Loyalty is a hard factor to achieve from customers. In order to retain them, you need to reinvent your strategy and offer them additional attributes, so they stay put.
Over 90% of companies have implemented loyalty programs for customer retention.
Point-based incentives help you to capitalize on the customer reward programs.
Our lives work on a point-based system. Starting from the morning breakfast to the office, hitting the gym, and coming back home. On a daily basis, we complete a set of points throughout the day.
Thus, implementing a point-based system for customer attention and retention have become pervasive. Businesses are using this program for customers, employees, channel partners, distributors, and so on.
A point-based program is an effective strategy that has proven to work.
Around 84% of loyal customers have redeemed reward points from the program.
One thing that point-based systems provide is – a higher level of participation. The more the participants, the better the impact on the brand.
Moreover, these programs are user-friendly. So, your customers can find it easy to participate and be encouraged to go ahead to win rewards.
Thus, by configuring the point-based programs with an additional module, you can create a flexible and versatile structure for your customers.
Earn and Redeem Points
Customers are motivated with exclusive rewards. Thus, using NextBee‘s point-based programs, you can attract customers to purchase more. However, you need to configure the program that explains how to earn and redeem points on a defined set of purchases.
Various types of point rules
Here is the list of the point rules that make customers aware of the benefits they can perceive.
- You can add reward points for a broad range of purchase transactions.
- Add eligibility criteria, point multipliers, and exclusive products.
Minimum Order Value
- The set minimum order value for reward points
- Add or redeem points on minimum purchase orders
- Specify the number of points customers can redeem on one go.
- Reward customers with defined reward points for orders
Minimum Points Required for Redemption
- Specify the minimum points required to redeem
- Specify the time duration for redemption
How earning points move customers from one tier to the next? How customers can be on higher tiers?
A tiered program serves as a hierarchical program. The program is based on a stepwise task, after one step is completed, the customers climb the tier, and this is how, after every challenge completion, customers rise a step above. When customers participate and meet the reward-based activities’ challenge, they can reach to the higher tiers.
Encourage Customers to Win More Rewards with NextBee’s Point Rules
When you plan the reward program for your customers, the few sets of questions that pop up in your mind are – What kind of rewards should be used? Will these reward programs attract customers? How to plan a proper loyalty program?
These questions work as a torch through the dark woods, giving you the right direction. Creating an intriguing reward-based program isn’t difficult. We have listed the top 5 point-based programs that will encourage your customers to work more with you.
In recent times, point-based programs have gained the utmost popularity. Today, these programs are considered as common variants of customer loyalty programs.
NextBee’s user-friendly point-based program is effectively designed to redeem and earn points easily. You can configure the redeemed points for discount offers, coupons, or next purchases.
With so many brands employing point-based programs, it has become effortless to see how efficiently it works. By using mobile applications or loyalty reward cards programs, you can easily manage the points.
The advantage of point-based systems allows you to reward the customers with each purchase, which helps them stay connected with you for a longer duration.
If you love to play video games, you will easily understand the concept of tier programs. These are just like point-based programs, but a bit advanced version.
A tiered program lets the customers win reward points based on every purchase. Once you complete the first level of purchasing, you reach next, just like video games. It gives you access to bigger and better packages that aim for more money to spend.
Tiered programs are the best to look out for your brand marketing strategy. You can introduce an exclusive pricing category and add your expensive brand items; it will level-up the game and increase profit.
This step will motivate the customers to put in more effort to earn the benefits. Thus, the greater the rewards, the higher the customer attraction.
Rewards can be encouraging, but if not implemented with a fun element, they can be mundane. Gamification helps in turning tedious tasks into fun activities.
Take Starbucks for an example – the gamification program used by Starbucks encourages customers to purchase more, as they are rewarded with one point on every purchase. The company aligns a point-based system with the gamification module to provide customers with stars for every penny spent.
You can use these game-based programs to drive extraordinary customer engagement. Configuring gamification with a mobile application makes it easy for the users to compete and get rewarded.
Plan a mission or a treasure hunt that will make customers intrigued to participate in the venture. You can align the program to attract customers and drive them for repeat purchases by sharing the product values.
By aligning the point-based programs to the mission-driven activities, you can encourage your customers to take more interest in participating in the activities and earn more rewards.
The benefit of using the mission-based program allows the consumers to feel enthralled with their purchase, which makes them work even hard when a new mission comes around.
Every organization has clients that spend more money on the products or services in a shorter period. So, by using the purchased-based programs, you can make them purchase more.
It helps you to recognize your VIP clients. Through this, you can engage more with your customers, who adds more value to your organization.
By going through the purchase insights, you need to find out your high-spend customers. Then, provide them with additional offers or discount coupons. This small gesture will make them feel appreciated, leading them to do more business with you in the future.
On the Whole
Reinventing the wheel with new and inventive marketing strategies can be significant. But, sometimes, you need tried and tested strategies for customer retention and robust revenue.
By introducing novel and unique ways with point-based incentive programs, you can attract your customers to more refined activities and encourage them to participate and win rewards.