Customer loyalty programs are a great asset to any company wishing to grow their repeat customer rate. With Endenred, customer value can increase by up to 95 per cent, encouraging returning customers to use the services they love best. By getting your head around customer loyalty platforms, you can put in place privileges and affinity programs to improve your customer relationships.
Using Edenred’s loyalty program , you can identify your company’s most valuable customers, ensuring your relationship maintains steady, long-term value. Growing your business while nurturing your client base is a great recipe for your company’s future, ensuring it the breadth to move in almost any direction while retaining customer loyalty. Rewarding your regular clients with incentives may seem like a no-brainer, but for many companies, the process seems too difficult to embark on. Edenred can show you that it doesn’t have to be.
Most customer loyalty programs fail at the first hurdle; making the program more about the business benefits, and less about the customer. Putting your company first is important, but not so important that you should put your own success above the people you set out to serve. Building your customer loyalty program, you must set clear goals and targets that will be beneficial for all involved. Running a loyalty program includes promotional material, but this material does not have to focus purely on the accruing of new customers. Rather, it should reward loyal repeat customers for their personal connection with your company. If you want customers to revisit your business again and again, you must give them a reason to do so. Catering to newcomers is not the purpose of your loyalty program, so first-time shopper promotions are off-limits.
A loyalty program can’t skimp on rewards. The value you receive from your repeat customers is a blessing not to be taken for granted. If there is no incentive to remain loyal to your company and brand, clients will file out in long lines. Make sure the benefits you offer are worthwhile and related to your cause. Promotional products should work with your brand philosophy so that they do not appear as frivolous, low-budget knick-knacks and goodies. Customers aren’t fooled simply by ribbons and bows. By using a tangible line of marketing, such as sales for members and repeat clients, you are targeting your most valuable customers and giving them a reason to remain in your care.
If your general sales appear generous, it is your company’s responsibility to emphasise those sales to repeat customers on a customer loyalty program. Your everyday deals should not be so liberal that returning customers feel no need to become involved in your loyalty program. There must be some obvious benefits, whether reached by gathering buyer points, gaining a membership to participate in specials and sales, or by some other route. Monthly promotions should generate better business for you, but offering constant sales without a specific clientele in mind will only devalue the loyalty program you wish to set up. If you are setting up a loyalty membership plan, make sure there are real, evident advantages to becoming a member in the first place. Many customers will choose the easier option and not sign up – so you need to make them want it. Guest checkouts are far too popular, even among regular customers, as there is no sign-up process involved. By making the sign-up or membership process easy, accessible and valuable to repeat clients, you can rely on them to use their member privileges and keep shopping with you.
Make sure that your rewards ARE rewards. Plenty of companies use their customer loyalty programs like a goody-bag at a fairground. The more people sign up, the more benefits they hand out for free. Rewarding your regular clientele should be based on the fact that they are frequent shoppers, and not simply signing up for the goodies they know they’ll be given. Stamp cards, points and other bonuses are all good ways of gaining customer credibility and reliability, as your regular customers will be able to check off these bonuses each time they shop, working toward a real, tangible goal. Your company will use this to work along the same lines – seeing which promotions work best with your regular client base and adjusting future offers to suit the kind of repeat customers you see as most valuable.
Redeeming points can be difficult in many customer loyalty systems, but Edenred can show you the most strategic, expertly analysed ways to get customers on board and redeeming reward points consistently. The retention strategies some companies use to withhold benefits from repeat customers can leave many clients disillusioned and unhappy. These clients are unlikely to stop by your shop again if they know they will only be cheated out of a long-term deal. As a customer, working toward redeeming points is important. After all, most regular customers sign up for memberships and loyalty programs for this very purpose. At some point, the loyalty and regularity of their shopping at your enterprise must pay off. Anything less would simply be unfair. Discounts and points must be used to reach a logical goal, and one that your company can meet. This doesn’t mean that your redemption rates must be very high and the rewards easily attainable; just make sure you’re giving your most valued customers the respect and benefits they deserve.
Remember that the purpose of a customer loyalty program is to serve the customer first, and in doing so, to serve your own company’s goals. Companies who respect their regular customers form strong ties with them, and a healthy relationship of consumer and company happiness will grow naturally and effortlessly. A customer loyalty program is not the area to be cutting corners. Repeat customers will soon filter out if they recognise they are not receiving the treatment they deserve. By designing a customer loyalty program for your retail business with Edenred, you are giving yourself and your company the opportunity to increase the value of your already priceless regular customers. Customise your catalogue to suit the clients you need most, and build your buyer sensitivity from the ground up. With software and sale technology, Edenred can set its Loyalty Engine scheme to work, and increase your cost efficiencies and client base in no time.