7 Tips for Greater Success In Starting a Successful Loyalty Marketing Program
You have studied your services/products and how you’re promoting them. You have studied your present and potential consumers and your marketing resources. And you have realized that loyalty marketing would go a long way. Most probably you’re correct. But there are a few things that should be taken into account about it before you begin a frequency loyalty marketing promotion.
A thriving loyalty marketing plan that ensures a steady consumer base and boosts lifetime consumer value while generating a positive ROI, is a difficult program that can give best results only if it becomes an essential of the consumer experience and is supported at every touch point of consumers.
Below are seven crucial steps needed in starting a successful loyalty marketing program:
1. Value division
A basic principal that companies have to follow once they start loyalty marketing is that all consumers are not created equally. Companies have to offer benefits and so interactions according to customer value. In other words they should be aware of the return a consumer audience can generate on their investment.
2. Attitudinal division
This division based on the feelings, thoughts and social standards of consumers makes it possible for you to communicate with more appropriate messages and to design more compelling offers and rewards.
3. Two-way communications
Once you start loyalty marketing it is as essential for you to get feedback from your consumers as to provide them information, so that you can improve your program.
4. Continuing analysis
You cannot start loyalty marketing and leave suddenly. A flourishing loyalty program is continuously assessed and so you have to follow member performance on a regular basis. So it’s essential to see how your program members are performing in comparison to the others in the industry.
5. Consumer demographics
Once you start loyalty marketing and have started surveying behavioral reports of your consumers you have to update consumer reports regularly on the basis of feedbacks you have received, surveys in progress, campaign reactions and so on. An efficient loyalty program lets you do that. This information enables more appropriate messaging and better targeting in upcoming promoting campaigns.
6. Corporate Buy-in
After you start loyalty programming it is essential that all your departments are aware of, and believes in, the purpose of your program, which is to increase customer loyalty.
7. Value for the Consumer in a reasonable time
After you begin a frequency marketing program or loyalty program you should be aware that its value to you lies in the insight and data it produces. But that can happen only if consumers get drawn in. And that can happen if you offer some value in return. WIIFM (What’s In It For ME) is the major factor that attracts consumers and so you should ensure that what you are offering to consumers will attract them and will have real value to them. And the consumers should get this value in a time that is feasible enough for them to continue in the program.
By following these steps, you can best be in a position of maximizing the results of your loyalty program. Remember it is much easier to add items and levels or tiers to your program than it is to take any away. By doing a preliminary checklist, you will eliminate some common errors and be on your way to increased loyalty.