Why Do You Need Education Loyalty Programs?
Did you know you could influence student behavior and encourage participation through loyalty programs?
Be it the hospitality, travel or retail sector; customers have begun to anticipate and even expect a loyalty program, especially from brands they foresee long-term association with. So why not educational institutes? For starters it is THE most important, life-changing, career-determining association one ever has.
Education loyalty programs are not a novel concept; however, they aren’t as common either. Various educational institutes overseas and even in the American home turf have opened their eyes to the infinite potential of loyalty programs and their long list of advantages.
In this article, we will explore the need and importance of education loyalty programs and how you can benefit from them.
Why Do You Need Education Loyalty Programs?
- Reduces Attrition Rate – Enrolling in a loyalty program is a long-term engagement. Members and in this case, students, teachers and all other stakeholders that participate in the program, are doing so, to reap long-term benefits. Hence the immediate effect of a loyalty program is improved retention rate and a substantial decline in attrition rate. By the means of exciting rewards and loyalty strategies, you could see significant improvement in the number of stakeholders that decide to continue their association with your institution.
- Improves Engagement – Loyalty programs are considered highly efficient engagement strategies. They can open doors for communication and initiate an ongoing dialog between the brand and its customers. Students that are enrolled in student reward programs are more engaged and open to participating in more activities hosted by the institution in general, in lieu of earning more rewards.
- Increases Satisfaction Level – Earning rewards for participation or exceptional performance can be highly rewarding and satisfying. Be it, students or teachers, rewards are a great way of showing appreciation while improving overall satisfaction level. Initiating a reward system for students will motivate them to perform better and earning rewards will increase affinity towards the institution.
- Improves Referral Rate – People, in general, are quite vocal about the things they like and tend to share their experiences with others. Rewards for students and teachers may not be as common in the educational sector as it is in retail, which makes it exclusive. A good education loyalty program will help with referrals through word-of-mouth publicity and aid in increasing the acquisition rate.
- Helps in Building a Positive Brand Image – Showing appreciation and gratitude can go a long way in building a positive brand image. Even small strategies like virtual rewards for students can increasing loyalty among students. Teachers and others stakeholders involved in the programs too will act as brand evangelists and help in building a credible name for the brand in the market.
- Improves Brand Recognition – Your loyal customers are what distinguishes your brand from the others in the market. A set of strong brand advocates, improved acquisition and engagement rate and reduction in attrition help in forging a strong brand identity which gives it recognition and organic publicity. 92% of customers trust recommendations from people they know which can significantly help with publicity as well as sales and revenue, especially in the long run.
Loyalty Strategies for Educational Institutes
- Rewarding Students for Participation – If you are experiencing a low participation rate from your students, be it in attendance or other extra-curricular activities, you could design a virtual rewards program for students or install a loyalty card system. Students could either virtually check-in or swipe their cards to earn rewards for their attendance and participation. Rewarding students with good attendance can encourage others to actively participate too.
- Rewarding Students to Encourage Good Behavior – Instilling good behavior in students is an important criterion for any institution as it is reflective of the institute’s caliber. Theoretical and practical learning, though great ways of instilling good values, may not always be enough or effective. A reward system for students can be a great way to motivate students and encourage good behavior.
- Rewarding Educators for their Performance – Similarly, you could rewards educators to motivate them to perform better. Analyze your strengths and weakness and based on the assessment, assign goals for educators. Reward them for completing tasks or achieving their objectives, it will improve employee satisfaction, efficiency rate and engagement level.
- Rewarding Parents for Involvement – Oftentimes, educational institutions experience a low engagement rate from parents. Students’ loyalty programs can also have provisions for parents. Parents that actively participate in school initiatives and programs can also be rewarded through the reward system for students. This is a great way to ensure 360-degree engagements and improve attrition and acquisition rates.
Student Reward Programs for Retailers
A reward system for students is not just limited to educational institutions, even retailers too can tap this potential market with the help of loyalty rewards for students. Retailers in the vicinity of institutions or even otherwise can have loyalty programs for students and/or even educators. A reward program can encourage students to repurchase from your brand repeatedly to earn points and redeem rewards through it. Retailers can offer discounts as a means of rewards, free goodies, gift vouchers or even let customers experience their new products through the means of early access. You could also increase brand penetration through effective loyalty strategies. The options are unlimited with loyalty programs. A smart loyalty partner can help you decipher the best strategies and practices for your business that yield maximum benefits and higher ROI.
How Can Annex Cloud Help?
Annex Cloud’s full suite Loyalty Experience Platform™ with omnichannel capabilities can help you design the most suitable rewards system for students and all stakeholders that resonate with your brand image.
With Annex Cloud you could experience improved student engagement, augmented revenue and increased brand recognition. To learn more about how you could suitably design reward programs for students that encourage participation and maximum engagement, connect with the expert team at Annex Cloud.