TOOLS TO BUILD LOYALTY: THE ABCS OF A GOOD LOYALTY PROGRAM
Businesses lose 50 percent of their customers roughly every five years according to the Harvard Business Review. 38% of marketers say their biggest 2015 challenge was improving customer acquisition and retention (TeraData). Companies know they are having trouble retaining their customers. So how can we fix it? That’s where All Digital Rewards comes into play. We seek to help you build a better brand by using our unique platform. Help your customers get the information they seek by quicker, more efficient means.
First off, understanding the audience is key to any major business move. Who are you trying to sell to? What service can you offer them that would benefit their lives? For example, you would not be successful selling the latest social networking site to a demographic of 60 plus, would you? Understand who will have the buying power and how you can make their life easier. Make it your goal to actually help the customer, not just sell your product.
Now that you know who you are aiming towards, planning recruitment and retention objectives are next. What are the tactics you will use to gain customers and keep them? The ideas for drawing customers in are only as limited as your imagination. Host an event or run a sweepstakes to draw customers into the door or to your website and keep them with awesome customer service and coupons, email tactics, etc.
After you have the planning stages behind you, think of what type of platform you will need. Try to find a company who will aid you in building a platform to do all of your marketing and analytics from one place. Many loyalty companies will simply throw you into their already designed platform. But, you don’t want to be just another cookie in the cookie cutter layout. Hire a company that will create the best platform for your unique business- because you are not like the others.
Next, we move to choosing the right rewards and promotions for your customer base. Would your customers respond well to a prepaid card? Or would simple coupons suffice? Stick within your budget but, try to offer customers an array of rewards to give them the sense that you are going on a limb for them. By offering multiple different rewards and promotions you are saying that you appreciate their business and you aim to please.
The last two steps you need to do are your analytics and reporting. Be sure you are keeping track of what is working for your audience and what is not. Analyze over a certain period of time (e.i. first quarter) and then have a discussion with your team about what is and isn’t working and how you can find a solution for it.
For more information call us at 866-415-7703.