Retaining your existing customers is always a task. Building customer loyalty is not easy for any company. Behind every old customer staying within the fabric of a company are a strong set of strategies, campaigns and successful customer loyalty program created especially for the target audience. Every company must have a successful customer loyalty program, so that conversions can be boosted and customer engagement can be increased. There are many ways to build a successful loyalty program for your customers.
A good customer loyalty program must bring your customers closer, and provide value through third-party contracts. It must aid you in embracing new technology, and enjoy a frictionless transactional experience. Here are the best ways recommended by experts to create a successful loyalty program for your customers:
Research customer data & analyze it
To create a successful customer loyalty program, the right research will help you get proper understanding on what works best for you. It’ll help you create an objective for your campaign, so that you can reach your business goals. Collect customer data from website analytics, sales, personal conversations and inventory history. Analyze customer behavior through the research collected, and create campaigns that will resonate with your customer base. Good research can also help you improve your services.
The key is to keep it simple
Keep your customer loyalty program simple. If you make it complicated, chances are most people won’t get it. Make the customer loyalty program not only simple to understand but also easy to sign up, as well. Your points system must be clear so that it is easy to track the situation. Give points to customers, when they purchase something, so that they can redeem their accumulated points later.
Decide which customers you want to target
Based on your research data, you’ll have to determine which customers you are interested in targeting. Your evaluation must be on the basis of either loyalty over time, customer profitability, their ability to invest more and purchase more in products, speed of payment and volume of purchases. Choose your target audience for the customer loyalty program.
Opt for tactics that would encourage customer loyalty
You must do a series of activities that would have the effect of encouraging your client’s loyalty. You can guarantee them premium service and continuous 24×7 high end support. You can provide them secure website access, additional discounts to ensure purchase milestones are reached from time to time. You can gift them monthly visits from a sales executive, invite them to seminars and dinners specially reserved for customers via the loyalty program.
Offer a variety of rewards
Your loyalty program should be unique, but should offer a different range of rewards. Make an impact by making your customer loyalty program interesting to your clients. Treat them to dinners, or give them entertainment vouchers when they earn enough loyalty points that can be exchanged in return of dinner invitations, movie tickets and so on.
Moreover, your clients must enjoy free subscriptions on their customer loyalty program to other products and services of yours. This will have a double ended advantage, as it’ll not only retain your existing customers for long-term via the loyalty program, but also help you engage and get more customers for your other range of products and services.
Reward customer values through non-monetary gifts
Your loyalty program, like said earlier, should have many non-monetary gifts. Customers love brands that have proper political and social stances. More than two-thirds of customers worldwide are willing to spend money on products and services of brands that take important socio-political stands. Tap into those values through the loyalty program you create. TOMS Shoes rewards their customers by donating a shoe to a child in need, in exchange of every purchase they make.
They also help other causes that are crucial in developing countries, like clean water access, maternal health and animal welfare. Research has shown that customers are more interested in TOMS as a brand for this unique loyalty program they have in addition to their respect for the social issues around.
Better offers on customer loyalty program can be created if you collaborate
Your loyalty program can be made more interesting and diverse, if you provide your customers more rewards than one. When you co-brand your loyalty program, you’re not only attracting more target audience, but also appreciating and retaining your existing customers. Some data connection packs have their customer loyalty program as subscriptions to entertainment channels like Netflix, Amazon Prime or Disney+Hotstar. This not only strengthens their partnerships and affiliates but also makes it interesting for customers to continue with these packs.
Come up with games
Everyone loves and appreciates a good game! People love to win, and if you give them good games and quizzes as part of your loyalty program, your customers would feel more comfortable to interact with your brand. There are a lot of brands that gamify their customer loyalty programs, that let customers earn valuable engagements within a website, app or while they are at a point of purchase.
Amazon has devised these games, and lotteries that help customers earn valuable points, rewards and discounts at the time of purchase. Buying products on Amazon unlocks a different reward every time, which is a great way to motivate other purchases.
Opt for referrals
A good loyalty program isn’t one you create all by yourself. It is something your customers help you create, too. For every customer referral, you can start by incentivizing loyal customers so that they become advocates themselves in exchange of attractive rewards. 70 percent of more customers would refer a brand that has a better detail-oriented customer loyalty program.
Customers will network your business themselves if you have good enough offers. Free trials can be utilized in reward programs. If as a company you plan on launching a new product or service, you can also launch a free trial of the customer loyalty program for your customers. This is a great way to market your products and services and would help you in a future sales call.