Modern customers are more likely to switch brands if they don’t experience exceptional customer service. It’s critical for businesses these days to double down on their marketing efforts to surprise and delight customers. In order to make your most valuable customers keep buying from you, it’s important to reward them for their loyalty. So what is a loyalty rewards program?
It’s a marketing strategy to reward loyal customers for their recurring engagement with a brand. The more frequently they buy from you, the more rewards they’ll get. To achieve this, brands need to have an integrated and focused plan in place.
Here are some vital stats about how loyalty rewards programs increase revenue:
- 75% of customers have claimed that they will come back to buy from a brand after receiving an incentive.
- Customer loyalty programs can increase customer retention by 5 percent, which can boost profits by an impressive 25 to 95 percent for some businesses.
- By offering your customers an effective customer loyalty rewards program, an eCommerce platform could potentially increase its average order quantity by a massive 319%.
A loyalty rewards program not only incentivizes newly acquired customers to keep purchasing from you, but also ensures that existing customers feel valued about their loyalty towards your brand.
Let’s look at some benefits of loyalty rewards programs:
- Drive customer retention
- Increase customer lifetime value and repeat business
- Boost revenue and profits
- Solidifies customer relationships
- Gives your brand a competitive advantage
- Encourages Referrals
- Improve customer appreciation of your business
- Provides vital market research and insights into customer behavior
A critical aspect of implementing a successful customer loyalty program is to make sure that the rewards reflect what your customers actually expect from a rewards program. For that, brands should make a genuine effort to understand their most loyal customers and what would entice them to come back for more. Ensure that your customers feel appreciated by asking for their feedback at regular intervals. This would mean that you will be able to thrive even during uncertain times.
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Top strategies for a loyalty reward program
- Any loyalty rewards program intends to increase word of mouth referrals and create a community around the brand. An effective way to encourage this is by rewarding referrals. For instance, reward every time someone invites a friend that becomes a customer.
- Customers want to feel they belong and are a part of your brand community. That’s the biggest reason why they’ll want to engage. By creating messaging that is engaging and relevant to them, you are much more likely to have a successful program.
- What’s the point of having a loyalty program that is not marketed well? The best way to maximize your loyalty rewards program is by promoting it across as many channels as possible.
- A vital factor that determines the success and growth of your program is soliciting feedback from your customers. Loyal customers are often honest about what they really want from your program which will help you personalize your offerings.
Why Annex Cloud Loyalty Rewards Program
Traditional earn and burn loyalty programs are a thing of the past. Customers today are looking for more, where they feel connected with the brand. Also, with varying customer behavior, brands are yearning for loyalty partners that can help create a unique but engaging rewards program. Annex Cloud is a premier software vendor that offers a robust platform that implements a loyalty program that is catered to the varying requirements of your brand, in order to create high customer lifetime value, increase in purchase frequency and increase in basket size.
Here are some of the reasons why you should choose the Annex Cloud Loyalty Rewards Program
- Product Fit: Diverse yet deep product that is catered to the needs of the brand. Ability to implement complimentary solutions like Referral Marketing and User generated content within the loyalty experience.
- Enterprise readiness: Built to manage global availability and easily scaled to handle high traffic volume while being compliant in security and data privacy.
- Third-party Integrations: We have pre-built third-party integrations with industry leading marketing services, ecommerce platforms and point-of-sale system providers that make it faster and seamless to deploy our solutions.
- Customer Success: We are backed by a strong and experienced customer success team that is assigned to every brand to assist them with kick-off all the way until go-live and beyond. Best practice recommendations and marketing strategies are also provided by this team to ensure that the program can reach its full potential.
- Loyalty Experience: We have over 10+ years of experience implementing a gamut of B2C and B2B loyalty programs for different industries. Some of our premier customers include huge brands like Toyota, Philip Morris International, MOL Group, Nu Skin, Henry Schein, Merz, Bed Bath Beyond, Mizuno, Taylormade Golf, Elf Cosmetics and many more.