Top Strategies For Creating A Creative Loyalty Program
Loyalty programs have witnessed a dramatic shift in recent years. They have evolved far beyond punch cards. For a vast majority of consumers, loyalty programs are a huge part of their shopping experience. While some will join to get exclusive discounts, others are simply loyal to get deeper and fuller discounts. Regardless, businesses that implement loyalty programs have to start coming up with new strategies to motivate ‘customer engagement’ and ‘brand advocacy.’ The key is to build a creative loyalty program that excites your target consumers. Here are the Top Customer Retention Strategies to mastering customer loyalty and creating brand advocates:
- Research Adequately
Before implementing a loyalty program, do thorough research.
Start by analyzing the nature and size of your business and create a loyalty program that fulfills your set requirements. If you already have a loyalty program, you can utilize customer data and analytics to improve your product and/or service. Make sure to make note of customer expectations and current market trends, so that customers respond well to your loyalty program.
Pro-tip: Keep your loyalty program simple- make it easy for your customers to sign up and earn rewards.
- Predict Customers’ Moves
Predictive analysis provides you with helpful insights if you are looking to improve customer retention. You can dive deep into customer behavior using analytical tools that help predict their shopping habits, hidden buying patterns, buying history trends and more. This enables you to find answers to important questions such as –
Who are your loyal customers?
Who is likely to churn?
When will they purchase again?
What is the most effective campaign to improve retention?
- Tiered System
Consider tiering your loyalty program to add segmentation. Implementing tiers in your existing loyalty program can increase brand activity by enticing customers to purchase more. Tiers can also help to better segment the dedicated customers from fair weather ones and give valuable insights regarding your in-demand services. Experiential rewards are especially popular as they add value to the customer and make them feel special. Think of all the options to make your tiered system exclusive before you implement it.
- Unique Rewards
Customers love exclusivity. They admire the VIP treatment. So treat your best with the best. Treat your top spenders by giving them priority services and unique rewards. You can also set up exclusive deals and discounts for your customers via social media channels. More importantly, give your top customers an exclusive invite to the events, VIP access to product launches and experiences. It’s all about the human element and what they covet in exchange for their loyalty.
- Get Creative With Omnichannel Loyalty Perks
You don’t have to stick with one form of rewards if you have a great online and offline presence. Customers get bored with traditional rewards. So test your rewards on a routine basis to see what really works well for your customers. Differentiate yourself from the competitors and give them a solid reason to shop more with you. You can give the customers an opportunity to exchange earned points with a tangible reward such as a trip, an activity or a free hotel booking of their choice.