CRM is an important part of gaining a deeper understanding of one’s customers or shoppers. Customer Relationship Management, or CRM for short, is a marketing and technology practice of creating and growing a database of customers and the various data around a customer’s interaction with your brand. The purpose of CRM is to achieve the panacea of “knowing thy customer” inside and out. This information helps marketers create targeted campaigns that are more personalized and drive higher ROI.
CRM Acquisition is all about growing the number of names in a database, along with the desired information. This helps achieve greater degrees of tracking, measuring, and expanding consumer loyalty. To that point, growing your CRM database can have great impact on your brand’s bottom line because it lets you interact with an ever-growing number of active, lapsed and potential customers. A common rule of thumb in the database marketing world is that it’s important to add 5% new names to your database every month to ensure sustainable growth. Churn and unsubscribes will offset that growth and reduce your database size.
What better way to grow that database than to give a coupon as an incentive for signing up? While this sounds like a simple idea, we’ve seen many brands use this tactic as a powerful way to drive meaningful growth in the CRM database. By delivering a coupon in exchange for an opt-in, you are reinforcing that you value the consumer and are willing to give them something in return for access to their inbox. Following up that initial opt-in with valuable and relevant information and other personalized offers is another way to keep that consumer engaged with and loyal to your brand.
Another cost-effective and high-quality CRM acquisition strategy is to leverage the database of active and vocal/loyal customers you already have. Reward them and encourage them for sharing content and offers with their friends. Common “refer a friend” programs tend to work, although some marketers consider it “gimmicky” – We would say there is a way to do it consistently without the cost of expensive rewards programs or gimmicks. One such way to accelerate CRM acquisition with high-value new customers is to execute a consistent “Share & Get” program. The concept is simple. In the ordinary flow of offers you are extending to your existing CRM database, entice them to share with 3-5 friends to unlock an even higher offer. These programs drive additional CRM acquisition, loyalty for the folks who are already in your database, and increased purchase.
If you are not using digital promotions to drive CRM acquisition, then you are missing out on a powerful tool. Employing the correct strategies around CRM acquisition—using multiple channels and tactics to get in front of new shoppers—is important if you are looking to drive meaningful growth for your brand
If you are interested in discussing how your CRM program and CRM acquisition strategy can benefit from a more strategic use of digital coupons and promotions, please contact us today. Our teams partner with forward-thinking marketers like you to bring strategic thinking and digital innovation to clients that empower meaningful growth.
We approach every relationship as a partnership. Your business goals are our goals, and we diligently work with you to achieve themContact Us