Introduction
With the evolvement and revolution of smartphone and mobile technology, all businesses are now better off to go digital in order to survive in this modern competitive world. On the other hand, this also provides a huge opportunity for businesses to figure out the right solution to influence their customer purchasing behavior easily and allow them to have better informed of customers preference. Customer loyalty marketing platforms are one of these tools. These platforms allow businesses to get an edge over their competitors, reach customers and understand their customers well by providing incentives to maintain the relationship and gradually build up a loyal customer base.
What is Customer Loyalty?
Customer loyalty is a customer’s willingness to repeatedly return to a company to conduct business. This is typically due to the delightful and remarkable experiences they have with that brand.
Why is Customer Loyalty Important?
Helps to increase revenue
Customer loyalty is something all companies should aspire to simply by virtue of their existence. The point of starting a for-profit company is to attract and keep happy customers who buy your products to drive revenue.
Word-of-Mouth Marketing
Customers convert and spend more time and money with the brands to which they’re loyal to. These customers who spread their words to their friends and colleagues about those brands, too which drives referral traffic and word-of-mouth marketing.
Able to build trust between brand & customer
Customer loyalty also fosters a strong sense of trust between your brand and customers, when customers choose to frequently return to your company, the value they’re getting out of the relationship outweighs the potential benefits they’d get from one of your competitors.
How to Keep Customers Loyal
Generosity
The best ways to retain customers is to reward them with customers discounts, gifts and exclusive offers.
Prioritize Customer
Friendly, helpful and efficient customer support team should be easily accessible anytime, anywhere.
Express Gratitude
Express gratitude through personal messages such as thank you notes in product deliveries or emails.
Offer Conveniences
Provide an easy, instant & convenient customer experiences for them to make their lives easier.
Knowledge Sharing
Knowing your customer's behavior increases their satisfaction & allows you to adapt to their expectations.
Loyalty Program
Able to make easy and convenient connections with customers with a user-friendly app.
What are Customer Loyalty Programs?
Customer loyalty platforms refer to any web-based tool that tracks and strengthens customer value after they make a purchase. This tool will normally lead to repeat purchase of customers. These platforms typically include :
- Engagement features
- Advocate marketing tools
- Customer loyalty rewards programs
Generally speaking, when someone mentions loyalty programs, they often refer to the point-based systems where customers gain credits for every spent they made, whether online or offline. The points accumulated can be redeemed for rewards or special additional discounts.
How to Save Money with a Loyalty Program
Reduce Discount Costs
A loyalty program can actually help convert your existing benefits to more cost-effective. Even though you’re offering customers a currency to spend, you’ll never exceed the redemption limit because of the point breakage.
More Purchases
Rewards & incentives often manage to tempt customers especially when they're just a few points away from redeeming a reward. They would be more prone to make an unplanned purchase just to maintain their tier level or points from expiring.
Elevate marketing strategy with customer insight
You can always engage with your customers by using gamified quizzes and surveys to learn more about customer's behavior, their price sensitivity and level of advocacy.
Looking for ways to retain your customers?
Come join us as merchant and get started with Yippy Loyalty!