“Knowing who your customers are is great, but knowing how they behave is even better” – Jon Miller.
Customer behavior plays the most crucial role in understanding the segmentation of loyal buyers. Especially when it comes to gauging consumers’ referral behavior, many brands struggle to get hold of their existing customers. It is because loyal buyers are the biggest asset any company would ever have to ask for referrals.
Understandably, it is neither a one day task nor so easy to gauge customer behavior when they are asked to refer to a company’s products or services to others. Once brands know the buyer’s typical pattern, it becomes easier to segregate their choices and offer tiered rewards.
Let us read further how brands can gauge customer’s referral behavior and accordingly introduce steps to keep customers happy and engaged.
How tiered rewards motivate customers to earn more points with more referrals?
With the advent of various technological advancements, companies started to feel the emergence of creating exceptional deals to gain customer interest. As many conventional strategies give average results due to today’s competitive market. With time, brands recognize the value of introducing a tiered rewards system.
Most marketers know that the referral system is a proven marketing technique; it helps promote a brand’s products or services through loyal customers.
Bringing referrals is an optimistic opportunity for customers to accumulate infinite points at the brand’s end. As we know, rewards play differently for each shopper. It does not guarantee that one particular bonus that made a consumer happy will certainly work the same way for another buyer.
So, segmenting purchasers based on giving away tiered rewards works best for organizations because customers who have fewer points can feel motivated to bring more referrals.
It will ultimately increase their points, and they can redeem those points in their next purchase. Simply, more referrals will give customers a chance to gather more points.
Importance of Data Analysis/AI to gauge referral behavior
Every organization has a certain group of people who are either loyal buyers or average buying shoppers. Knowing them and gauging their behavioral choices sometimes gets tricky in order to deliver the right thing.
What makes your customer stay loyal to the brand? It is not always the discounts that you offer to them. The critical factor that entices customers is the long-term engagement methods to keep them satisfied with the brand’s products and services.
However, did you ever think about analyzing the referral behavior of your customers so closely? There are a few buyers associated with every brand who will do regular purchases but never interested to give referrals. Aren’t they satisfied with the products of the brand? How can you improve it?
There are many such questions that every company must wonder when customers do not provide referrals. Is there any way to track their behavior?
Technology has risen sharply as you can predict customers’ buying pattern. To gauge such a persona, loyal customers’ frequency to refer to the brand to others can be monitored easily with NextBee’s robust AI-driven solution.
With the tracking features integrated into the admin panel dashboard of NextBee’s platform, brands would know under which segmentation customers can be enrolled. And, what steps can be taken to improve their loyalty towards the customer referral journey.
How NEXTBEE offers Tiered rewards?
NextBee is a one-stop solution for all business needs of organizations that are lacking in some way to allure their customers. Luckily, with its AI-driven tools, brands can detect the buyer persona of their loyal shoppers.
Whether you want to bring positive energy in customers with rewards or want to incentivize and engage them with attractive offers, companies have the leverage to run different customer-centric campaigns based on customer’s buying habits.
With NextBee’s automated referral solution, companies can run rewards and incentives to engage consumers in the referral program. It is highly commendable because it has the potential to entice customers’ interest with the help of its engaging, robust features.
Brands can register, monitor, analyze, track all user’s data, their buying behavior, and how eager they are to accumulate points.
For instance, if they are not active in bringing referrals, companies can segment those users separately and create useful ideas to offer them rewards. It will ultimately boost loyalty towards the brand that will lead to more effortless customer engagement.
NextBee’s solution offers flexibility to customize the features and implement tiered rewards for buyers who are less likely to engage in the referral program.
Benefits of AI-powered tiered rewards
Tiered rewards define the level of customer enrolled in any particular program. Brands can set milestones which every customer needs to pass on to reach a specific tier.
Without a doubt, these tiered rewards engage the customer by achieving a benchmark predefined by the brand.
The phenomenal success of the customer referral system allows brands to introduce tiered rewards for loyal buyers. Surprisingly, it has massive benefits linked with AI-powered scalable solution. Let us go through those benefits which are immensely helpful for brands.
- Early bird access to specific products and services
- Invitation to the brand’s special events and seminars
- Segmentation of customer and introduce levels of rewards accordingly
- Points earning is fun with gamification
- Uniqueness of the tiered scheme makes the customer feel valued that leads to gaining customer loyalty
- Improves the possibility to turn customers into brand advocates
- Long-term prediction about the customer persona based on their existing relationship with the brand
Tiered rewards scheme level up the game to build a successful customer referral journey. Companies enroll buyers in different membership programs to enjoy being in the program and receive rewards.
To look for the buyer’s referral behavior that makes tracking more accessible and convenient, implement NextBee’s exclusively designed software powered by Artificial Intelligence. With the help of AI – you can monitor and offer buyers great deals.
To book a free demo of the platform, contact our marketing team to give you complete insights into the smart admin panel, and how the dashboard works to benefit both customers and brands.