Getting Your Customer Rewards Program Ready for 2015
There has been an increase in the number of companies who have started using rewards programs through the years. There have been hits and misses though in terms of the success of these programs and it varies among industries. However, the fact remains that businesses need to encourage repeat customers and loyalty programs are a great way to achieve that.
As competition becomes tougher, attracting and maintaining long term relationships with customers also become harder for businesses. Implementing a great loyalty program therefore, helps the company keep customers by giving them rewards for their loyalty. In order to make sure your program is ready for 2015, check out these tips.
Infuse creativity and originality
Successful loyalty programs stem from a business knowing their customers well. Doing so enables businesses to give rewards that customers actually want. However, because there are many competitors with their own loyalty programs, it is important to incorporate some originality and innovation into yours.
You can continue to offer traditional benefits but add a modern twist to it. One example is My Starbucks Rewards wherein customers are rewarded for increased loyalty with its two-tiered program. At the initial Green level, perks are already awarded but more valuable perks are given to those who have reached the Gold level. The more customers buy, the more they get rewarded.
Similarly, Southwest Airlines deviated from the typical loyalty programs that reward customers based on miles. Instead, they have developed a program that rewards customers based on ticket price, which is a better strategy to increase profitability.
Deliver loyalty benefits immediately
It used to be that businesses, in an effort to keep customers longer, tend to prolong the actual delivery of rewards. The premise was that doing so would make customers feel obliged to wait longer because of the prospect of being rewarded someday. However, in an article on eCommerce Insiders, it was stated that in 2015, savvy customers will see through this tactic and will no longer subject themselves to being manipulated to spend more of their money. Customers will expect to see fast results and demand rewards to be delivered as fast as possible.
Integrate technology to your rewards programs
Technology has changed how people do business these days and it can definitely play a big role in making loyalty programs a success. Businesses should think about how to integrate technology into their loyalty programs in order to cater to modern, tech-savvy shoppers.
Shopping can now be done through the use of websites, mobile devices and even social media. Loyalty programs should be as conveniently accessed too in order to provide customers with an integrated shopping experience. One great example of this is Best Buy’s Reward Zone, which rewards customers for interacting with them through a mobile app available on both iPhone and Android.
Keeping customers satisfied doesn’t just mean providing them with excellent products and services. It also means making them happy by giving them plenty of reasons to keep coming back. Rewards programs will continue to help businesses encourage repeat customers this 2015. However, they must be prepared to fine tune their rewards programs in order to keep up with changes in the industry.