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Tips to Achieve Greater Sales through Customer Loyalty Programs!

Every business aims for consistent growth and steep profits. In case your business is experiencing a decline in overall sales or even if it is doing just fine, it is time to reassess what must be done to succeed in recording more sales. Your company’s long-term sustainability largely depends upon whether you’re putting sufficient efforts into maintaining and managing customer loyalty.

Surveys show that it’s 7 TIMES MORE EXPENSIVE to get a new customer compared to the retention of an existing one! As far as the probability is concerned, there’s a 5% to 20% chance for a potential customer to buy your product, whereas there’s a 60% to 70% chance that a retained customer will make a purchase from you! It’s completely alright to be intrigued by these stats, which highlight the importance of customer loyalty.

The key to achieving higher sales through loyalty programs is to implement one in such a way that keeps attracting the customers and entices them to buy from you on a regular basis. Getting as many loyalty program memberships as possible is the stepping stone when it comes to recording improvised sales. In 2017, the U.S. contributed to a whopping 3.8 Billion loyalty program memberships! So, here are some of the DOs to target higher sales with your loyalty programs.

LURE CUSTOMERS TO VISIT AGAIN

Enabling the customers to develop a connection and bonding with the brand can do wonders! 77% of customers are most likely to prefer the brand with which they have established their reliance. Here is how you can do it:

    • Begin awarding them points for their purchases. Points system motivates them to keep buying from you. Also, it develops their interest in your brand because of which they tend to get involved more in the offers introduced by your brand in the future.
    • Reward the customers based on their respective buying behavior and purchases made.
    • Enable them to redeem these points in the form of discounts, vouchers, gifts, etc. in their upcoming purchases.
    • Ask them to sign-up for a membership card to bring in repetitive business.

Maintaining such customer retention up to the rate of 5% surges the company profits by nearly 25% to 90% and thus, it’s important to consistently tempt your existing customers with appealing loyalty programs.

GO AFTER INNOVATION:

Keep your program connected with your brand’s mobile application, enable the customers to create their profiles on the same. Keep posting them with the latest updates regarding product information, exclusive offers, discounts, etc. Allow them to purchase/redeem across locations or across all the channels. The more they are connected, the more they are willing to buy.

USE DATA TO GIVE A PERSONALIZED EXPERIENCE

Every now and then, customers tend to sign-up for a loyalty program using their birth dates and residential details. A business should utilize such information to provide a personalized experience to the customers, thereby giving them a firm reason to stay loyal.

For example, you can provide them with freebies on their birthdays, send them postcards directly to their address which may include exclusive offers or updates, text them with festive wishes on their cells, etc. However, it’s important to ensure that you don’t bug them with spamming messages.

You can also create a game that excites the customers and makes them eagerly participate. It’s quite vital to give a reason for the customers to take an interest in your brand and indulge in its loyalty programs.

Studying customer traits well and using the accumulated customer data can help in analyzing their purchasing behavior which in turn will help in crafting better loyalty programs.

CONCLUSION

Follow these tips and you’ll have a successful loyalty program ready to increase your sales like never before! Before implementing or creating a customer loyalty program, it is quite important to understand and analyze customer traits and behavior.

A customer loyalty & analytics company like Yegertek can help you with this through its Microsoft customer loyalty programs for Dubai-UAE based companies. This company provides reliable customer rewards software management solutions so that you can come up with the best-in-class enterprise loyalty programs for your Dubai-UAE based company!

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Comments

  1. Christine Paul6 August 2021 at 03:23

    I read your blog it's very nice and very helpful, I learn something new every time from this website, Thanks for sharing this information with us. I am also a blogger i guide people on App and Software Development. You can visit my blog here eCommerce Loyalty Programs

    ReplyDelete

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