If you have taken your business online and do not have a rewards program app yet, you are not leveraging the full potential of the medium. Well, you could as easily and more efficiently launch and run a rewards program through an application as you did offline.
Let’s look into why you need a rewards program app and how can you successfully run it.
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Creating a Customer-First Culture with a Reward Program App
The key brand differentiator and purchase-influencing factor now is customer experience and not cost or the product deduced a recent study by Walker. In simple terms, customers understand their significance in the business world and recognize themselves as assets. For every brand that doesn’t have a customer-centric approach, there are a hundred others that do. If you look back as a consumer, customer support, pre-sale, post-sale services all the factors under the customer experience umbrella have significantly improved in the last five years. Every aspect of the selling process is designed keeping the customer-first approach in mind because once the customer is happy, revenue follows.
But, in 2021 where every brand is so attuned with their customer’s requirements, upscaling your selling process simply doesn’t suffice. To further improve customer experience and to gain a competitive edge, you need to give a little extra incentive to your customers and a rewards program app is a great way to do so. Some of the best rewards program apps keep the customers engaged with the brand through immersive experiences and by rewarding them for following through on the brand’s desired CTAs. Rewarding customers positively reinforce them to remain associated with the brand indefinitely and eventually develops brand loyalty.
Why Is a Rewards Program App a Quintessential Business Requirement?
Not only does a loyalty or reward program helps to boost customer experience and satisfaction, it offers manyfold strategic advantages to the brand as a whole. Let’s look at some of the important benefits
- Helps to Mine Data – Data is perhaps the most powerful tool in today’s business and marketing world. Data can help to build business and marketing strategies that have a high-efficiency rate and help to read the pulse of the audience. When it comes to authenticity, zero and first-party data is of great significance and with the help of a rewards program app, you can extract both, ethically and legally.
- Improves Retention Rate – When a customer is engaged in a cycle of purchase and reward, it becomes easier to retain them. Winning rewards and incentives give a great adrenaline rush and the customer returns to the brand to win and earn some more.
- Amplifies Brand Reach – Customers are quite vocal about their preferences. They do not shy away from sharing their experiences with others, especially when it’s a positive and lucrative opportunity. By including a referral code in your rewards app, you can further amplify your reach by incentivizing existing customers for bringing in new ones.
- Increases Customer Lifetime Value (CLV) – Customer lifetime value is the total profit generated by a customer throughout its association with the brand. Simply stated – the higher the CLV, the higher the profits. With the help of a loyalty or rewards program, you can keep customers engaged, improve retention rate and considerably improve customer lifetime value.
- Boosts Sales and Revenue – A rewards and loyalty program can increase retention and acquisition rates. It will also help in improving the brand’s reach and overall credibility by increasing customer satisfaction through rewards and incentives. All this has a strong impact on the company’s overall profit and revenue.
Getting the Customers On Board
Now, that you understand the significance of a reward program and how it can help to build a customer-centric approach that eventually benefits the business, let’s look at the big question, ‘How do you get customers to participate?’ The answer is simple – Through rewards!
Many brands reward their customers for simply downloading their rewards program app! If rewarding every download seems a tad bit extravagant, allot points for downloading. It gives customers a good head-start in the loyalty game and also encourages them to earn more points. Another great way to increase brand reach is through referrals. You could reward your loyal customers for bringing in new customers. For every new customer a loyal customer brings it, they could win a reward. It is perhaps the best way to motivate your customer base to organically promote your brand. Achievable goals, exciting rewards and a great loyalty partner is perhaps the best combination to improve business growth and foster loyal customers.
Partnering With The Best
Creating a rewards app program is an intricate process and it is imperative to take the brand’s ideology, image, business and marketing objectives into consideration, before designing one.
Recognized by Forrester for its dynamic and highly efficient Incentive Engine, Annex Cloud has the experience along with technological capabilities to design a suitable rewards app for your business. Annex Cloud’s expertise can help you design a program and app that embodies your brand image and is designed specifically to excite your customer base. Click here, for a free consultation and demo from Annex Cloud.