Sustaining a loyal client base is one of the biggest challenges that businesses face each day. You may have hundreds of competitors, so how can you market your product to obtain consumer loyalty? Consumer loyalty comes from attaching a certain perceived value to your product in the mind of your consumer. In order to create this perceived value you have to establish relationships and trust with your customers. Here are some useful tips to help companies maintain and generate loyal customers:
#1 How is your earning rates for loyalty program rewards? Analyze earning rates by segments to understand engagement of target segments.
#2 Have you analyzed your reward program redemption rates. Who redeems? What do they buy? What’s the average sale at redemption?
#3 For your loyalty rewards program, which customer earn the rewards and are not redeeming. Do you have a plan to engage them?
#4 Hard benefits, like rewards, are just one part of the value proposition. What are your soft benefits that build the emotional connection?
#5 Enhance your loyalty program value proposition by tailoring soft benefits to resonate with key growth and retention customer segments.
#6 Tiering your loyalty program gives your customers a reason to give you a greater share of wallet and creates upward migration in spend.
#7 Loyalty benefits should be a mix of hard and soft benefits. Hard benefits reinforce value and soft benefits build emotional connection.
#8 Create an Internal Communications plan for your loyalty program to educate everyone on the value to the organization and to the customer.
#9 Internal communication plan should educate, motivate and engage employees in supporting the loyalty program and company goals.
#10 Internal communication plan for your loyalty program need to include a dashboard of results at the program, customer and employee level.
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Filed under: Best Customer Management