Successful businesses and organizations know that running a fruitful business requires not only capturing new leads but retaining the ones you already have as well.
In a sense, this means cultivating a relationship with existing customers insomuch that they would want to purchase from you or avail your service again in the future. To effectuate this, businesses have come up with a myriad of strategies and among them is a loyalty rewards program.
A customer loyalty card system is one of the most effective methods of retaining clients. Typically, it comes with various benefits such as being able to redeem rewards with every purchase, freebies, discounts, and so on. While loyalty rewards programs differ, the principle remains the same. That said, a good loyalty reward system rewards customers for purchases they have made. As a result, the likelihood of the customer returning to purchase or availing services again is higher.
If you are on the fence on whether your business should have a loyalty rewards program, below are five reasons why it should:
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1.) It establishes a long-term customer-brand relationship
The very idea of having a rewards program is to encourage your customers to keep coming back and do business with you. That said, loyalty cards encourage customers to make a habit out of doing business with you or at least choose you over your competitors. Essentially, having a rewards card grants your customers unique offers and deals otherwise unavailable to them had they not availed of your rewards program.
This practice is highly effective in retaining customers. Moreover, it also creates a deeper engagement as customers become more invested in your brand.
2.) Creates an excellent customer experience
It is no question that the customer demand landscape continues to change and evolve every day. Today, most consumers seek instant rewards loyalty schemes where they do not have to wait until several purchases before they can start redeeming rewards. Unfortunately, this strategy does not work for every business model. So, it is then your responsibility to find the perfect balance between rewarding your customers for doing business with you and ensuring that you are not giving more than you can afford. Typically, loyalty programs that provide rewards encourage customers to return. Some of the things you can include in your rewards program are signup bonuses or instant discounts by the next time they shop with you.
3.) You can surprise and delight your customers
Today, customers no longer wish to collect points. Instead, they wish to see something dynamic and exciting when they choose to enroll in a loyalty scheme. Brands that have introduced this shift are rolling out personalized loyalty card services, typically through interactive apps. These apps collect a customer’s interests and past purchases to create targeted offers that are specific and unique only to them. With this, you can forge a deeper relationship with your customers.
4.) Build a community
An important factor to consider when it comes to your customers is that your existing ones spend 67% more than the new ones. With that, we can then see that keeping customers loyal is paramount.
So, create a rewards program that would indeed make your customers feel like they are rewarded, and they will be loyal to you. Team up with other companies and create joint-loyalty schemes that provide all-inclusive offers that can be redeemed at any of the retailers participating in the program. With that, you can forge a mini-community where loyalty is shared.
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