Apr 13, 2020
Giift.com operates the world's largest loyalty programs and gift cards network.
If you’re looking to launch a new loyalty program for your brand please visit giift.com
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Giift.com operates the world's largest loyalty programs and gift cards network.
If you’re looking to launch a new loyalty program for your brand please visit giift.com
The most important thing for the survival of any business is customer loyalty. The reason behind this is simple.
If researches are to be believed, it is easy to bring back a customer to make a purchase with you than to acquire a new customer.
The growing competition in every field makes it difficult for every business to get new customers regularly.
Hence, if you want your business to survive in the long run, it is important to build loyal customers, measure their loyalty, and reward them for their loyalty. Now, this can be only achieved with the help of a reliable online loyalty program.
There are many retail loyalty programs for their retail businesses that can solve the purpose very well. However, it is important for you to choose the customer loyalty program that will complement the nature of your business.
It is important to analyse what a loyalty program can do for you — can it measure customer loyalty, can it get you data of the buying patterns of your customers, is it user-friendly.
What are the most innovative loyalty programs out there?
One of the most innovative online loyalty programs that I have come across is the Reward Stamp
Reward Stamp app is designed to provide convenience to small businesses looking for a reliable retail loyalty program.
It is easy, convenient, and reliable to use. Any small business can download this app on an Android or iOS device and have the business registered for free.
Post registration, the business is expected to share the link with its customers, who then need to download the app on their phone. Once both parties have downloaded the app, rewarding loyalty points becomes easy.
The company can issue digital cards and digital stamps to the customers and they can redeem the collected points for rewards or discounts.
This customer loyalty program can work in any company’s favour in the long run. I personally recommend all small retail businesses to try this app once. It is surely going to benefit them
Should My Business Have a Loyalty Program?
Businesses around the world operate within flexible and fragile environment, which offer both opportunities and threat. Therefore, most business owners are not really sure as how to market their brand or products across a diversified audience. Similarly, many also wonder if a loyalty program can help them in establishing their brand among their targeted customers.
Quality online loyalty program is not only a marketing practice to sell your product. It can more elaborately be defined as ethics that companies embrace to keep their business a customer friendly one. Over the years, it has been proved companies which have focused on retention of customers by employing loyalty program software have done fairly well in contrast to companies who have failed to do so.
Besides, many companies and owners are still in doubt, if should they have a loyalty program for their brand or otherwise. Let’s take a tour of facts to understand, why your business should or shouldn’t have a loyalty campaign.
Top Reasons Why You Should Have a Loyalty Program
In the uncertainty of what to choose and what not, many theories regarding loyalty campaigns come to forefront or vanish instantly, however, here is a list of reasons that should help you decide, if your business should have a loyalty campaign or not:
Customer retention:
As mentioned earlier, loyalty program help you to attain high customer retention rate. Retaining customers help you increase your ROI, as it slashes down the cost of new customer acquisition and at the same time trigger repurchases from existing customers. Furthermore, most customers stay with your business in order to utilize their accumulated loyalty points, which in case of discontinuation don’t serve any purpose.
Impact of Revenue:
One of the most important attractions for customers in the loyalty program software is incentives and rewards. Rewards motivate customers to remain loyal to your brand and in return it generates sales opportunities and thus, increases your revenue share.
Influence Repurchases:
Such retention programs extensively focus on influencing repurchases by your customers. Hence it plays a vital role in prompting customers to make additional purchases, which directly contribute to your ROI instantly or over a period of time.
Detailed Customer Insights:
Most loyalty engagement platforms are equipped with in-depth tracking module, which helps you to monitor various customer metrics in a very understandable manner. These detailed customer insights can be used very effectively for planning various aspects and features of your campaigns.
Program Analysis:
Program analysis is another important data metrics which help you to understand efficiency of your engagement platforms. With modern loyalty program software, you get sufficient scope to understand various features of campaigns in context of customer’s expectations. These metrics also help you in analyzing data and carry out A/B testing of various features of our program for optimum results.
Insights on Marketing Efforts:
Most interesting fact about loyalty campaigns is its tracking feature which allows you to keep close eye on marketing efforts as well. With a robust tracking system you can supervise your marketing efforts in right direction to get most out of your loyalty program.
Advanced Communication System:
Every quality customer retention program uses an extensive communication system which aids you to maintain an interactive engagement platform effectively. Communication system acts as bridge between your customers and business. It can be used for pushing engagement related instructions, intimation of rewards, various announcements pertaining to your program, etc.
Service Differentiation:
This feature allows you to create separate and distinct image of your brand among customers. By offering different types of rewards to your customers who belong to separate user segments, it helps you to monitor status of each user and design customized incentives for their engagement.
Improved customer Acquisition:
Though, most important aspect of your loyalty program is to retain your existing customers, but, you can employ referral and sharing features into your campaigns to acquire new customers from your targeted market. This two dimensional marketing approach help your business manifold as it contribute to increase brand affinity, sales and ROI.
After going through above features of loyalty program software, it isn’t difficult to derive a conclusion that such campaigns helps in expansion of your business. Till now, there aren’t enough resources which proclaim negative implications of online loyalty program. Therefore, if you are planning to venture into these marketing techniques, better start now than never.
Loyalty program help eCommerce businesses in garnering new customers from targeted market. Design your loyalty program with NextBee. Call at 1-800-547-1618.