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Customers are the heart to any business. Without them our businesses wouldn’t survive, so it’s crucial that you make each of their experiences memorable in hopes that they’ll be loyal to your brand. This leads many companies to brand their own corporate loyalty program, but what if you could be a part of something bigger? What if you could tackle common challenges like retention, acquisition, engagement, and brand awareness, all with a single program? Doing so could prepare you for a flood of new loyal customers, while maintaining your existing customer base.
COALITION VS. UMBRELLA
Remember Plenti Rewards? Their multi-merchant program design combined all participating brands and their points into one unified coalition. Companies involved were suffering because Plenti members were redeeming rewards that were earned elsewhere, and no true loyalty was being fostered. Unlike coalition programs, multi-merchant umbrella programs keep stores and their points separate, only allowing redemption at the store in which they made the purchase. This structure of rewards makes calculating profit, costs, and ROI a whole lot easier for business owners and marketers. Not to mention, participating in a program that houses other businesses gives you visibility to their customer base as well. Not to be seen at as a negative aspect, rather a modern, all-inclusive platform that amplifies your business and advertises to consumers in your store’s vicinity. Along with building brand equity, umbrella programs also help achieve traditional business goals, like retaining and acquiring new customers, effectively engaging with them, and making other consumers aware of your brand.
Retention. Retaining customers can be a major challenge for companies. There isn’t a whole lot that stops a customer from shopping at your competitor, but it is possible to foster that true brand loyalty through innovative strategy. With a loyalty program in place, your business has access to valuable information and data that depicts your customer demographic. Tap into that wealth of knowledge and do something with your data, like enhancing your customers’ experiences and making them more personalized. In fact, 80% of consumers aged 18-64 indicated they are more likely to do business with a company if it offers personalized experiences, with 90% finding personalization appealing. It’s the little things that go a long way when trying to achieve true customer loyalty.
Acquisition. As the saying goes, “it costs more to acquire a new customer than to keep an existing one happy.” By keeping your customers happy and satisfied, it’s likely they’ll share their opinions and experiences with their friends and family. As retailers, you know that word of mouth referrals are the most valuable, and loyalty is actually a socially driven process! In an online global survey, 84% of respondents said word of mouth recommendations were the most trustworthy. Get your customers talking and offer incentives for successful referrals! For example, Loyal~n~Save, the latest umbrella program to unveil in the United States, has the option to offer members a percentage of points every time one of their “teammates” make a purchase. What customer could turn down extra points just by referring their social circle?
Engagement. Customers join loyalty programs so that they can engage and save with their preferred brands. To get customers engaged, you must merge your offline and online presence to create a seamless experience that can be accessed from anywhere. Engage with customers through social media, surveys, campaign challenges, and even online games. Gamification techniques are proven to be a successful strategy in getting your customers engaged with your store, website, and loyalty program in general. Highly engaged customers buy 90% more often and spend 60% more per transaction, so go and get them involved!
Brand awareness. Something that every company wants to achieve, but an overcrowded marketplace leaves no doubt that it’s getting noisy out there for marketers and advertisers. Don’t spend unnecessary money on marketing when umbrella programs can cut your budget in half! Loyalty has become an essential part of customers’ lives, but it’s important that they have flexibility when it comes to rewards. In an American Express study, 72% of Americans prefer a rewards program that allows them to shop at multiple stores versus a single one. Consumers want more choice, and with increased exposure under an umbrella program, your business could gain more awareness than what would be possible on its own. Get under an umbrella and watch the customers pour in!
Loyal~n~Save, the industry’s leading umbrella program, takes all components of a successful loyalty program and combines them into one seamless platform. Grow your business with a mobile loyalty app, custom campaigns, in-depth reporting & analytics, a branded online store, and much more. Visit loyalnsave.com for your FREE personalized demo today!