In business, loyalty wins. In fact, 90 percent of businesses offer some type of loyalty rewards program. It's a way to keep customers coming back, which is much easier than trying to get them in the door in the first place.
With the busiest shopping time of the year coming up, now is a great time to think about launching a Loyalty Reward Program, or updating the one that you have. It doesn't have to be too complicated or time-consuming. It should be tailored to fit the interests of your customers while supporting your sales objectives. Below are five tips that can help you create a program that will boost business through the holidays and beyond.
One beautiful benefit of customer loyalty programs is that today’s consumer already understands and appreciates them. Launch time doesn’t have to be prolonged or overly complicated, which is important during the busy holiday rush. Putting together a simple system in just a few hours can really have an impact.
Customer retention is also strongly linked to a good customer loyalty or rewards program. In a time of economic uncertainty, you may be able to set yourself up for a more stable start to 2023 with a new round of customers benefiting from your rewards program.
Benefits of having a loyalty rewards program include:
Whether this is the start of your loyalty program or you’re looking to expand this holiday season, here are implementation ideas:
Match the incentive (existing or new) you offer through your loyalty rewards to the type of business you do.
The most popular loyalty rewards programs are:
If you’re unsure which option to pick, ask your customers. See what they think would be most valuable.
One way you can launch (or add members to) your loyalty program is to do a time sale. Black Friday or Cyber Monday are, of course, popular. But think about a time you could run a 24 or 72-hour flash sale to help build your loyalty program—or show customers it’s worth joining.
Due to rising inflation, experts anticipate that the 2022 holiday shopping season will begin earlier than usual for many Americans. So maybe an October or November sale would make more sense this year than in years past.
Big-box retailers like Amazon, Walmart, and Target have eliminated many of the pain points of shopping online. Your loyalty rewards program could be a great way to follow that lead and resolve similar pain points.
Use your Loyalty Rewards Program to offer benefits like free overnight shipping or curbside pick-up. It's a way to integrate your business with services that people are getting used to and expecting.
It's common to find bonus rewards for Christmas shopping, but what about other holidays or special days? Give people more reasons to celebrate. Consider discounts for Hanukkah, Kwanza, New Year's Eve, and other important days to include a broader range of customers.
Having special rewards for certain days allows you to ramp up your Loyalty Reward Program in a smaller, more controlled way than adding long-term benefits. This way you can more easily adjust as you want to based on your business goals.
It’s called the holiday “rush” for a reason, but be sure you think long-term about the messaging and incentives you offer customers through your loyalty rewards program. The goal is to keep customers coming back so think about special offers for post-holiday shopping.
Think about how you can use your Loyalty Reward Program to stay in touch with customers all year long, especially during times that are typically slower.
Contact us to learn more about how Pinpoint Payments can set your business up for success during the holidays and beyond.