New Loyalty Management product gives companies a 360-degree view of every member to increase customer satisfaction and create revenue-generating loyalty programs
Salesforce [NYSE: CRM], the global leader in CRM, today announced Loyalty Management, a new product for companies across industries, including retail, consumer goods, manufacturing, travel and hospitality, to increase customer trust and engagement. Built on the Salesforce Customer 360 Platform, Loyalty Management allows companies to build intelligent loyalty programs for both B2B and B2C customers with a flexible, configurable and quickly deployable solution that fits their specific needs. With Loyalty Management, companies can provide more personalized consumer experiences, evolve their loyalty programs to stay current with customer expectations and help drive business value by creating loyal, lifelong customers.
Since the start of the pandemic, more than a third of U.S. consumers have tried a new brand, and 80 percent of them intend on sticking with it. While loyalty programs can help companies develop long term relationships with customers and drive growth, many rely on outdated, fragmented technology that fail to provide integrated experiences and are unable to evolve with industry trends, such as the shift from traditional point-based reward programs to exclusive experiences and products. These loyalty programs end up offering little value to the business or the customer and actually lower consumer trust instead of increasing it.
Introducing Salesforce Loyalty Management
Salesforce Loyalty Management will empower companies across industries, including retail, consumer goods, manufacturing, travel and hospitality, to create engaging and effective loyalty programs with clicks, not code, so that technology can be quickly implemented and easily customized. Loyalty Management is integrated with Salesforce Digital 360, Service Cloud and Tableau, allowing digital leaders to deliver a connected loyalty experience across the entire customer journey.
Salesforce Loyalty Management includes the following capabilities:
- Flexible and complete loyalty platform: Loyalty Management is built on the Salesforce platform so businesses can design a variety of different programs that meet their unique needs. Whether that is a tiered membership program or points per purchase, businesses can flexibly configure earn and redeem rewards programs. For example, a hotel chain can easily customize offerings to each local market to account for different experiences and amenities, such as tickets to a local professional sports game or a local winery that offers tastings, and evolve these offerings over time based on popularity and seasonality without having to rewrite code or update antiquated back end systems.
- Personalized loyalty offerings to drive business value: Companies can target different segments of their member base to ensure that offerings to consumers, business customers or partners feel unique and customized to an industry and their customer base. Loyalty Management allows companies to pull in their customer data—including marketing interactions, purchase history and website visits—to create a unified view of the customer and inform the personalized promotions they receive. For example, an outdoor retailer can promote an exclusive ski trip that they are offering in partnership with a local ski resort, or a B2B manufacturer can reward a business customer with credit for attending a webinar or product training.
- Integrate loyalty throughout the entire organization with a single source of truth: Because Loyalty Management is integrated into the Salesforce Customer 360, customers can easily sign up for loyalty programs through Salesforce Experience Cloud, and businesses can send personalized content and notifications to customers with Salesforce Marketing Cloud and Customer 360 Audiences. In addition, companies can integrate external systems, like a customer data platform, with APIs and integrate third party solutions from Salesforce AppExchange, such as geolocation-based notifications for when a customer is near a store, to enhance their Loyalty Management program. This creates a single source of truth and can empower an entire organization to strengthen loyalty across every customer interaction.
- Measure loyalty program performance: With Tableau CRM for Loyalty Management, companies can measure program performance, member acquisition and engagement, and partner performance in a dashboard. As business and customer needs change, Loyalty Management allows companies to determine the best path forward and to adjust their programs, including promotions and offers, based on real-time data. For example, a retailer can identify when their members aren’t using their points and offer them new incentives to redeem points to reduce the company’s point liability.
Extending Loyalty Management through the Salesforce Partner Ecosystem
Salesforce partners are equipped to implement Loyalty Management for B2B and B2C customers across industries. Salesforce global strategic partners Accenture, Capgemini, Deloitte and PwC, in addition to consulting partner PK, served as design partners in the development of Loyalty Management, and can provide organizations with guidance and solutions to build and strengthen loyalty programs for customers.
Comments on the News:
- “Organizations with high levels of customer loyalty outperform their competition, so it’s critical to provide their customers with valuable and memorable experiences to build trust,” said David Schmaier, CEO, Salesforce Industries. “Loyalty Management allows companies across industries to evolve their loyalty programs from a transactional to a human-centric approach capable of creating personalized, relationship-building moments with each customer.”
- “As successful loyalty programs move beyond simple point and redemption exchanges and focus more on early access, experiences and products, existing loyalty solutions have been slow to adapt,” said R “Ray” Wang, Principal Analyst, Founder and Chairman, Constellation Research. “Customers are looking for a loyalty management product that represents the next-generation of loyalty and gives companies the freedom to create, evolve and measure a loyalty program that is capable of providing personalized and engaging offerings.”
- Loyalty Management will be generally available in February 2021.