With the month for celebrating customer loyalty a few days away, it is wise to consider reducing further the business-customer distance, understand more what they need and provide beyond their expectations.
In the confines of the cooperate world, rewarding loyalty entails many activities. This presents a wonderful opportunity that your business can use to come up with increased traffic, customer flow and repeat customers as a means of creating increased customer lifetime value. However, the point of concern is whether a loyalty program is effective enough to make your company stand out from the rest. With the understanding that people in many cases do not buy the product but the brand, how to deal with your customers through brand broadcast is the deciding factor.
In the present business environment where businesses produce and sell similar products and complementary products in relative sales propositions, achieving a distinctive brand is very crucial. You need to create a loyalty program that identifies distinctly from the crowd. As Richard Branson explains, the secret lies in the ability of a business to come up with achievable customer expectations, and exceed them in a manner that is not only helpful but unexpected.
Expansion of a business is gauged by how one markets products to new customers. However, it is also important to keep hold of existing ones. Whereas customer loyalty programs are common for businesses, some
of them fail to materialize and deliver positive results because of varied
expectations that do not strike a chord with customers. Some great mistakes
businesses do while creating customer loyalty programs include; complicated
program, many restrictions, not worthwhile rewards, treating all customer same, and failure to make the program known. Given that loyalty, programs aim at retaining customers and to act as an effective marketing tool, their creation must revolve around clear objectives. Having a sleet mentality will make you achieve successful loyalty goals and make you stay afloat the competitive waters.
Loyalty program strategies
Do reward-branding linkage
It sounds logical to reward customers based on activities that have connection with the brand. For instance, Edenred’s loyalty marketing links the loyalty products with the brand positioning through participation and acknowledgement that directly relate with the brand.
When customers realize that the rewards put in place link and help them relate and associate with the brand, they are likely to a spark conversation. This means that a simple loyalty program is a waste of time and resources when it does not make the target customers to talk about in various
conversational platforms. Initiating a loyalty program that makes customers talk helps in carrying out word-of-mouth marketing. Based on study and evidence from various organizations, word-of-mouth marketing produces tremendous results.
Make your rewards social
One way of sparking a conversation about the rewards is socializing them. For instance, Edenred’s loyalty marketing offers integration of products into the loyalty experience. Instead of alleviating participants, let the organizational team and customers meet once in a while in such programs to complete “missions” in numerous activities like community projects, running, and attending dance classes. Besides, sessions such as sharing photos or Facebook status and earning points for completed missions, and exchanging them for tickets, equipment, accessories and clothing among others contributes greatly to the “make it count” strategy.
Away from just rewarding customers for the brand loyalty like providing discounts for upfront purchases, it may work better to escalate the same to social media, and reward even those who help in spreading the stories. Leverage on social platforms like hashtags, with limitless customer stories about your brand and products. At this point, focus on both your products and customers stories.
Use data in a way that is beneficial to your customers
Apart from loyalty programs rewarding loyal customers, they help a business to learn more about customers. The data obtained from the program require a keen observation and analysis, implying that great responsibility must be imposed. For instance, customers who provide private information expect something eventually. As Mr. LaHive explains, the programs that win over in the long-term are those that utilize the collected data to change customer behavior.
While Edenred Singapore offers customers ability to drive motivation and performance, it is also necessary to help clients make use of their own data as Sephora and Lowe retailers do. Besides, offering custom deals as well as somewhat free information and training make customers feel appreciated and assist them beyond expectation. Therefore, when you are able to get the core value exchange, what follows is just but an icing on the cake.
It is illogical to do same things all the time and expect different results. Given that you know your brand more than anyone else, and you have tried to understand your customers, being creative is not that hard. Make an effort to integrate your brand’s attitude and feel to come up with a loyalty program that is unique. For instance, with reward points being among the most effective incorporate into your program into two simple steps. In the first step, infuse the currency name. in the second step, attain the points’ visual representation that when customer redeem, they count significantly. For instance, instead of leveraging points on general rewards, peg them on special deliverables so that like the case of Edenred, the points help customers to achieve a free eBook about building brand value.
Make it unique for customers to earn
Apparently, many businesses use loyalty points in rewarding customers. Be creative and less predictable. For instance, some businesses open a window for their customers to earn at a given time of the year like on Easter. Deviating from such a tradition and trying to reward a for instance, on their birthday helps to create a positive collaboration that will stick in their memories. On the other hand, create customized and personalized ways of customers earning rewards. Provided the customer data in the confines of the business is used well, providing rewards addressed to customers by quoting names and addressing to them creates a strong bond where the customers feel the business understands and knows them in person. You can also create rewards such as Customer of the Month, Customer of the Year, and The Best Customer Overall. This means that rewards will be diversified based on various criteria and specifications that make the customers loyal.
In conclusion, following these six loyalty program strategies will give your business a notch higher. However much they may not apply from industry to industry, modifying or integrating them to form strategies that are more befitting is likely to help you formulate best workable loyalty program strategies for your business.