The Dos and Don’ts of Loyalty Promotions
You know the saying: It takes one to know one? Well, there is some definite truth to that saying when it comes to your consumers. To have what it takes to meet the needs of your customers, you need to know your audience. You need to identify how they think, feel, behave, and act.
Once you understand these things, you can develop loyalty programs that get you positive results. And fortunately, Mpell Promotions is available to help you develop promotional incentives that get you a better return on your investment!
Keep Your Customers Coming Back
Obviously, getting your consumers to support you time and time again is much easier said than done. However, returning customers can benefit your company even more than an ongoing flow of new consumers. According to Social Annex, companies can expect to pay 500 percent more on acquiring new customers, compared to the lower cost of retaining their current clients.
Social Annex also says that loyal consumers are worth up to ten times as much as their very first purchase! So, how can you get your clients to repeat business with you? The answer is promotional incentives! When you offer promotional incentives, you’re giving your customers a reason to return to you.
How Loyalty Promotions Attract Customers
According to Social Annex, 87 percent of shoppers want to see brands offer loyalty programs. However, the quality of the loyalty program is just as important as having one to begin with. Social Annex says that 68 percent of millennials wouldn’t remain loyal to a brand without a great loyalty program, and we all know how important millennials are for your growing business.
So, to ensure that you create worthwhile loyalty promotions that get you results, help you to retain customers, and lure new customers in, we’re going to talk about some of the top dos and don’ts for creating a new loyalty program that clients love.
One of the most important aspects to creating a loyalty program that keeps clients engaged is setting goals for your program. For instance, you should set a timeline for reaching a goal so you know where you want to see your company and by what date in time. Once you create your timeline, you can begin offering your customers coupons and special offers to help you reach your goals even quicker.
Ask for Feedback
Remember how we said it takes a consumer to know one? To get to know your customers, it’s important to ask them for feedback and suggestions. Take advantage of email marketing and surveys, and offer rewards to the best participants.
Sell a Positive Experience
No client wants to be involved in a loyalty program that’s full of obstacles. Make your program as positive and easy to participate in as possible.
Keep the Rewards Coming
Don’t just offer promotional incentives over the holidays or the biggest sale days of the year. After all, that’s what nearly every brand does! Offer your rewards spontaneously and keep your clients on their toes. Cost-efficient rewards include sales, coupons, or rewards for spending over a certain amount of money on your products and services.
Shoppers don’t want to be lied to, and it’s important that companies remain as honest and transparent as possible. While offering misleading information may be a quick way to bring in new customers—honesty is what will make them stay.
Consider the Redemption Process
Consider the pros and cons to your redemption process, and go with the one that is sure to please the largest amount of people. Or, offer multiple options for redemption.
Advertise, Advertise, Advertise!
Advertising, especially on social media, helps to boost customer engagement in addition to giving you the much-needed publicity your company needs.
Offer Amazing Promotional Incentives
This goes without saying, but your promotional rewards should be relevant and enjoyable to your target audience.
Don’t Complicate Things
Don’t make your clients jump over hurdles to benefit from your loyalty program. Make it as easy-to-use as possible.
Track Your Results
Your program is meant to generate a return on your investment, so it’s important that your company tracks your program and measures the results.
Offer Options and Flexibility
As the Internet continues to evolve, so will your loyalty program. Make sure that your program can be tweaked over the years to meet the growing demands of the digital age.
Like our previous point, your program should be mobile-friendly. Consumers want their rewards in the fastest way possible, and many people will want to access their rewards through their smartphones, tablets, or mobile devices.
Focus on Creating Fun, Memorable Programs
Ready to learn more about creating fun, memorable loyalty programs that generate results, increase retention rates, and boost customer acquisition? Contact Mpell Promotions to learn more!