This strategy is characterized by:
Offer incentives or rewards to customers for their loyalty :
Discounts.
Accumulative points.
Gifts.
Access to exclusive events.
Membership programs.
Service improvements.
Adapt to different customer segments or categories : Based on their purchase history, spending, or level of engagement. This allows for more personalized and relevant rewards to be offered.
Use points systems : Points are accumulated for each purchase made and can be redeemed later for products, services or discounts. This dynamic motivates customers to continue buying to obtain greater rewards.
Establish direct and personalized communication with customers : Through email, text messages or mobile applications to keep customers informed about the loyalty program and its benefits.
Making use of data :
Purchase frequency.
Average purchase value.
Product preferences to adapt and improve sales strategy.
If we wanted to apply this strategy to a bank, it would be like this:
Transaction Points Program
A loyalty program is implemented where customers accumulate points for each transaction made with their bank accounts .
Every time customers use their debit card or make electronic transfers, they are awarded points based on the amount spent.
These points can later be redeemed for benefits such as:
Interest rate discounts for loans.
Bonuses on fixed-term deposits.
Special gifts.
Membership Levels
The loyalty program is structured into different membership levels such as gold, silver and bronze . Depending on the customer's transaction history and value to the bank, additional and exclusive benefits are offered.
For example, Gold level customers could have access to:
Personalized financial advisor.
Preferential banking services.
Preferential interest rates on loans.
Strategic alliances
The bank establishes alliances with other companies and businesses to offer additional benefits to members of the loyalty program. For example:
Discounts at restaurants.
Retail stores.
Travel services.
These strategic alliances expand reward options and enhance the value proposition for customers.
5. Push sales
The main goal of this approach is to actively seek out customers and convince them to make a purchase .
This strategy is characterized by:
Take an active approach : Salespeople approach customers through cold calling or personal visits.
Highlight the features of the product or service: To convince customers of the need to purchase it.
Follow up closely to maintain customer interest and attention : Through follow-up calls or emails.
It is important to note that push sales strategies are effective in certain contexts, products or services, but intrusive or unsuitable in other cases. So it is essential to assess and understand the target market and adapt the sales strategy as necessary.
Let's look at an example of how this strategy fits into a bank:
Suppose a bank is targeting customers with savings accounts country wise email marketing list who do not yet have a credit card.
Based on the information in their database, sales reps can cold call potential customers and highlight the benefits of having a credit card:
Shopping convenience.
Accumulation of points or rewards.
Possibility of establishing a positive credit history.
As part of the strategy, the bank offers special promotions:
Low introductory interest rate.
Elimination of the annual fee during the first year.
After the first interaction, the sales rep sends follow-up emails or makes calls to:
Answer additional questions.
Provide more information.
Assist with the application process.
Once a relationship has been established with customers, the bank uses the push strategy to offer additional products or services, such as:
Personal loans.
Insurance.
Investment accounts.
It is important to note that a push sales strategy in a bank must be combined with excellent customer service and compliance with banking and financial regulations.
In addition, it is essential to respect the privacy and preferences of customers, obtaining their consent for contact.
