I’m sure most of the sellers and marketers know how costly it becomes to attract customers, than retaining existing ones. “Customer loyalty program” has been around since quite a while now, however, many retailers are still finding it difficult to implement an effective one to improve customer retention rates. What can be better than performing customer loyalty practices that are already proved and doing wonders! Below are key elements of a loyalty program and how retail brands are performing some of the finest practices 1. Alert them with valuable deals Offering an excellent product line and customer service are no doubt crucial elements that contribute towards a successful growth. However, chances of retention rate increases if you can easily connect and communicate deals that are specially designed for them. Example: Starbucks’s SMS marketing About the program With this, Starbucks announces multiple contests and special offers to existing customers are encouraged to engage and stick with their brand for long. How can it help you? Designing SMS marketing campaign for your retail business will give you an opportunity to reach your customers over their registered mobile number, making it convenient and quick for them to take decisions on-the-go. Also, targeting your customers over their smartphones will automatically trigger their interest for your brand as messages get stored in their “Inbox.” Hence, chances of them to take action in the near future, increases. 2. Offer latest information Making customer known to new products line, industry related information and about the latest styles & trends through website and blog page; is a common practice followed many owners who are into the selling business. However, your customers won’t consider it to be a loyal factor, as the information will be common for all. Example: H&M Newsletter signup About the program With this tactic, H&M gets an opportunity to spread a good brand word, as well as, entices customers to immediately sign up for availing valuable perks and benefits in return. How does it help? Offering some attractive discounts in return of a newsletter signup, will give you an added advantage to make them cling with your retail brand. The more signups, the better chances of retaining your customers for your retail business! 3. Prompt customers Considering the increasing competition in the retail sector, it’s difficult to retain customers for a longer time. However, modern customers won’t mind sticking with brands understands their preferences and frequently alerts them with deals that can add a value to their purchases. Example: Gap’s Email marketing About the program With this program, Gap is offering its customers an ability to gain valuable insights about the brand’s offerings and updates, as well as, to quickly shop for products they may have been searching for. How does it help? Letting your customers know about the best deals and offering products of their preferences, will automatically stop them from looking out for other brands. Constantly updating valuable information that really matters to them, will increase their chances of being loyal to your retail brand for long. 4. Convenience to redeem loyalty benefits Retailers, who practice loyalty program, yet complain of not being able to convert results as per expectation. Despite offering valuable content and products offers, many customers don’t take actions. Are you allowing your customers to easily redeem loyalty benefits that your brand offers? Example: Sephora’s Loyalty program app About the program This app is an easy and exciting innovation by Sephora that is allowing their customers an ability to check point balance and benefits from one place. Ensuring customers an easy access to loyalty points and other benefits, millennials have proved to be the most engaged and loyal customers for the brand. How does it help? Sephora Loyalty program (Beauty Insider) is considered to be one of the favorite among fashionistas. Apart from offering surprise gifts on sign-up, Sephora’s Loyalty Program app makes it easy to track and redeem benefits, all from one place. Adopting this practice for your retail business, will automatically enhance your customer’s shopping experience and encourage them to stick with your brand for long. Closing advice Following the above can help you run a successful “Loyalty Program” for your retail business. But, if you blindly target your existing customers will result in the waste of time and money. A contact management solution in place will offer a centralized view of all your customers details and purchase behaviour in real-time. This will automatically make it easy for you to understand your customer’s needs to design content and offer purchase benefits that are of their choices.
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