Thinking an out-of-the-box customer loyalty program will meet all your needs is a misnomer. Just because companies have a loyalty program does not mean it will meet the needs of your company and be a fit for your customers.
- Establish the goals for your program
- Establish a budget
- Establish a timeframe
- Determine a strategy for finding a loyalty solution provider
The most successful loyalty programs use stats and information provided by your customers. You will find it very difficult to guess what a customer wants. Programs which allow for personalization, trending offers, sharing, and provide relevant offers and rewards will be your ticket. Your goal should always be to reward good behavior, increase engagement and loyalty, and to raise profits.
Here are a few best practices for loyalty programs in 2015:
- Engage the customer through the device of their choice
- Provide relevant offers and information for the customer
- The points program should be tiered
- Keep it simple and easy to understand
- Give the customer a voice for feedback
- Be honest and develop trust
A loyalty program should be an integral part of your overall marketing strategy. Customer acquisition is a costly business, so not only do you want to acquire new customers, but you want to retain the ones you have. Developing a long-term relationship with your customers means increased revenue. 80% of your profit generally comes from the top 20% of your customers. If you don’t know who they are, then your currently loyalty program isn’t working.
DBG Loyalty is a leading innovator in loyalty and rewards marketing. DBG was founded in 2002 because the industry was looking for a trusted technology leader who could develop and establish consumer loyalty programs. DBG has customer relationships which span from the time of inception.
and loyalty solutions.
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