Building a business case for a loyalty program
Over 90 percent of today’s customers say they trust their family and friends’ recommendations before they trust messaging from an advertiser. A loyalty program can promise incentives to attract new customers and keep the old customers coming back for more.
Use this helpful guide to build your loyalty program today. These components can create a customer base that's happy to help inspire others to sign on.
What's a Customer Loyalty Program?
Customer loyalty programs are a way for companies to offer incentives to those repeat customers who demonstrate loyal buying behaviour. These programs will persuade your customers to keep buying from you and ignore your competitors.
Business Benefits of a Loyalty Program
In today's crowded markets, a consumer loyalty program can set you apart from your competitor. A loyalty program also brings these additional benefits:
Improves Customer Engagement
Today customer makes their buying decisions based on more than the cheapest price. They're looking for services and products that share the same values they have. When you can make an emotional connection with customers, they’ll have positive impressions of your company.
Increases Customer Referrals
When customers show pride in your products, they will most likely tell all their friends about your line. Word of mouth marketing is the most trusted form of advertising there is. Customers also can’t wait to tell their friends about your exceptional customer service that leaves them feeling appreciated.
Saves Money
Research shows that attracting a new customer costs more than keeping an existing one. High repeat customer sales will help you build productive and reliable revenues. It's also how you show potential investors that your business is thriving.
How to Build a Loyalty Program
Today’s market is spending significant resources on loyalty programs that convenience their customers. If you’re in the process of planning a new loyalty program, here are some tips on how to get started.
Loyalty Lifestyle Apps
Loyalty lifestyle apps help customers complete a routine task like order food on their smartphone or pay bills. A lifestyle app allows loyalty members to check into their hotel and use their phone as a key to get into the room.
Provide Other Perks Instead of Just Discounts
Companies can also offer other rewards instead of just discounts. Let your loyalty program be your customer’s one-stop source for their other life comforts. Offer other conveniences like fast shipping or free music. Let customers exchange loyalty points subscriptions to other products.
Reward Customer Actions
Reward your customers when they watch product videos or share their feedback on social media. Motivating your customers to share their feedback will leave you with authentic messaging. That’s more lasting than a catchy sales slogan.
Support Local CausesUse your loyalty program to support today’s social values as well. Donate to causes like animal rights or low-income housing. Customers will be more loyal to brands that share their same social principles.
Launch Your Customer Loyalty Program Today!
If you’re ready to launch your customer loyalty program today, then this article is for you. Consider donating to those social causes that touch upon your customers' values.
Invite your current consumer base to share their positive feedback on social media. These word-of-mouth recommendations will bring better results than an expensive marketing campaign could.
Check our website for more helpful advice on creating the best loyalty programs. We’re revolutionising the way stakeholders interact with brands and businesses. We’ll show you how to create a customer experience that helps your brand stand out in the crowd.
