Which business doesn’t want its customers to return for more purchases? In the competitive business environment, customer stickiness is the only thing that keeps businesses growing. But retaining a customer and keeping them spending on a business is not as easy as it sounds. However, specific strategies always work in this respect. One such strategy is reward programs.
Who doesn’t like freebies? Many customers tend to keep coming back for shopping to get gifts and reward points. Businesses can use it as an opportunity to enhance their business and retain their customers for the time to come. But do all businesses know how to use a loyalty program or a reward platform to their benefit?
Well, the answer is no. Most businesses never understand how a personalized reward platform can help in improving their sales and overall business. Here is how a business can ensure customer stickiness through a personalized reward platform.
1. Create a customized program for the target audience
The best way to engage customers with a reward program is by customizing it according to the brand and the audience. Most customers tend to move towards a brand only if it cares for them, and hence, creating a program that is targeted towards caring for the target audience creates a win-win situation for the brand.
Brands should reflect on what their customers would like. For instance, if customers are more inclined to receive money, brands can consider collaborating with the best payment app Like Fave App, and curating a cashback program.
2. Add tier features to the reward program
Another way companies and brands can make their reward program a hit among their audience is by adding a tier or VIP feature to their program. Under it, the brands can determine how to reward their privileged customers differently.
As customers will be more inclined towards making it to top tiers, the brands can enjoy increased sales. Moreover, after making it to the top tier, the customers will feel more connected to the brand, keeping them engaged forever.
3. Providing rewards for referrals
Reward programs go a long way in retaining customers. Brands can make it more rewarding by making referrals even more rewarding.
By providing extra perks to the loyal customers for sending referrals to their family and friends, brands can add more names to the list of their loyal customers. Moreover, as customers tend to trust a brand referred by their peers, the brands have a good chance to boost their sales. Hence, referrals can benefit both ends of the spectrum.
4. Create attainable rewards
Offering big rewards that customers can’t even achieve does no good to the business. It is not unusual for people to step out of a membership program due to unattainable rewards, hampering brand engagement. Hence, brands must aim at offering attainable rewards to their customers.
Brands must offer points for every penny customers spend on their offerings. Celebrating occasions, page likes, social shares, and writing product reviews should also be reasons for brands to offer reward points to their consumers. If points are easy to earn, customers will stay faithful to the program and the brand.
5. Keep the program as simple as possible
Challenging programs comprising many rules and guidelines are a turn-off for customers. What keeps customers engaged is a simple loyalty program and personalized reward platforms. For example, brands can collaborate with the best cashback app in India, like the Fave app, and offer cashback rewards on every transaction to keep the program simple.
This easy program will magnetize many shoppers and keep them engaged and loyal to the brand.
Reward platforms offer great opportunities to businesses to maintain customer stickiness. Brands can foster customer loyalty with these tips and collaboration with leading reward platforms.