Have you heard about the power of extension? Do you want your customers to stick with your company a lot longer? Do you want to make your customers happy? This article will answer all your questions and after reading this you might find an impressive way of engaging your customers by introducing loyalty programs, meanwhile learning how to reach the top in the market.
What is loyalty Marketing?
Loyalty marketing is a strategic approach that helps the company in retaining the customers by providing them incentives. Incentives may include bonuses, cash rewards, and other lucrative offers. The term 'loyal' is concerned with your customers itself, which has been trending now in the market to lure customers to make purchases repetitively.
Why go for loyalty marketing?
'The power of extension' as mentioned above is directly related to your customers. Just like how extending a helping hand to someone in desperate need brings a sense of constant satisfaction. similarly, Extending a loyalty card can earn you a customer for life. Now, for instance, you're new in the business, it's growing slowly but inconsistently, so in order to keep your business constant without compromising its growth and make it dependable, then you might need loyalty marketing.
What are loyalty programs?
A marketing strategy which includes a set of programs designed to encourage customers to continue to buy at or use the services of a business associated with the program.
Nowadays such programs are conducted almost in every business field, the question of who is going to come up with unique innovative programs makes the competition even stronger.
To not lag behind here are effective ways to engage your customers by adopting the following loyalty marketing programs into your business.
1. Points Loyalty Program
Whenever customers make purchases from your company, they get certain about of points depending upon how big the purchase is. Later on, as they continue making subsequent purchases, the previous points get added. The main idea of points is that it can be converted into discounts and other offers.
2. Paid Loyalty Program
It's mostly used in commercial sites like Amazon, Flipkart, and production companies like Netflix, YouTube, etc. Although it seems costly it's an effective way to entertain customers for a long duration of time, a paid subscription provides customers exclusive benefits so that others don't get.
3. Charity-based Program
Its also known as a value-based program where a company focuses more on value system rather than paid and discount offers. The company’s motto is basically to grow by helping society. For that purpose, they provide a commitment and a sense of social mission that motivates customers to keep making purchases that are improving the lives of people in society.
4. Tier-Based Program
The program includes rank wise promotion of loyal customers, it comprises of different levels that have its own rewards, obviously, customers want to grab maximum rewards and offers as possible so they will climb all levels like a ladder, but one thing to keep in mind is that make sure progressive levels contain more perks and customer can get access to bigger benefits.
5. Referral Loyalty Program
Encourage your existing customers to indulge in referral programs why? the reason behind is Referral programs not only benefits your company but also assist in gaining new customers, moreover providing incentives to your loyal customers who refer to their friends or family members to make a purchase from your company and in return, they can receive discounts as well as newbies. So ultimately it's making your customers happy and simultaneously advancing the company's overall growth in the long run.