Cloud-based loyalty solutions have really simplified the management of customer loyalty management programs in today’s world. However, an important part of this puzzle for businesses is to select the most effective rewards and incentives for their customers. In order to get your customer loyalty program to succeed, it is critical that you get the rewards right. Before you finalise your rewards design and strategy, make sure you have accounted for the following:
Offering discounts and freebies simply to get an edge over the competition can prove to be very costly. Hence, it is important that you offer a broad range of rewards to your customers. Make sure there are plenty of non-financial feel-good rewards in the mix as well. A quick look at the most successful loyalty programs shows that they always aim to establish an emotional connect with their customers, as opposed to simply maximising revenue by offering rewards. Remember, the goal of the loyalty program is to reciprocate your customers for their loyalty and not just give away discounts.
Make it Relevant
The importance of offering personalised and relevant rewards cannot be emphasised enough. Your customers are most likely to engage with the rewards program only and only if they feel that they are deriving some tangible benefit from it. Similarly, offering special rewards on birthdays, anniversaries, and during the holidays is also important to maintain engagement levels. Do not forget, the value of the benefit is not as important as the thought and intention behind it. Thankfully, most intelligent Loyalty Management Software solutions, like Loyera, offer valuable insights to customer behaviour and spending habits, and thus, simplify the process of personalising rewards.
Thrash out the Details
Don’t shy away from diving deep into the dirty details of how your rewards will work. Make sure you have a variety of schemes, like buy X get X free, a free product of every nth purchase, X% discount after n visits, double reward points during the birthday month etc. Furthermore, make sure you understand which kind of customer is more likely to opt for which offer. Similarly, you must know all the customer information you will need to successfully roll out the offer and the potential challenges that come in the way of implementing the same.
Loyalty solutions are one of the most effective mechanisms to address the grievances of dissatisfied customers. By offering relevant incentives, businesses have won customers back and repaired damaged customer relationships. This can be done by offering a one-time valuable gift card, following up with customers who have given dismal ratings and reviews or even simply reaching out to customers who haven’t been actively participating in the loyalty program. Thus, managing customer satisfaction using appropriate rewards and discounts to ensure that they are actively engaged becomes really simple with cloud-based Loyalty Management Software solutions like Loyera.
Are you struggling to deploy effective reward incentives in your customer loyalty program? Get in touch with us to know more about effective rewards strategies and Loyalty Management Software solutions.