Regardless that your retail shop is in a shopping mall or hidden away in a shady street – getting enough customers can always be a tricky affair.
It’s obvious you want to catch the eye of your customers and encourage them into your store, but with the ever-increasing competition, you need to stand out from the rest.
Since repeat customers can play an essential role in the success of your business, you must consider ways to encourage customer loyalty.
The best way to attract a large audience into your retail shop is through loyalty programs. By offering discounts and incentives to returning customers, you can enjoy an advantage over your competitors.
What is a Multi-Visit Loyalty Reward?
Multi-Visit involves rewarding your customers when they make multiple store visits. The more people visit your store and make purchases; the more will they earn.
And with every visit, when your customers make purchases, you achieve more sales – translating into high profitability and increased brand value.
How to implement a Multi-Visit Loyalty Rewards Program?
When a customer visits your store for the first time, you can tell them about your multi-visit loyalty reward program that rewards subsequent visits and re-purchases.
Whenever your customer pays a second visit to your retail store, you can offer them a discount or a freebie. It will delight and push them towards making frequent visits to your store to gain higher rewards.
In their subsequent visits, you can offer higher discounts, free samples, and surprise gifts to ensure a pleasurable purchasing experience.
What type of incentives can you offer in your Multi-Visit Loyalty Rewards Program?
It is strategic to place your rewards in the form of a tier-system to reap maximum benefits for your business.
Within a tier-system, your customer will receive higher rewards when they pay frequent store visits and make multiple purchases – resulting in increased profitability for you.
When your customer gets higher discounts in their frequent store visits, it builds trust in their minds for your business. Next time, they can refer your store to a friend or family and increase your customer base.
Which factors can affect the success of your Multi-Visit Loyalty Rewards Program?
There are certain factors you need to make sure to create an efficient Multi-Visit Loyalty Rewards Program:
Customized Rewards
The quality of your rewards can make or break your loyalty program. Knowing that not all customers have the same expectations, show more outstanding care to satisfy your customer’s needs.
The best way to do it is by giving customized rewards to your customers.
Start by looking into their purchase history and the products they purchase. Next time when they’re in your store, give them a discount on their favorite products and earn their longterm loyalty.
As per a survey carried out in 2017, 80% of consumers are likely to do business with companies that offer personalized experiences.
Hence, the whole point of your program should be to encourage positive behavior from customers. This is to be done by having complete control over what you’re using as an incentive.
Audience Segmentation
Remember that your top 10% of the customers spend three times more than the lower 90% of your customers, per transaction.
Ergo, you need to identify and reward the type of customer accordingly.
For instance, a customer who has made more than ten purchases in a single month can’t be given the same reward as a customer who has just completed their first purchase.
Segmenting your customers lets you better understand their needs and helps you provide value that matches their requirements.
It is also an effective technique to re-engage with customers who haven’t purchased for a long time.
Fraud Management
Even for a retail store, having social media presence and a dedicated blog site are quintessential to survive in a highly competitive environment.
And it’s a well-recognized fact that companies in the digital economy face security risks in the form of online frauds.
It means that the rewards offered in a loyalty program could be a type of fraudulent activity such as reward exploitation, fake referrals, account takeovers, etc.
If you’re broadcasting information of your Multi-Visit Loyalty Rewards online, make sure you take the necessary steps to mitigate any fraudulent activity against your program.
How NextBee gives you the advantage?
With best in class expertise, NextBee offers tailor-made loyalty programs for retail stores.
By accurately assessing your requirements, you get to choose the solutions that fit your budget, scale, and priority.
It also allows you to optimize your solution with smart control features, including a
- Flexible Rule Configurator to give bonus points and rewards
- Valuable insights with advanced analytics
- Inbuilt gamification to encourage customers
Takeaway
Discovering what works best for your retail store depends upon the consideration for your customer base and their preferences.
