Customer retention in the retail industry can get quite tricky, with each and every retail business aiming to achieve ultimate customer loyalty by our retail loyalty solutions. It’s an arena where retail marketers severely compete for obtaining a stable & consistent customer base.
The need of the hour is to take a unique path where your brand does everything possible to stay in the limelight. More importantly, it’s crucial for you to understand all types of customer behaviors while taking into account all the trending technological advancements in order to utilize them in managing customer retention strategies.
All of these factors point to one major aspect – the efficacy of your customer loyalty programs! Taking your sales and customer engagement to new heights requires your brand to have an all-round customer loyalty program. In order to do that, all the areas must be covered. A survey showed that 66% of customers prefer the brand which offers them rewards for making purchases!
Here are 3 top-notch retail loyalty program solution, tactics, & features to help you achieve customer loyalty
1. Implement an Attractive Customer Rewards Mechanism!
Customers strive to make the most out of their purchases and this is exactly where an innovative reward system can get you all the brownie points, resulting in potentially perpetual customer loyalty.
CUSTOMER EXPECTATIONS:
Various studies and surveys have depicted that customers are more likely to prefer a brand that offers something extra, something rewarding and something additional over what they buy, which could further make them believe that they’re at an advantageous position.
HOW DOES THIS WORK?
Redeemable point system for every purchase they make, extra perks and incentives, etc. must be included in your customer loyalty program in order to lure the customers on a consistent basis.
The reward system genuinely activates a spending tendency in your customers, as they are motivated to buy from you and only you due to the extra benefits in the form of customer rewards.
Thinking out of the box is the key to accomplish customer engagement goals!
2. Give Customers An Exquisite Variety of Reward Options!
Your customers would appreciate it if they have ample options to choose from when it comes to utilizing and redeeming their reward points.
DID YOU KNOW?
Offering a diversified set of methods for the customers to accumulate and spend their hard-earned reward points is the best way to go. What this really does is that it enables your retail loyalty solutions in outclassing other competitors along with helping your brand achieve a tremendous recognition amongst the customer circles.
OVERCOME THE COMPETITIVE CHALLENGES:
Give the customers a personalized experience and make them feel that the brand values their contribution!
Communicate and convey via texts, emails or innovative postcards regarding their purchase data, statistics showing their overall savings, numbers & figures which let them know about the next-level spending target for the next big reward and so on.
This sets you apart from the clichéd manners of managing customer loyalty programs and gives the customers a reason to choose you above everyone else.
P.S. – Make sure your customer loyalty program embraces complete simplicity so that the customers abstain from thinking that the brand is wanting them to be a part of some money-making program!
24K ADVICE:
Compel and push the customers towards something fruitful – virtually as well as factually. Give them numerous ways of spending redeemable points to choose from. Customers love options and variety!
For example, you can either allow them to spend their points on every kind of product, or you can simply let them choose a free gift based on the number of points they wish to redeem!
Their conscious selves must ponder, explore and literally overthink upon where to spend their reward points instead of spending their energy behind the thought process as to what’s in it for the brand to offer them such bounties!
Get inspired by Sephora’s beauty insider program, which has 17 million registered members out of which 80% contribute to its overall sales!!! This was possible as they introduced one of the most unique customer loyalty programs.
3. Develop an Efficient Tier System on the Basis of Merit!
Who doesn’t like rankings? Who doesn’t like to be up in the rankings? EVERYONE DOES!
Set up a series of rewards according to the numerous pools of customers on the basis of the magnitude of their purchases, active participation, involvement and contribution towards the brand.
Rewarding the cream customer base of your brand directly lays down a path towards achieving maximum customer loyalty.
LOYAL CUSTOMERS A TRUE MARKETING MEDIUM:
That’s right – top customers who’re rewarded well for their expenditures and imminent brand loyalty are most likely to promote the brand to other prospects as well, resulting in an ascending yet steep increase of customers for you! It’s all about constantly maintaining the loop of customer loyalty –
REWARD TOP CUSTOMERS > ACHIEVE CUSTOMER LOYALTY > REPEAT!
THEY DESERVE BRAGGING RIGHTS:
Making the topmost tiers of customers feel that they’re the mainstays of the brand proves to be quite encouraging for them. Exclusive prizes, freebies, and incentives meant only for your top customers not only gains their loyalty but also influences the mainstream customer base to buy more and make it to the top tier! All-in-all, your brand would be all set to record skyrocketing sales.
ENLIGHTENMENT
The crux of these efficient strategies is to make you realize that your brand can create and develop innovative customer loyalty solutions for the retail sector as per the nature of your customer base.
One of the best loyalty program companies in Saudi Arabia is Yegertek, which has built a customer engagement solution known as Engage 365 Customer Loyalty for retail brands to analyze various customer dynamics. It also offers solutions for Enterprise Loyalty Program for KSA region!
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