In a tough market, you need to employ every imaginable strategy to beat out the competition. You can never do enough to build brand awareness and grow your customer base. Loyalty programs are one of the most important weapons in any business owner’s arsenal. They help deepen the pool of regular customers who will provide the backbone of your income and keep you going when times get tough. Loyalty programs aren’t just effective; they’re also relatively easy to pull off. Follow this simple three-step plan to build a workable and profitable strategy.
Step One: Come Up With The Perfect Incentive
It’s the rewards offered by a loyalty program that will compel customers to sign up. You need to think of incentives that will really entice people. Your program will be doomed from the start if you only offer rewards that nobody is actually interested in.
You should also be strategic in deciding what incentives to offer. If you’re trying to grow your website, then come up with rewards that will drive customers to the web. If you’re delving into a new line of products and you want to build awareness, then base your rewards around these specific goods. One of the main benefits of loyalty programs is that they’re perfect for targeted marketing strategies.
Step Two: Offer A Variety of Rewards for a Heterogeneous Customer Base
Not all your customers are going to want the same things from your loyalty program. Keep that in mind while you’re planning your incentives. Some customers might not be as big of spenders, but in the aggregate, they’re still a vital sector of your customer base. Account for them by offering smaller awards for those who faithfully make smaller purchases with your business.
Step Three: Incorporate a Philanthropic Component
By engaging in philanthropy, you can give customers a sense that you’re really part of the community. You can make charitable giving part of your loyalty program by incorporating a community kickback component. Make sure that customers know that not only are they earning rewards when they spend money with your business, but they’re also helping their community. With this type of program, everybody wins.