When economic conditions are challenging, retention of existing customers becomes a laser focus for most businesses. Alongside that, it can also represent a great chance to acquire new customers as competitors lose traction. This is when your loyalty strategy and rewards programme can really come into its own.
Here are our quick-fire Top 5 ways you can use your loyalty programme as a tool to drive retention and growth of customers in a tough economic environment:
First and foremost, your loyalty programme is a point of difference over your competitors so make sure you spread the gospel and talk about the programme with your customers, so they feel the love. Ensure you and your customer engagement team have your loyalty programme top of mind and are letting customers know all about what’s in it for them.
Your Smart Loyalty partner app is one of the best resources you have at your fingertips for insights and understanding about your customers engagement with your loyalty programme. You can see all the customers you have in the programme, what they’re redeeming their points for, and their points information (including current balance). Knowing these elements can help you to make more informed decisions about how to engage your customers.
Run a campaign or points promotion to drive a specific behaviour or outcome e.g. to acquire new customers, something extra for larger customers, grow spend with existing customers or promote a new product. Your loyalty programme can be a cost-effective way to market to your existing customers. Instead of spending money on expensive advertising, you can use rewards and incentives to keep your customers coming back. It’s easier than you may think to action this one, and our team is here to help!
Incorporate your loyalty programme branding in all your marketing collateral – quotes, invoices, website and at points of sale. Your loyalty programme can be a silent salesperson in your marketing when you are not there in person.
Make sure you include all your customers in your loyalty programme, so you can ensure they feel the love and are not tempted to go to your competitors. There’s nothing worse than a customer hearing other people are getting something from a supplier that they are not!
You have a fantastic tool at your fingertips to retain your customers and grow your business – like any tool though, maximum benefit is achieved when it is used.
We are here to help, connect with Smart Loyalty now to maximise your rewards programme point of difference.