Why your Business needs a Loyalty ProgramJanuary 2016
Loyalty programs are implemented to encourage customers to continue to shop and to use the services of the businesses associated with each program. In today’s day and age, we all expect more for less, and it is easy to switch suppliers if your offerings are no longer applicable to the client’s needs.
Let’s first take a quick look at the meaning of Loyalty…….
Meaning of “loyalty card” in the English Dictionary: “a plastic or paper card given to a customer by a store or company, used to record information about what the customer buys and to reward them for buying goods or services from the store or company”
Why do I need a loyalty program?
Loyalty programs will help you to know your clients needs and forecast when they need to purchase from you as a supplier. Not only will you know your customers better than they know themselves, but your customer will be well informed and will be more than keen to purchase from you again!
Converting a new customer is far more costly than retaining an existing one. “Old” customers are extremely valuable as they know what you offer as a business. New clients are more hesitant to start with a new business and therefore trust and value needs to be assured to a new client, which costs time and effort.
Choosing a loyalty program
Selecting a rewards program suitable for your industry and your client’s needs is vital. If you want to implement a program you have to do market research. Case studies are so important and can be really efficient for your business in the future. Once you have chosen a program and have implemented it, EDUCATE your customers. Customers will not know of the program and its benefits if you do not inform them.
Value is continuously built with an effective loyalty program to develop stronger relationships.
It is not rocket science! New customers will feel like VIP’s, and your A- list customers will continue to build stronger relationships with you. You can further grow your relationships with your clients by simply keeping on top of which products your customers require whilst understanding what solutions they have received, as well as any other personal information that can make a call more personal.
Knowledge is POWER
The biggest advantage of your loyalty program is educating your employees. They will know each and every one of your customers; their background, their personalities, their likes and dislikes and their purchasing history and habits.
If we can’t help you with a loyalty program, we can definitely point you to one of our trusted partners in supplying you with a loyalty program that is specifically designed for your needs!