Loyalty reward programs are the proven way of business growth and sustainability. Dynamic customer reward schemes are the paramount solutions to gain loyal customers and enrich their overall experience with your firm.
With cut-throat competition, using the traditional loyalty programs will not work proficiently; you need to up-top your game. Today, using NextBee’s AI-powered module will revolutionize your marketing strategy.
Observing customer behavior and finding what they like is essential. Crafting it as a reward for the activity achieved will take you to the right path.
And, who doesn’t like to get surprised by something they want?
With NextBee’s customer loyalty program, you can configure rewards to surprise customers for connecting with the brand.
A point rule system is one of the easiest and popular feature of a loyalty program that has helped brands to make customers gratified. Configuring a point rule program within can entice the customers to participate more and can make it easy for you to track insights.
Whenever a customer purchases a product or a service, you reward them for the loyalty points. Configure the reward points in a way that customers can redeem them for their next purchase or discount offers.
Every reward point should contain a value that will make the customers feel satisfied. With this, they feel they are earning something as well.
Point-Rules – A Winning Loyalty Program
Configuring a point rule program as the marketing substructure will let customers earn and add points for every particular action initiated. Redeeming points for substitutes like discounts, coupons, products, and so on make customers contended.
- Point-rule software sustains price integrity.
- Can be customized based on customer behavior
- Targets the high-value offering customers
- Provide real-time access to customer metrics
- Increases purchase frequency
- Improves conversion rates
- Endorses higher average order value
Add Value to Customer Reward Schemes through Different Types of Point Rules
The purpose of creating any loyalty reward program is – VALUE.
If it doesn’t intrigue your customers to shop more, it will not work up to the mark. And, within no time, you will see your customer heading towards competitors for the services.
To take you away from this trouble, we have combined the list of point-rules to help you craft a successful loyalty venture.
Account Registration Reward Points
The first step for acquisition and future loyalty is – account registration. To make it more evident that customers will register to your website, you can offer them rewards points for registering with you.
Several individuals don’t like to register to the sites, but offering them strong incentives will make them register and shop with you.
Adding account registration reward points will increase your customer acquisition, leading to improved total revenue. It has been observed that customers are 40% more attracted to new businesses with strong incentives and rewards.
So, the point-rule can significantly help you with new customer acquisition.
Fixed Value Point Rule
Configuring the reward points with a specific cash value. But, don’t make one point for one dollar. Use these fixed-value points in a way that would make the customers spend more.
For instance, set $10 = 1 Reward points.
Strategize the price of the dollar to points based on the type of product/service being offered. This will make it easy for the customers to understand what and how much they can earn.
Moreover, this will help you and customers to keep track of the total points earned and redeemed.
Personalized Reward Point Rules
Rewarding customers based on particular action generated boosts your sales ten times. Providing customers with additional coupons, discounts, or vouchers will integrate your reward-based program’s proportional value.
Reward points are easy to redeem and elite to benefit both consumers and producers.
Easily configure reward point rules with your third-party software. You can customize them with a specific stock keeping unit. Whether it is an e-commerce business or a hotel, they use a reward point program to value the customer for their loyalty.
Furthermore, associating rewards with purchase orders creates an urge among customers to purchase more.
Transferrable Reward Points
The most common and fascinating point rules to attract customers. Transferable points can be converted into loyalty rewards points, which is a happy situation for the customers.
Customizing the transferrable reward point rule to your program results in customer retention.
Whether it is fixed value or discount options, customers can redeem the points based on the current need. You can transfer these points for coupons that interest customers most.
Several companies are associated with other popular brands like StarBucks, Dominos, Nike, etc. offering discount vouchers.
Referral Reward Points
Over 90% of people go for recommendations from friends rather than through advertising channels. For new customer acquisition, referral programs are your best friend.
Integrating your referral marketing program with reward points for both parties will help you to increase sales. Through referral reward points, you can make your loyal customers your brand advocates.
Your new customers will be interested in your loyalty programs, which leads to new purchases. It will impel the conversion rates by helping your business in the future.
Moreover, you can reward customers with additional points for referring to new friends.
How NextBee’s Loyalty Point Program helps Companies?
New purchase, product review, account registration, friend referral are some of the options that you can align the NextBee point loyalty program to. With point rules, you can see an over 25% boost in sales and conversion rates.
You can tailor reward points based on customer needs and insights gathered from NextBee’s dashboard. Point-based programs help in the following ways:
- streamlines the point earning and redemption process.
- helps to spread word-of-mouth through referral points.
- keeps customers engaged with bonuses and discount points.
- helps in increasing sales and acquiring new customers.
- aids in business promotion through social channels.
If you have used point-based loyalty programs, you very well know how effective they are for your customer acquisition and retention strategy.
But, for those who are in a dilemma whether they work or not? Well, yes.
Loyalty reward programs have proven to be one of the most profitable strategies, helping companies increase revenue from 25% to 90%.
Customers love to gain more, and rewarding them is the best way.
NextBee’s point-rule platform helps create customized reward programs, schedule real-time rewards based on customer activities, and offer rewards for every action initiated. To know more about the benefits if it, feel free to contact NextBee