Is your Loyalty Program not yielding the results that you desire?
In that case, get ready to inject some life into your loyalty program. Having a well-executed loyalty program that performs well doesn’t matter whether you’re a small business or an enterprise-level company. Either way, a customer loyalty program is a great way to drive sales and keep customers for the long run, and multiple studies have shown that customer retention has a far greater ROI than prospecting for new customers. Most of the business owners agree that customer relationship drives loyalty!
There isn’t just one specific option which is guaranteed to ensure your loyalty program is going to increase retention, create new sales, and improve the overall happiness of your customers.
There are various techniques to enhance your existing loyalty program which, from our decade of experience, we’ve found do work well.
It’s obvious that people love immediate gratification. Reducing the time it takes between completing the loyalty program’s activities. Set up triggers for that may be a sale, registering for something, generating a referral, leaving a like or following on social media, etc. and obtaining their reward, will make customer engagement and activity soar. Automatic fulfillment is not only easier on your company but creates immediate positive reinforcement for interacting and promoting your brand.
REWARD YOUR LOYAL CUSTOMERS
It’s a good idea to reward new users for spreading the word and interacting with your brand, but don’t just focus on adding members. Instead, create a complete process that engages current members who want to grow your brand. Making your customers feel valued and part of your winning team will prevent your program from growing stagnant or outdated.
DRAFT A COMPANY-WIDE PLAN
Always consider your employees are essential to your loyalty program working and, if they’re engaged properly, they can become your largest brand ambassadors. Design the program that educates and rewards them for their help so every team member, from entry-level employees to the largest shareholders, understands the “why” behind your loyalty plan. You want everyone to know the benefits of your loyalty program, “Why is it important and why should they participate?”.
ESTIMATION IS REQUIRED
Frequently try to reevaluate the program and acknowledge the best rewards for your customers and employees. Find out and explore users thoughts to ensure you are meeting their wants and needs. Analyze your reward program redemption rates to see who is redeeming, when and what they are purchasing. Make note, if your rewards are too hard to earn, your customers will become disengaged. “Do not seek to create engaged teams & customers. Instead, create the conditions which engage them. Reward the actions that excite them. Value the relationships & culture that keeps them. These actions sustain life-long growth.”
Certainly, a well-designed platform will grow organically but you can add omnichannel advertising such as Google AdWords, Facebook, LinkedIn, to quickly boost growth. Advertising makes a great addition to your strategy while employees (sales reps, customer service reps, etc.) begin promoting your loyalty program.
When it comes to the program and the rewards, you have to remain nimble. For rewards, you want to make sure the rewards make sense like- free gym memberships for tax customer referrals, don’t make as much sense as a free Identity Theft prevention software discount does. Also, tie them into your customers’ lives—be it holidays, graduations, birthdays, back to school or the changing seasons. Build-in regular assessment periods and adjust your program based on the data daily or maybe weekly.
OFFER AN INCENTIVE TO JOIN.
It is a great way to reward customers at the beginning just for enrolling in the program to build trust and excitement. Also, don’t ask for too much information when they enroll, that can keep people from enrolling. If you need more information later, you can come back to them for it.
Always remember to make it easy for teams to communicate with customers and for customers to communicate with others. Part of maturing your program is creating ongoing interactions with your brand on a variety of channels, such as social media, email, or on your site. If your platform has been integrated with a mobile app or has had one created then make sure to send your customers in-app messages, nudges, and text messages outlining new deals, sales, and offers. Pre-written messages for customers allowing them to cross-promote (and up-sell) relevant products and services. It’s also an easy method that feels more organic to the receiver.
It is observed when you only remember your customers when you want them to purchase from you, then chances are you can not keep them for a long time. It is vital to show them you care, you can do that by hosting a customer appreciation event to show that you value them, send them links and your gratitude or showcase a local charity that your business supports.
Running a well-executed loyalty program doesn’t matter whether you’re a small business or an enterprise eCommerce company. These tactics will help your company to grow as it focuses more on customer retention. Creating a customer loyalty program is a great way to drive sales and keep customers for the long run. It is a great way to market to your current customers than to find new ones. Also, your loyal customers spend more money because they already know, like and trust you.
NextBee strives to create full engagement programs that create loyalty, generate referrals and grow your brand’s ambassadors. Connect with us today to see real-world examples of companies’ methods to increase their sales.