Loyalty. It’s what everyone wants. You want it. In your personal relationships, with your dog and especially with your customers.
You may actually be part of a few loyalty programs yourself, Starbucks, Uber, maybe a dropbox referral program? And in increasingly competitive and crowded marketplace your customer loyalty program can differentiate you from your competitors.
Members of customer loyalty programs typically spend up to 18% more than other customers and customer loyalty programs result in more customer retention, more referrals and are extremely cost efficient… acquiring a new customer is 5-25x more expensive than retaining a current one.
In short, customer loyalty pays off big time and customer loyalty programs end up paying for themselves but what are the aspects of a customer loyalty program that can put companies above and beyond their competition.
companies need to take the time to understand each specific customer’s needs and the way in which they prefer to communicate and what motivates them and allows them to feel at ease, do they focus on customer service, price, a mixture? Knowing these can allow for organica relationship building based on their preferences.
make it easy for customers to showcase and capitalize on their loyalty. Difficult hoops to jump through to receive rewards and confusing point schemes will only frustrate customers. Their loyalty is invaluable, so rewarding them shouldn’t feel like a loss, it should feel like an investment into future relationships, sales and revenue.
beyond the rewards, companies need continue to adapt and supply a competitive value year over year, if not customers can find a new provider with just 2 clicks.
Creating a culture and process that allows for customer loyalty to flourish isn’t easy but businesses must enhance the customer experience in today’s competitive and every-evolving market.
Want to learn how Incentivefox can supercharge your customer loyalty? Contact us today.