What Makes a Loyalty Program Successful?
Your customers are the driving force of your business. While it’s a challenge to get new people in the door, it can be even more difficult to keep them coming back again and again. Most businesses put a loyalty plan into place to reward repeat customers. The best customer loyalty programs offer valuable rewards and give customers various ways to earn them. As you prepare to start your own program, consider these tips to make it successful.
Make Rewards Worthwhile
Customers are drawn to programs that provide desirable rewards that are proportional to their points earned. Knowing what retail brands and products are most popular with your audience will create maximum buzz about your program and make customers want to earn more points to earn those rewards. You should also be sure to keep your reward offerings fresh based on the latest trends so customers don’t get bored with the program.
Make Technology a Big Component
In years past, customer loyalty programs consisted of punch cards you would keep in your wallet. In today’s digital age, it’s more common to track loyalty points through a website or mobile app. Make sure customers can easily navigate the site or app and test it thoroughly, so you know it’s free of bugs.
In addition to your business’s online presence, consider tying popular social media platforms like Twitter or Instagram into your point system. Traditional programs rely solely on points accumulated through transactions, but there’s so much more you can do to encourage participation. Award points for mentions on social media platforms and give customers incentives for referrals.
Make Customers Feel Special
To help your loyalty program stand out from your competitors, consider hosting special merchandise reward events for your most loyal customers. To maximize the effectiveness of this type of event, you should invite your VIP customers and offer the latest products by popular brands.
Allow users to pick their own rewards. This enables attendees to choose rewards they really want and feel like they are part of something exclusive. Plus, customers who aren’t invited but hear about this will be more likely to try and get to the points level needed to receive an invite. Events like these can be a win-win for everyone involved.
Make Incentives Relevant
Successful loyalty programs consider what customers want and need the most. Whatever product rewards you offer should be relevant to your customers and include brands that have significant name recognition.
When setting up reward thresholds, think about how often the average customer comes to your business and how much they typically spend. Taking these habits into account, decide if the goals you’ve set are attainable. While the idea is to increase the number of visits to your business, website or social media platforms, you have to establish a program that rewards frequently, so customers stay engaged and recognized. When point levels are set too high, you run the risk of customers walking out on the loyalty program. Consult an expert if you need assistance establishing your point system and values.
Don’t Forget Your Employees
While customers are key to driving business, your employees are just as important. Having an employee recognition program in place incorporating all the points mentioned above will help keep your workforce motivated and loyal to the company.
Whether you have an existing loyalty program that needs improvement or are starting from scratch, that incorporates these tips will help it be a success. If you need help to ensure your loyalty program drives value for your business, contact the experts at Rymax today.