What Is Loyalty Marketing And Why Is It Important?
Currently, most of the companies around the world utilizing loyalty programs more often than before. It means, that these companies understand the importance of retaining existing customers. So, they decided to create a system that will be directed specifically at building customer loyalty. today we introduce you the loyalty marketing and suggest 3 customer loyalty tips.
What is Loyalty Marketing?
First of all, let’s understand what is loyalty marketing, and what’s the importance of building a customer loyalty system?
Loyalty marketing is a strategy that encourages your customers to cooperate with your company again and again. You have to always remember that repeat buyers are your most valuable customers. Customers must like and need your product in order to develop loyalty to the product. They must be reminded of the value of their brand and encouraged to purchase the product in the future. So, here comes Loyalty Marketing, which focuses on bringing back and retaining existing and past customers. That is definitely better and important for your business.
According toForrest Research, it costs five times as much to acquire new customers as it does to keep current ones.
You should think about all the steps you need to take before a potential customer decides to buy from you. First of all, you have to make them know that your brand exists. Then tell them what you do, mention your advantages and your key features that other brands don’t have. Then you have to convince them to take the first step in checking out your website. Once they’re on, you have to impress them enough and help them make purchasing easier. So, here you have to pay attention to your website or mobile app.
We have highlighted some tips for you which will help you develop a customer loyalty system.
Customer Loyalty Tip 1: Know your customer and let them know you
Customers are more likely to be loyal if they feel valued. For example, do you remember their birthdays, or their kids’ ages, or the last item they purchased? Many retailers have implemented triggered email programs which will send birthday emails and discounts during a customer’s birthday month. Everyone loves a birthday treat! Be sure, that this kind of thing will make your customers be more loyal to you and your company. Simple, right?
Customer Loyalty Tip 2: Encourage Customer Feedback
Customer reviews go hand-in-hand with customer loyalty. Good reviews will drive prospects to your business, good service will convert prospects into customers, and satisfied customers will also leave good reviews!
Read also:Why Is Lead Generation Important For Business? 5 Lead Gen Strategies
The first step, of course, is the best service. Make sure anyone in the company who is client-facing is paying attention to their needs. You can also provide great customer service through channels like Twitter and customer portals. After an issue is resolved or a transaction is complete, reach out to ask about your customer’s experience.
One of the ways to ask for reviews is through automated email programs like birthday-triggered emails. Once a customer has made a certain number of purchases, send a hint to review the company for a special discount.
Customer Loyalty Tip 3: Provide In-Store Or Digital Rewards
One of the most beneficial parts of loyalty rewards systems, for both the customers and the business owners, is that, depending on your strategy, the rewards can be applied to purchases made online, in person, or both.
If you have noticed that most of your sales are to those who shop online, enhance your online rewards system. Conversely, if most of your business is conducted in person, an in-store program may be best suited for you.
Why It Is Time For You To Set Up A Loyalty Program
We all know now that loyalty programs are one of the most effective marketing tools. They increase growth, help retain customers, and improve your brand’s reputation. And if you haven’t yet set a loyalty program into your marketing strategy, you may be missing out on one of the best and easiest tools available for the success of your business. So, start now and create your loyal customers.