Learn More About Loyalty Program Strategy

28 May

Learn More About Loyalty Program Strategy

A loyalty program strategy is a key part of any business that wants to service its current consumers well and grow a bigger customer base. Loyalty program figures globally show that members are four times more likely to shop with you than non-members. And when they shop, members of loyalty programs spend 50 per cent more than non-members. Those kinds of figures can have a huge impact on your bottom line.

A customer loyalty program works particularly well if your business is part of the competitive hospitality industry. Finding a way to stand out and remain profitable can be tough in today’s climate, even when you are offering fabulous service. Knowing who your loyal consumers are, how often they visit and what they like should be a top priority of any hospitality business owner. This is something that can be easily done through a system which has the ability to build a database of regular customers and communicate with them effectively.

The best systems allow consumers to earn points and load money onto their card for future purchases. It’s also beneficial if staff members can access relevant information about consumers at the point of sale through the system. Information such as favourite items and birthdays are helpful.

Loyalty programs are “packaged” in various sizes and shapes, taking various factors into consideration, depending upon the kind of company, the competition involved and
the season in which the competitions between organizations are at its peak. They are gifted as a bonus for those loyal customers, who in turn, will become raving fans of a company and an opportunity that a company should take advantage of!

They are an acknowledgement that you appreciate the continued patronage of your customers and in return, the company supports them with a service or incentive of substantive value. The gift or incentive should be such that it can be availed or made use of immediately unlike the bounce back coupon, which has strings attached to it. These are meant to reward customers for their continued patronage and as a token of goodwill.

There are various ways and means to build attractive marketing strategies. From maintaining a customer database, to motivating repeat customers, one can come up with innovative ways to know each and every customer, which will help you to get an insight into his needs and habits and thus come up with attractive schemes that will make your customers want to buy more of your products.