Customer loyalty software is a solution that allows you to identify repeat customers. It motivates them to make more purchases using incentives like reward points, gift cards, coupons, and more.
There are no definitive criteria to find the best customer loyalty software. Still, if we do a bit of research, it is safe to say that a loyalty program is more than just namesake and functions as an integral part of its marketing strategy.
Why do you need a loyalty program?
The answer is simple; it helps you target the right customers and incentivize them to increase their customer lifetime value (CLV) for the brand.
A loyalty program is a robust tool that often comes with integration capabilities; it fosters your email marketing campaigns and seamlessly onboard any marketing automation tools in your technology stack.
If you are looking forward to opting for a customer loyalty program for 2021, then you will find the information in this article very informative.
When do you need to opt for a customer loyalty program?
Although there is no right or wrong time to bring in a customer loyalty software into your technology stack; you can still find a decisive moment to get the answer to the previous question.
Suppose you have difficulty finding the right target audience or having a tough time penetrating a specific demographic. In that case, this program can help you narrow down the search list and bring more customers to your brand.
You can use a loyalty solution as a standalone tool or seamlessly integrate it with API, marketing automation platform, CRM, or any other related tool in your technology stack.
It can be beneficial for organizations of different sizes and generate marketing solutions for marketers so that they can focus on other vital areas of their job.
What are the critical elements of effective loyalty software?
Now, there is no denying that your customers will be the driving force behind your brand and will prove to be a formidable ally for your organization if they are motivated enough to stick along.
Also, the way consumers find information about a product or service has also evolved over the years. As a result, many successful companies are using loyalty programs to make their marketing efforts more effective and sustainable.
Keeping that in mind, here some key elements that your loyalty program must have to cater to your audiences effectively:
Identification:
It should identify the most loyal customers and evaluate their purchases to determine how valuable they are for your organization.
It should also help you get in touch with interested or potential customers and offer suggestions to help them bring them on board.
Rewards:
The right loyalty solution goes beyond rewards and helps you find new ways to woe customers and increase sales.
It helps you in developing customized ideas for customers to boost both reward-based and non-purchase behaviors.
While you can incentivize your customers with rewards, the second part of the picture encourages them to give referrals and engage their friends with the brand.
Gamifying the processes and breaking down rewards into a tier-based system is a great way to entice your customers to participate in brand initiatives and help you gain more exposure.
Distribution:
Having a great plan is one thing and executing it effectively is another. When you have the right reward system in place, it is always crucial to find a suitable means to distribute the idea to your customers.
Your loyalty program can integrate into your CRM or marketing automation tool and suggest the best way to deliver the information ahead.
Tracking:
Once you distribute the information effectively to your target audience, it is time to keep track of their progress.
Gamification and tier-based rewards systems are a few ways to track the progress of your customers’ engagement with your brand.
Prominent Features of Customer Loyalty Software
Now that we have a clear idea about the critical elements of a loyalty software, it is time to take a look at some of the prominent features that should be included in your customer loyalty software.
Seamless Integrations:
When you are trying to reach out to your customers, you should make things easier for them. Convenience is the key to ensure that they engage with your brand regularly.
Just like they can sign up with your brand using multiple methods, your loyalty program should integrate seamlessly with all data sources like CRM, API, and marketing automation tools.
When you are in the process of choosing the right platform for your brand, you should look for the one that can handle your customer’s data without hassle and keep it secure.
Data integrity is more important than you can ever imagine, and if you fall short in delivering the same, then no matter how attractive your rewards might be, you will lose your entire customer base.
While you are integrating your technology stack with your loyalty solution, make sure you set up social media integration.
Remember, many users prefer signing in with their social media accounts, and as a smart marketer, you should be prepared to accommodate that as well.
Omni-channel Presence:
Do you know what’s the most important thing when giving rewards to your followers? Complete transparency. No matter what channel or medium your customers are using to access their accounts, the information should be the same everywhere.
An ideal loyalty software helps you establish a robust omnichannel presence and lets your users sign in successfully every time to access their accounts. Whether they are using desktop, mobile, or are present at brick and mortar stores, the data should be available without hassle.
Online engagement is indeed a primary way of access for most users, but that should not restrict your customers at any time. As mentioned earlier, convenience is the key.
In-depth Analytics:
No loyalty program can reach its optimum potential without strong analytical capabilities. The solution you opt for must give you all deep insights into customer’s buying habits.
Go for a tool with all the tools required to deliver analytical data gathered from all the integrated technology platforms.
It will help you create accurate buyer personas that will further narrow your search for the right buyers and enable you to target them with the right rewards.
Let’s Talk CX360
So, which tool can help you achieve the desired results and that too from the get-go? You can spend a lot of time looking around for answers, or you can opt for an all-round solution for loyalty, engagement, and advocacy – CX360 by NextBee.
CX360 is an ideal loyalty program for businesses and can be used to create vibrant and engaging communities for your target audience.
How Does NextBee Enables Loyalty Programs?
NextBee’s loyalty program fosters workflow-focused and retention-based success. With their AI-based solution, you can have smart control on your promotional programs and ensure long term business growth with a myriad of engagement programs.
It eliminates the guesswork involved in developing loyalty programs with its robust analytical capabilities. Once integrated, it requires minimal supervision from the IT teams, and your marketing teams can use it regularly without hassle.
Key Benefits of NextBee’s Customer Loyalty Software
An AI-based solution is always evolving, and NextBee’s platform is the one you can use to offer tailor-made perks, tier-based rewards, and incentives to your customers.
Now the list of its benefits is a long one, and to keep things simple, we will take a look at some of the top services it offers to your brand:
Drives Customer-Centric Marketing:
The age-old funnel model that the sales representatives used to follow does not work anymore. With an AI-based solution, you can concentrate your efforts on catering to the needs of your customers.
When the customers are the center of attention, you can rest assured that they will return to make more purchases from you and deliver a higher CLV over time.
On the plus side, if they are satisfied with the product and the incentives, they will gradually become your brand advocates. They will be happy to spread a positive word of mouth about your brand via testimonials, referrals, and reviews.
Improves Customer Retention:
Never underestimate the power of a good loyalty program. It is one of the most effective ways to improve customer engagement with the brand. Not only are these programs a great way to incentivize your customers, but they also serve as a bridge to establish an intimate relationship between the customer and your brand.
They keep the customers interested in your brand even after a sale is complete and entice them to stay in touch with your brand via a wide range of engagement initiatives.
Improves the Bottom Line:
Higher customer retention means added CLV. Customers who establish a trust with the brand bring in new leads through a positive word of mouth and spend more than the irregular ones.
They can help drive your business forward through consistent and predictable sales and improve the organization’s bottom line.
Delivers Excellent Customer Experience:
When you have a clear idea about your customers’ buying patterns, their interests, and spending habits, you can offer them the best rewards and add to their overall experience with the brand.
It often results in a delighted customer and gives you valuable insights to develop future incentive programs for your customers.
Attract New Customers Towards Your Brand:
What happens when your existing customers are receiving the best rewards in the market? They talk about it. While a well-made loyalty program is enough to retain your customers, it is also a great way to grab the attention of their friends and family.
When a customer gets excited about getting discounts and rewards for the simplest of actions like signing up; you can capitalize on it to gain new customers.
A simple sign up action then resonates into a new list of potential customers; they can be onboarded through current offers delivered straight to their inboxes with loyalty program integrations.
Launch a Loyalty Program Successfully
Phew! That is a lot of information. Isn’t it? But since you have all the answers now, there is one that stills needs some explanation. How to launch a loyalty program successfully?
There can be many obstacles when launching your program, but that is not an excuse to be complacent about it. But do not worry about it, we have you covered. Here a few tips you can follow when launching your loyalty program in 2021.
Technical Feasibility:
Do not rely on old established programs and check its technical feasibility with your technology stack. Check if you can integrate it with your CRM, POS, Marketing automation platform, and more.
In case you are doubtful about anything, it is better to delay the launch and resolve the issues beforehand.
Realistic ROI:
Loyalty programs offer outstanding ROI. True. But that doesn’t mean you set unrealistic expectations from your initial plans.
Be rational and make decisions based on data rather than sentiments alone. Get a realistic idea about how your bottom line would look like once the program is live; and how much time it would take to deliver optimum results.
Easy Redemption:
Allows your customer to redeem their rewards and discounts in easy steps. Do not make them work around in circles for it or leave their transaction before it is complete.
First Impression Matters:
How you engage with your customers the first time matters more than anything. It is easy to make a few missteps along the way; and so you should do a test run before rolling out the actual program.
See the response from that group and mitigate the risk involved. Take the results of this test-run wisely and implement the feedback received diligently.
Wrapping Up
The search for the best customer loyalty software can be a daunting task. But, you do not have to get overwhelmed by it at any time.
Customer loyalty programs are here to stay, and this bandwagon is not getting old anytime soon. However, finding an ideal loyalty program for 2021 just became easier.
Get in touch with NextBee’s experts today and kickstart your journey to find creative ways to engage audiences effectively. To know more about mitigating the risks involved in developing and launching a program, the overall effects of sales growth, and more, get a free consultation today.
