Treated Like Loyalty: The Power of Loyalty Programs
Customer expectations are higher than ever. As commerce companies exceed their customers’ expectations, they increase the bottom line for all retailers and commerce companies around the world.
There’s no shortage of companies to buy from, and your customers know this. They know that if you don’t deliver the experience they’re looking for, they have plenty of other brands vying for their attention.
When brands put energy into their existing customer base, this doesn’t go unnoticed. Customers feel appreciated, which makes them more apt to return the appreciation in the form of repeat purchases and ongoing engagement.
As reported by Small Biz Genius,
- 75% of consumers say they favor companies that offer rewards
- 65% of a company’s business comes from existing customers
- Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program
The numbers don’t lie. Building a quality customer loyalty program is one of the most rewarding things you can do for your business.
Loyalty marketing isn’t just the type of rewards program you offer, it’s the customer experience and the quality of engagements you deliver too. In today’s digital world, customer loyalty and mobile marketing go hand-in-hand. Customers have come to expect a personalized customer experience, optimized for their personal mobile devices.
Your brand’s ability to predict what each customer wants to purchase and when creates brand loyalty. Treating customers like the individuals that they are, and tailoring messaging and offers specifically for them is the recipe for building profitable, stickier relationships.
Couple this with a loyalty rewards program for maximum effect. With Plexure’s loyalty program solutions, your marketing team can create custom loyalty incentives and configure them to be delivered at critical moments in the customer’s buying journey.
As your customer interacts with your mobile app, clicks on specific products, makes transactions, and redeems offers, data is automatically generated and relayed to your marketing team in a user-friendly dashboard with data visualization tools that support complex data analysis.
The more your customer engages with your brand, the more data they generate, the more insights your team receives, and the more personalized you can make each customer’s experience.
Customer loyalty programs hit the sweet spot between innovation and personalization, as they give your brand the resources and data points you need in order to supercharge your marketing efforts and ensure an increasingly personalized experience every time your customer interacts with you.
Fortunately for commerce companies, non-cash loyalty rewards have proven to be 3x more cost-effective than discounts or cash prizes (The Aberdeen Group). You don’t have to give away free money to make your customers happy and boost overall sales.
Loyalty marketing is a fundamental part of an effective customer retention strategy. Well-developed loyalty rewards programs can be leveraged to attract new customers, make existing customers happy, and win back lost customers.
Say one of your customers goes inactive. They haven’t interacted with your brand in over a month, and Customer Journey Analytics shows that you’re on the verge of losing them. Your marketing team may create personalized push notifications to be delivered to your inactive customers’ mobile devices, reminding them of their loyalty status:
“Hey Josh, you’re one purchase away from reaching the next tier status!”
“Don’t forget to redeem your free bagel by 10/21!”
Customers can be segmented by their level of engagement and by a number of other criteria too, so your marketing team can create relevant messages and deliver them through efficient, timely automation at critical moments in each customer’s journey.