Loyalty programs in business are powerful tools that can help you accomplish your commercial goals. If you have not yet considered starting a loyalty program, here are some of the reasons why now has never been a better time to do it.
Bring in New Customers
In a highly competitive business world, the margins are everything. If you can convince that extra 1% of people to choose you over a competitor, it could translate to thousands of dollars gained for your bottom line.
New customers often waver based on the quality of a company’s loyalty program. Do not let it become your Achilles heel.
Retain Current Customers
Your current customer base is not safe either. Your competitors will be working hard to pry them away from you. If your customers see that another company offering similar services has a better loyalty program, why wouldn’t they cross over?
Types of Loyalty Program You Can Try
1. The points system. Customers gain points with each purchase. They use these points to claim prizes and discounts.
2. The tier system. Loyal customers advance up the tier system. Each tier brings new prizes, discounts, and benefits.
3. Upfront fee. Sometimes charging an upfront fee, such as in the case of Amazon Prime, and supplying a range of great benefits is enough to attract customers.
The Boloco Card is what every customer gets when they join their points-based loyalty program. The company saw its sales slumping, and so they unleashed their version of the loyalty program. The card tracks every cent the customer spends
For every $50 spent, the customer can claim an item for free. This applies to every item on the menu, so it can be the smallest smoothie or the largest burrito they have. It is what customers want because it is rewarding them with the products they purchase anyways.
Sales soared and it remains one of the most popular food-based loyalty programs in the US.
Loyalty programs can work in any industry. First, you need to analyze your audience and find out what they want.
From there you can do a trial loyalty program and see how they react. It may take a few tries, but get it right and your company will reap the benefits in the long-term.
Contact us so we can help you to incorporate a loyalty program into your business