Remember the time you made a promise to sign yourself up at a gym?
Or that very fancy diary you bought because you vowed to be better at managing your work?
What about that meal planner app you downloaded because you swore to bring healthier lunch boxes to work every day for the rest of the year?
I could go on (obviously due to experience). Think procrastinating studies, going for a medical check up, or even getting insurance. These are soon to become mere unchecked boxes lying at the bottom of your dusty New Year’s resolution list.
The truth is, we all possess varying degrees of procrastination… Or you could say it’s a predisposed attribute of yours — either way, we get it; it happens all the time. Those decisions to get started usually get shot down by our own excuses. Classic human nature at its finest.
The fact is, you are clearly aware that those resolutions are good for you, it’s the main reason why you’ve made them in the first place. But at the same time, you’re also worried you wouldn’t be able to commit because you’re poisoned by the idea that it requires a lot of effort and time from your schedule. And let’s face it, nobody likes getting out of their comfort zone.
But don’t sweat it, we’ve all been there.
Similarly when it comes to launching your very own loyalty program, you are informed about the benefits of implementing one for your brand, especially in times like these where customer loyalty is the key to sustaining a business in a highly competitive market.
But more often than not, we underestimate the benefits a loyalty program may bring to a business. Which is probably the reason why many present a plethora of excuses to get started, such as waiting for the business to achieve a certain number of customers and sales, or for the right festive season to come around.
However, in most cases, once a business owner discovers the true power of a rewards program, he wouldn’t want to delay launching it. When utilized correctly, you’re on your way to setting your business up for success — because a loyalty program shouldn’t only be benefitting your customers, but also your business simultaneously. It also goes without saying that partnering with the right kind of loyalty tech partner plays a huge role in determining the success of the program.
We all know the best kind of loyalty programs require the least effort but is able to generate maximum returns at the same time. When it comes to understanding the concept of a loyalty program, its objectives go way beneath the surface of merely offering benefits to loyal customers.
The value that you offer to your loyal customers is a pivotal factor in strengthening the bond between them and your brand, as it creates a more meaningful experience for them. Once you’ve established a deeper relationship with your loyal customers, your brand stays at the back of their minds every time they’re faced with a purchasing decision. And at the end of the day, they will most likely still choose you over your competitors because of that special connection and meaningful experience, which ultimately leads to an increase in profit.
But how do you know all of that is working?
Well, the ideal loyalty program (a digital one, of course) can present all that data to you — who are your returning customers, what are their spending habits, at which day they are most active, and more. This tool, better known as a dashboard, also works as a great analytical tool when it comes to planning for customer retention strategies.
So if you really think about it, those are the things you don’t want to delay. As long as your business is up and running with sales, why should you subject it to the loss of potential members? On top of that, it’s more cost effective as well since acquiring new customers is reported to cost five to 25 times more than to keep current ones.
With that being said, owning a loyalty program also contributes a little in attracting new customers. According to a study from Nielsen, 72% of customers would rather make a purchase from a retailer that offers a loyalty program over one without.
The reasoning behind this is pretty straight-forward, even though not all loyalty programs are the same, we know one thing’s for sure is that purchasing products and services as a member of a brand’s loyalty program entitles us to some kind of reward or benefit. Whether it’s collecting points to eventually redeem a fancy gift set, or stamps to get your 6th cup of coffee free, or even receiving exclusive members-only discounts during purchases.
Moving on to the technical part of launching a loyalty program, it’s actually much easier than it sounds; the hassle-free setting up experience is the best part. Of course, like I said, getting the right loyalty tech partner is key. Find out how easy our clients got it by booking a free live demo with us.
Or you’ve gone past that and have plenty of ideas but just don’t know where to begin, here’s a quick guide to starting your loyalty program.
Otherwise, what are you waiting for? Get started today.