Having a large base of loyal customers is one of the prime requirements for a business in today\’s fierce competition. Companies are focusing on acquiring brand-loyal customers to sustain competitive advantage and maintain business growth. Hence, they are implementing a variety of loyalty programs to fulfil their aim.
According to a research study near about 65% of a company’s business generates from existing customers. It means that if a company nurture existing customers and satisfied them with value-added products or services, the company can maintain its stability along with revenue growth.
However, when a company wants to create a loyalty program, it needs to be strategic. If you implement the right customer loyalty solutions for the program, it will surely be successful. But, before we move on to exploring the right customer loyalty solutions, let’s understand the basics of a loyalty program.
A loyalty program is a structured marketing strategy that encourages potential customers to make frequent purchases with a brand or business. The program usually offers some kinds of rewards when customers make a purchase. some of the incentives of the program include advance access to a product or services, special discounts, rewards points, etc.
While participating in a loyalty program, a customer typically completes the registration with personal information. And, the company gives a unique identifier, such as an ID number or membership card, and uses that identifier when making a purchase to track the records. This article emphasizes adopting such ways that guide you to select the right solutions for customer loyalty programs.
1. Reward the Right Actions
It is one of the primary concerns when a company wants to select the right solutions for a loyalty program. You need to specifically decide on what and how you are going to offer rewards. Rewarding social or behavioural actions would be a good idea. The actions such as writing a review, tagging a friend on social media posts, bringing in referrals, or subscribing to a brand’s content (newsletter) are worthwhile actions to present rewards to potential customers.
Hence, when you are planning to create loyalty programs for a business, first identify the right actions to reward the end users. The rewards should be in favour of customers and your business in order to embrace the lucrative benefits.
2. Practice Omnichannel Loyalty
Another consideration comes in practising an omnichannel loyalty strategy to offer a seamless customer experience. For ultimate results, it is highly recommended to cater your omnichannel strategy to match the core branding of your business.
In simple words, practising omnichannel loyalty means offering a consistent brand message across all channels, from a website to social media platforms, and even with email messages. Rightly, an executed loyalty program with the omnichannel approach will give you maximum exposure. It also increases the chances of getting in more customers\’ participation to embrace the benefits of the rewards.
3. Prioritize Customer Service
Customer service prioritization is essential when selecting the right strategies for a customer loyalty program. It reflects how much you care about your customers.
In fact, according to a study, more than 70% of customers believe that customer services are the reflection of a customer’s value for a company. If you want to increase loyal customers, astonishing customer service is a must. A consumer judges every interaction he or she has with your employees and makes a judgment about your service.
For instance, when a customer waits in line, calls about a broken product after purchase, enquires about a loyalty program,s claims a question on social media or acts with an agent to log a complaint – they are keeping the score of each action.
It means that no matter what you are serving to your clients, it must follow the standard protocols of your company. Customer service is a topmost priority that should be friendly, helpful and efficient. Your customer support team always works proactively to guide potential customers to accomplish their actions.
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4. Understand the Customers
Last but not least, when implementing the right customer loyalty solutions, listen to your target audience. Consistent feedback from clients helps businesses to execute the right strategies and serve customers in a better way. It enables them to understand their needs, wants, and buying habits which are essential to customizing loyalty solutions.
In short, focus on certain strategies to opt for the right customer loyalty solutions that drive in more business. Also, follow this step-by-step guide to a customer loyalty program to create a successful program that retains brand-loyal customers easily. From selecting the right rewards to adopting an omnichannel approach and understanding your audience, align all the strategies with your business value. This will help you to gain enormous benefits through a loyalty program. Still, wondering how to execute the right customer loyalty solutions?
Connect with us now! At LoyatyXpert, we understand that each business is unique and as the need for loyalty programs. Our consultant will collaborate with you to gather the necessary information before designing a custom loyalty program for your business.
LoyaltyXpert is one of the top loyalty program providers in India. From understanding the nature of the business to designing a custom-made program, our experts proactively connect with the clients to deliver high-quality results that help them to achieve intended business growth.