action: From the data gathered, understand your customers and their behavior. For example, how often they visit, how much they spend on each visit, how much each has spent in the last six months, and how distance (from their preferred outlet) affects the previous three results. Then apply these customer insights to set up programs aimed at achieving your corporate goals (as spelt out above).
    
5. Rewards: Ensure complete employee commitment (from top to bottom of the organization) by establishing recognition and rewards for the accomplishments of these new customer goals.
    
6. Review and Improve: Review the results of these new customer-oriented programs and think how your results can be improved even further by deciding which programs should be jettisoned and which should be refined and improved. Act upon this review. Keep repeating this process.
    
7. Benchmark: After your program has settled down (after 1-2 years), benchmark your results with the world's best programs, both in your industry and in others. Learn from them, adapt others' best ideas to your situation, and move your company to a higher level. Repeat continually.

About the author...

Brian Woolf is a global leader in loyalty marketing and has written three definitive works on the subject, Measured Marketing: A Tool to Shape Food Store Strategy, Customer Specific Marketing, and Loyalty Marketing: The Second Act. He devotes his time to helping retailers develop, critique and strengthen their loyalty programs.

The techniques and metrics Brian Woolf has developed have become guiding principles for those operating some of the world's most successful programs. He is the President of the Retail Strategy Center, and has consulted, and spoken at conferences, in the US, Europe, Japan, and Australasia.

Prior to his total commitment to loyalty marketing, his corporate roles included Deputy Managing Director of Progressive Enterprises, a major New Zealand retailer; and Chief Financial Officer of Food Lion, a leading US food retailer. He has an M.Com. (Economics) from the University of Auckland, New Zealand, and an MBA from the Harvard Business School.

Have you seen How To SELL Anything?

This incredible sales handbook distils an expert's lifetime of sales and marketing experience and hands it to you on a platter, in a simple, easy-to-follow format.

With existing customers being the most valuable source of income for any business, this book will teach you how to increase your return business and make more profit from your most loyal customers - and even how to reduce the costs of dealing with your least profitable customers.

You'll learn to sell yourself, sell your products, and sell your brand on the internet, writing high-conversion landing pages, social media posts, and more. You'll start attracting customers you didn’t even know existed, and learn the top trade secrets for customer retention.

You'll become a lean, mean selling machine. See how the experts do it and learn to adapt what they've done for your own profit. You'll learn to write strong, powerful, effective sales copy, whether it's for a sales script, sales letter, flyer, insert, advert or just about anything else.

You'll learn how to sell whether you're selling by telephone, by mail, or even meeting prospects face-to-face. You'll find out how to size them up, present yourself, nail down their true needs, close the sale, and learn to tackle the tricky ones.

You'll discover the biggest secrets of successful direct mail sellers, sales letter writers, and how to segment and choose the right prospects for each campaign.

Get it on Amazon (Kindle/Print)