Every business should have a set list of brand goals that they set to try and achieve. Brand goals not only give your business something tangible and measurable to work towards; they can also be starting points to help identify where your business is thriving and where it can use a little bit of work. Implementing a loyalty program is a great way to see progress in all of those goals. When designed and implemented correctly, a loyalty program will fit seamlessly into your business plan so no matter what goals you want to achieve there is a way to do that. Here are some potential brand goals you could be looking to reach and how a loyalty program can help you.
Are you looking to gather more customer data?
A loyalty program is one key method for getting more first-party and zero-party data from your customers. Once a member joins you are able to begin tracking their journey and studying their buying habits. Most people are more inclined to give you their personal information if they trust your brand and know the perks they are getting in return. Businesses can use this information to create more personalized offers and rewards that make their members feel seen and appreciated. This will also help boost sales because if a customer is being shown items that are in the realm of their buying patterns, then they are more likely to make a purchase. Even using a loyalty program to gather information as small as their address and birthdays can give you a better understanding of which locations and ages to target towards.
Do you want to see more customer retention?
While you might think that focusing on customer acquisition is more important than retention, that mindset could be what is holding your brand back. Acquiring new customers takes more time and money than rewarding and appreciating your existing customers. Nurturing current customers is what builds brand loyalty and in return helps build brand awareness. Offering a loyalty program that has a great reputation for the way that they treat their customers is more important than a program that rolls out the red carpet for new members and then forgets about them. If you are seeing an increase in customer churn then you should look into how your program can boost relationships with your current members, such as providing more 1:1 interactions at different touchpoints or increasing the number of customized offers and communications relevant to their interests.
Want to increase engagement levels?
Keeping your customers engaged past the early stage is what keeps them coming back. Sending them welcome emails and a few promotional emails in the beginning and then stopping communication is what leads to customer churn. Studies show that 50 percent of cancellations occur within the first year of a membership. There are businesses and loyalty programs popping up left and right so it's crucial to actively keep your customers engaged with your program and excited about what you have to offer. Gamification and promotions are a great way to boost engagement levels. These are mutually beneficial because they let your customers have some fun with the chance to win prizes but it is also an opportunity to get your name out there. Oftentimes people want to feel like they are a part of something and providing members with more ways to both enjoy and benefit from interacting more with your program will keep your engagement levels rising. Think outside the box and create excitement around your program and you will know what draws members in and keeps them coming back!
Reaching your brand goals can seem daunting at times but having a loyalty program will take some of that weight off your shoulders. As long as you are putting in the effort to understand your customers, listening to their desires, and meeting their needs, then you will see improvement in your business. Just like your business changes and adapts to meet your goals, your loyalty program can grow and evolve as well. A loyalty program is a tool that is here to help your business grow and meet set goals efficiently and effectively!
Want to learn how to better use your loyalty program to reach your goals? Reach out to us today and see how we can help!