Is it time to review your Loyalty & Rewards program?
Written by Pete Howroyd
It is no secret that loyal customers are worth every penny it costs to retain them. They spend more money - and more often - with the brands they like. They tell their friends and family about positive experiences they’ve had and they drive more new customers to convert than any branded content or advertising ever could.
While it is true that customers want you to care about them, the biggest reason they join loyalty programs is because they want to benefit financially. And the best loyalty programs reward customers when they least expect it.
How does your loyalty program reward your customers? Is it working to the best of its ability to help you retain and support them, especially during these uncertain times where keeping costs to a minimum is key for many?
Now is the perfect time to find out. Today you can... ask, assess, gain feedback and review!
Understanding what makes your customers tick is the key to knowing how they would like to be rewarded. What better way to understand this than to ask them directly – you could do this by sending a survey for them to complete through email; by calling them directly; or through community channels on social media. Going that extra mile and physically speaking with them at a time such as this will really show that you care.
Whilst rewarding customers for making a purchase is effective at creating positive reinforcement, it doesn't create a memorable customer experience. So, whichever channel you choose, don’t forget to offer a reward for their time...
Additionally, the ability to use customer and loyalty program data to anticipate customer needs and intelligently respond to what they want is still paramount in ensuring your loyalty program is ahead of the curve.
Reviewing customer data could bring you insights into where else your customers like to shop. Leading rewards programs don’t only allow customers to benefit from spending more with them, but also with their Reward Partners. Make sure you think carefully about which other brands and services would complement your own offering and get in touch with them to discuss partnership opportunities.
And of course, during these times of social distancing, your loyalty programs must be truly digital. To reduce disappointment, make sure that your online offering mirrors that which you were offering instore. Take the time to test and review your online security and ensure your customers’ privacy remains intact. Do not excessively spam customers with offers and discounts as these will become tedious and lead to negative experiences. And why not go that extra mile to offer free delivery to loyal customers during times of isolation.