The pandemic has changed the way we think, work, live, and even shop!

Post-COVID consumer has now been introduced to new products which has changed permanently altered numerous consumer habits. For companies, investing in a solid brand loyalty strategy has become more crucial than ever before. This is where customer loyalty programs come into play.

Research proves that around three-fourths of the total consumers stick with the brand that offers a loyalty program. Many of them believe that the customer reward system tends to change the mindset of their expenditure. 

These indicate why such programs have become one of the most effective tools for increasing customers’ revenue and loyalty.

For Retail and eCommerce efforts, Loyalty Programs are still one of the most effective ways to boost sales, retain customers, and generate referrals. 

Not only do eCommerce and Retail Loyalty Programs amplify customer retention and overall revenue, but they give you an edge over your competition.  

Here’s how you can generate more revenue with loyalty programs for new-age customers:

1. MAKES YOUR BRAND THE SMARTER CHOICE 

Customers learn to have interactive sessions with your brand via gamification or earn cashback by purchasing through you or unlock discounts by hitting certain tiers.

It quickly becomes apparent that spending with you is the smart choice for them and their circle of influence. 

2. CREATES MORE VALUE 

Retail and eCommerce Customer Loyalty Solutions not only increase revenue by creating and driving new sales opportunities, but they also engage customers in a way that makes them feel valued and appreciated. 

3. EXPANDS YOUR BRAND 

Well-executed Loyalty Programs tend to work the same as referrals. It is consistently found that the customers who make referrals tend to be more loyal, and loyal customers tend to refer. It’s a great activity loop that can expand your brand exponentially.   

4. SUCCESS THROUGH VARIETY 

It is vital to find what inspires your customers to invest in your products and formulate variable reward programs accordingly. 

One can also plan for diverse loyalty programs and rewards that behave intangible, like workshops, points, classes, or even a trip. Your customer rewards solutions need to be flexible enough to cover cash rewards, essential products, or household products. 

There are seven types of successful Customer Loyalty Programs: 

• Points Programs
• Subscription Programs
• Tier Systems
• Partnership Programs
• Gamification Programs
• Cashback Programs
• Hybrid Programs – A combo of two of the above programs 

How NextBee can help brands develop profitable loyalty programs?

NextBee’s robust loyalty platform, CX360 helps in connecting with your potential customers at every touchpoint, where brands can create flexible programs for each user type.

The platform allow companies to:

• Improve customer acquisition and retention
• Make consumers feel valued and appreciated by giving them rewards
• Accelerate business growth and helps to drive repeat sales
• Customer satisfaction through various discount and perk schemes

Through NextBee’s tiered membership scheme, a loyalty program can provide certain perks, benefits, incentives, or rewards to various segments.

Conclusion

Designing a customer loyalty program is the best way of driving sales and engaging more customers. As the program enhances your company’s growth, whatever be the size of the business. Also, it assures that your customers stay longer and spend more on your products.  

Are you looking forward to offering a program that best suits your loyal buyers?

NextBee is here to understand your need for a small business set up and knows how to help brands implementing a loyalty program for more profits. 

To have in-detail information about the solution, contact our marketing experts.