16 Dec
Whether it is achieving a special milestone or simply celebrating a special occasion, we all love to be rewarded! However, keeping track of your customer’s rewards can be a hassle for both you as the business owner and for the customers themselves. This is where an automated rewards program comes in handy.
A customer loyalty program is a great way for you as a business owner to reward your customers for being loyal to your brand. Basically, a loyalty program is an initiative to foster repeated transactions between the customer and your business. Furthermore, loyalty programs increase the likelihood that a customer comes back repeatedly as they want to enjoy the benefits offered by the loyalty programs to the maximum.
One thing to remember is: a satisfied customer is a loyal customer. Therefore, having a robust customer loyalty program allows you to reward your customers for their time and money invested in your company. There are different ways in which you can reward your customers. A coffee shop owner might offer your 6th coffee on the house, or an airline company might offer you air miles which you can exchange for a flight ticket whenever you book your next flight.
Not all Loyalty programs are built equal.
The concept of loyalty programs is nothing new. Many brands already have an ongoing loyalty program as part of their customer retention efforts. However, not all loyalty programs meet the mark when it comes to keeping their customers loyal.
Singaporeans are always on the hunt for ways to acquire more value for their purchases. According to the Q1 2022 Global Loyalty and Rewards Market Survey, more than 80% of Singaporean consumers stated that they would prefer to shop from a brand with a loyalty program in place. But that’s not all; another survey revealed that non-expiring points are the top reason why consumers in The Lion City would most likely enrol themselves in a loyalty program.
Read more interesting facts about Loyalty Programs here. You will be surprised how something as simple as a loyalty program can help your business grow and thrive.
Other surefire ways for consumers to customers to sign up for a loyalty program is having reward points that can be redeemed across multiple retailers as well as high-value cashbacks.
This proves that while you may already have a loyalty program in place, it doesn’t necessarily lead to success as there are some benefits that consumers prefer over others. Remember this: a loyalty program is a way for you to interact with your customers on a regular basis.
Creating a winning Loyalty Program
With so many brands offering loyalty programs, the question is: what would you need to do to differentiate your loyalty program from the others?
1. Come out with a catchy name.
Coming up with a distinctive and memorable name can make a big difference in whether your loyalty programs remain atop your customer’s minds or not. For example, an F&B brand can name its loyalty program “Foodie Club” to appeal to self-proclaimed food lovers, or a cosmetics brand can create a loyalty program titled “Beautiful You”. Personalizing your rewards program with a value that your key target holds dearly is the first step.
2. Create resonance.
Being able to relate to your audience is key to any successful loyalty program. So what if you have amazing discounts or promotions if it is something that your audience is not interested in or doesn’t connect with? Therefore, it’s important to have essential data collection tools like a CRM systems that provide analytics and performance metrics to help you gauge the performance of your loyalty programs. This helps you as a business owner to make informed decisions on the next course of action to take to improve your customer experience, ensuring that your loyalty program is one that is too irresistible for you customers!
3. Make it fun and meaningful.
It’s also important that your loyalty program has a hook that keeps your members interested. Gamification is an immensely popular method to keep customers engaged. Another way to keep things interesting is to link your loyalty program with a meaningful cause such as giving a portion of proceeds to charity, reducing plastic or paper usage, etc. Initiatives like these will make your customers more invested in your brand as it gives them a genuine REASON for staying loyal, apart from receiving exclusive perks and benefits.
FINAL WORDS:
If you are looking to create loyalty programs that really work, feel free to speak to our Loyalty Experts who are genuinely passionate about helping brands to grow their customer engagement and retention through well-thought-out loyalty programs.
