7 Points to remember while Choosing your Loyalty program.

?Customer loyalty programs have been the solution for an array of sales problems a company usually faces. Right from customer acquisition, and customer retention to achieving prescribed sales targets. In modern marketing loyalty programs have become a new trend. At the same time, loyalty programs have undergone changes across?a variety of dimensions. Since their inception, they have undergone adaptations and modifications according to the needs of the market.??

Here are some things we need to consider while choosing the right loyalty program for your business.?

1] Is customer retention possible with your loyalty program??

Forget new customers your loyalty program must be exciting enough to keep your loyal or existing customers bound to you. If you fail here to impress or value your existing customers they will not fail to surprise you. There is a possibility that they may choose your competitor over your brand.?

2]Is signing up easy for your loyalty program??

Keeping customers sign-up simple increases the signup number within no time. The more complex the signup process more the chances that customers leave the signup process mid-way. They tend to lose interest if more questions are asked to fill. Easy sign-up is the gateway to numerous associations with your loyalty program.?

3]?Is the incentive redemption process user-friendly??

What is the value if the user has to strive for the redemption of the points earned? There are chances that they might stop using the loyalty program as they would lose interest in the process. Hence the redemption process or rewards should be convenient and easy to operate. The other side of this process is that it should be easily understood by the users. And in case of any difficulty, customer service should be prompt and ready to help them.

4]What variety of rewards can your loyalty program provide??

Everyone values money and has the desire to save it in one or the other way. You should be able to provide diverse options of redemption which will be purely beneficial to the user.?What is the point of providing a farmer from a rural area with PVR cinema tickets?

So the rewards given in your loyalty program should be appropriate and customer-centric. Collaboration with other businesses to redeem points for event tickets, subscriptions or even cashback and discounts on the next purchase would do wonders in keeping your customer constantly engaged.?

5]Does your loyalty program offer referrals??

In a business, we all know the importance of referrals. Our existing customers are our best advertisements. The word-of-mouth publicity they do of our brand in their peers is just priceless.?

" Loyal customers, they don’t just come back, they don’t simply recommend you, they insist that their friends do business with you".

It is necessary thus to encourage our customers by providing attractive referral incentives in a loyalty program.?

6] Does your loyalty program ease customer acquisition??

Acquiring new customers is a tough job for every business. But with a loyalty program, it seems easy though. Referrals, word-to-mouth publicity, advertisements,?etc?help to acquire new customers.?

7] Which type of loyalty programs are appreciated the most??

A tiered amount-based points program which is an integrated form of various types of loyalty programs is the most widely used loyalty program. What suits others may not always be appropriate for you. Your own business or marketing requirements may differ. It is always not necessary to use the same stencil. So what is more appropriate is analyzing our own business requirements and then choosing the program that suits us aptly.??

While choosing a loyalty program choose in such a way that it fosters customer retention, new customer acquisition, and customer lifetime value thereby ensuring less churn rate.?

?The difference you make from your competitors ensures your success. Let our experts design and implement a loyalty program for you.?

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