Boosting customer retention by 5 percent can increase profit margins by almost 80 percent. It is an important reason why most CEOs are creating loyalty programs to forge deeper connections with their customers. That is why reward and loyalty programs are everywhere because of its substantial commercial impact.
An average person belongs to at least 18 different loyalty programs, yet not many loyalty programs are focused on rewards, which ultimately leads to the loyalty programs’ failure.
This failure’s root cause is that there is a vast difference between human loyalty and corporate loyalty. Research has shown that most businesses have built their loyalty programs in a way that is delivering the exact opposite of a mutually beneficial relationship that customers look at.
The solution to this problem can be achieved by reintroducing different elements of human loyalty into the corporate loyalty model so that companies can witness their consumers develop a genuine brand affinity and see tangible positive results.
Launching a rewards program is a baby step towards nurturing long-term customer loyalty. Along with that, a well-planned promotional strategy is needed to boost the already implemented rewards program. Business owners need to have more than just reward points to give their loyalty program wings in today’s competitive market.
Implementing a meaningful loyalty rewards program is relatively more comfortable than the task of ensuring customer engagement. Achieving these results required an intricately weaved promotional program, delivered across multiple channels, customized as the communications and offers the program itself promotes. Few ways to reignite your customers’ interest with reward program promotion are:
The most expensive resource that any organization invests in is the employees. Employees who communicate directly with customers should be trained and armed with the right tools to promote and answer consumers’ various questions about the rewards program.
2. Create Buzz
Any brand’s most loyal and valuable customers are generally the ones who typically respond to and talks about new services being offered.
It can be done by inviting a brand’s best consumers to participate in something exclusive. An exclusive invitation to join any new loyalty or rewards program before extending it to the general public is more likely to generate program and brand enthusiasm that will be spread by word of mouth.
3. Value Demonstration
Any business must embed its rewards program and loyalty program information, highlighting essential benefits throughout its website, making it easier for the consumer to understand what he gains through participation.
As necessary is the product that you are selling through your website, a rewards program should be considered equally as important as the product or service. Disclosing the benefits offered by your rewards program increases the chances of seizing that sale from your competitor while acquiring a brand new loyal customer.
4. Promote in Phases
When a Rewards Program rolls out in phases, it gives every brand a chance to focus on one subject or channel. It helps to provide time to let the organizations work out technical and functional issues while amplifying one feature at a time during the promotion.
There is no hard and fast rule to offer all the features of any rewards program in one go. A program that provides a wide variety of features is likely to attract and engage more consumers.
5. Make Your Rewards Program Omnipresent
A rewards program should have advertisements all across offline and online channels. A customer’s eyes wander on the website. Messaging and navigating has to be seamless and visible across the website.
It will enable customers to use different channels as best they can. A rewards program covers multiple channels to reach customers in different ways. By communicating with the brand, it encourages a higher activation and exposure rate.
The critical factor for any rewards program is that it should live up to its promotional promise. A firm, brand-defining rewards program requires an exclusive value and the power to entice its consumers. The job then shifts to marketing and promoting the rewards program continuously in exciting and different ways.
Consumers will grow curious naturally and will attract participation and word of mouth marketing. Soon you will have the backing of a large customer base for the program – what better way to expand your business?
Rewards Program Promotion with NextBee
Here at NextBee, we will help you set up a rewarding loyalty program for your business to flourish and reach newer heights. Get that extra helping hand to go beyond your competitors and make your mark with our software in the industry.
We will help you set up and customize a rewards program according to your business policies like offering free goodies, discounts, and exclusive buying opportunities to your existing customers, which will show them that they are valued. Or provide cumulative discounts on a selected line of products. Offer discounts to consumers when they reach a specified spending target.
Limited time offers can prompt purchases and increase sales, but you must make sure you vehemently publicize the scheme. Also, give away free items with multiple purchases. Buy one, get one free is a tried and tested rewards program method of generating short-term repeat sales. Overusing this tactic might make people begin to question the quality of the products.
Asking consumers to give their valuable feedback before launching will give your clients a sense of ownership over the work. It is likely to result in higher sales later on and good word-of-mouth marketing.
A few big customers may be responsible for a large proportion of your ROI. So, it is essential to provide them with exceptional services.
It might range from anything of waiving minimum order quantities to providing an out-of-hours service. Or else, free home delivery to one-day fast delivery and so on. The best and the most profitable of all promotions are rewarding introductions and referrals.
Give your customers a reason to recommend your brand to their friends. Offer them gifts, discounts, or points in return for every new customer they bring to your business.