Magstar NewsNewsMagstar is Voted #1 on RIS Software LeaderBoard 2010 for Mid-Sized Retailers Magstar to Showcase Green Wireless Total Warehouse Solution at NRF 2011 Magstar To Exhibit Mobile POS at NRF's 100th Mobile POS Helps Retailers Save Money, Keep Customers Happy While Retailers Can Still Go Green |
CRM as A ROI EnablerPOS to Enhance Profitability, Merchandise Optimization and Customer MarketingLoyalty programs were once thought to depend on cards, points and redemption discounts until retailers realized these were just giveaway programs. Thinking beyond the card, where do you see opportunities for retailers to build customer loyalty?CRM is a ROI-enabler that can connect retailers more directly to their customers. Sophisticated CRM solutions enable cost-effective customer marketing by leveraging their personal data and purchasing history in all channels. Customer data can be used to tailor selections for each store to create a unique store 'personality.' Merchandise thus mirrors the preferences of customers who actually shop there vs. stocking shelves based on a 'head office' template. Greater financial returns and positive brand reinforcement result as customers realize their preferences are actually being considered. This creates more positive customer experiences and builds relationships via pre-sales, up-selling and post-sales' activities. Customers come to know that the right product mix will be available at the location they frequent and at a price they are willing to pay. With customers spending less and markets shrinking the feeling is that every shopper who remains loyal is worth her weight in gold. What can retailers do to keep their best customers satisfied and retain their loyalty?Traditional loyalty programs 'cold' marketed customers; CRM 'warm' markets to them and creates positive opportunities to build relationships and reinforce your brand. Well-designed CRM solutions give your staff many more ways to build consistent, meaningful and mutually-beneficial customer relationships. Make all customer points of contact as focused, niche targeted, responsive and compelling as possible. Provide all sales staff, merchandising, store and channel management access to high quality customer information. Allow each store to have a unique and tangible 'personality,' based on customer demographics and buying preferences for each outlet. Time-constrained consumers will keep a retailer top-of-mind if they consider them a reliable resource that pinpoints and can even anticipate their ongoing needs. What tools and strategies can retailers deploy right now to make a difference in the loyalty retention, conversion, frequency and purchasing trends?Customers are becoming selective in their participation in CRM programs. Retailers must deliver and provide value in exchange for their customers' loyalty. If the retailer offers cross-channel shopping options, ensure that the customer is aware of the benefits available to them: from signing up; to cross promotions; to pickup; and delivery options. Utilize customized personal emails, targeted coupons and promotions based on demonstrated personal shopping habits. Invite customers to in-store or web events with guest experts, celebrities and advanced product releases which focus on the customer's interests. Utilize sales receipts to notify customers of upcoming events. Continuously tweak product selection and offerings in the store and online based on proven customer purchasing trends. The key to retaining loyal customers, converting casual shoppers into frequent shoppers, and growing the shopper base is the "wow" experience. How should retailers create extraordinary shopping experience to inspire loyalty?Highly personalized emails and/or customized direct mail can include invitations to special in-store and online events, advance/special cross-promotions for new product launches with vendors. 'Talk' directly to customers' mobile devices and notify them of loyalty promotions and activities when they enter the store. Create a downloadable bar-coded 'shopping list' for regular customers. Allow customers to present their 'e-loyalty card' or coupon via their PDA/phone and a 2-D scanner on checkout. Add an 'electronic wallet' solution as well as sending them coupons and bar coded specials for easy POS processing. Sign up members using new technology that scans drivers' licenses rather than cumbersome error-prone methods of capturing customer information. Install POS Mobile for ultra-fast checkouts, no-fuss returns, and to instantly enroll customers in new CRM initiatives. What strategies and tools can help retailers improve their engagement with customers through executional excellence, speed, convenience and problem solving?A consolidated CRM, POS, mobile POS, mobile computing, BI solution will give retailers effective ways to 'speak directly to' customers. When fully-integrated to a sophisticated, intelligent, robust, reliable and cost-effective enterprise solution, complete transparency will result. Staff managing CRM, merchandising optimization, order management, finance and warehouse management will have all the tools needed to meet and anticipate their customers' needs. Taking an enterprise approach to CRM will moderate costs and enhance profitability. Knowing your customers, their spending habits and where they are geographically located, your business can adjust to changing conditions when, where and as needed. Exceptional retailers can gauge the effectiveness of their marketing programs by seeing when and how consumers' respond. Reliable CRM data provides not only the information retailers need to be responsive to their customers, but they will see you as a retailer that they can rely on, whatever location or channel they use. About Stephen GreenwoodSteven Greenwood is Vice-President of Magstar Inc., developers of Magstar Total Retail, a top enterprise retail solution for SMB's. Steven can be reached at: 1-877-332-3335 or at www.magstarinc.com. |
|