Businesses are now embracing the importance of focusing more resources on retaining existing customers as opposed to acquiring new ones. 73% of customers are willing to recommend brands with a good loyalty program. Additionally, 57% of consumers spend more on brands to which they are loyal. A well-crafted loyalty rewards program will not only help you retain and
grow customer relationships but also acquire new ones in the process.
Better Customer Engagement
A well-architected and personalized loyalty program for customers engages members with relevant promotions and rewards based on their behavior. They are motivated to engage with the brand online, in-store, and via social channels where they can see new products and get rewards from spending and engaging with the brand. In addition, a good loyalty reward program leverages email marketing, and social channels to create a direct communication link between the customer and your business.
A well-planned customer rewards program rewards customers’ interactions through points, discounts, gifts, and incentives, which helps to increase their satisfaction with the brand. Every customer who remains loyal is more likely to refer to others on their own through social channels or by word-of-mouth, gaining you new customers.
This is why having a program that incentivizes referrals as part of your larger loyalty strategy is so important. Existing customers can earn additional points and maximize their gains by sharing the products they know and love.
Loyalty reward programs increase customer satisfaction and keep them coming back to your brand. As a result, they feel encouraged to post good reviews and share their experience about your brand and products on social media and with their friends, family, and colleagues. This will promote and give your company a competitive edge as referrals like this come from authentic brand advocates.
“The top drivers of Satisfaction for younger consumers are the same as total Americans: meets needs, enjoys participating, and makes the experience better. However, they care more about the Program experience than other cohorts.” (Bond)
What type of experience are you creating for your customers and is it enjoyable? Whether Gen Z, older or younger Millennials, Gen X or boomers knowing your audience is critical to a successful loyalty campaign. But, you don’t have to pick just one audience to market to. Salesforce’s loyalty management program allows you to create personalized customer experiences for any type of customer set you have. Through program tiers, configuring benefits, automating reward actions, and relevant promotions based on behavior, you have all the tools you need to create a personalized experience and keep your customers engaged and satisfied with your brand and products.
“When companies do personalization well, it creates a 6.4x lift in member satisfaction with the loyalty program.” (Bond).
It is essential to stay up-to-date on the latest research out there around customer loyalty as stats change from year to year. The Salesforce platform makes it easy to adjust and iterate your loyalty program to ensure you continue to meet your customer’s needs and satisfaction. Salesforce makes it easy to start on the path of creating loyal customers for life with its suite of tools.
Interactive Salesforce Dashboards
Salesforce provides the best-in-class analytical platform through Tableau. As members interact with your program you can analyze performance and program liability and dig deeper to understand your most valuable customer segments, and provide an interactive dashboard that engages members with relevant and interactive experiences. This creates a 360°customer solution and gives your business the platform needed to better customer engagement, and deliver an experience that keeps your customers coming back.
The Cost of Not Having a Customer Rewards Program
Not having a loyalty program for customers means you’re losing out on building relationships with your customers, and potential referrals that could come from those loyal to your brand or product, and simply put, you’re leaving revenue on the table.
As you spend time and money on gaining customer loyalty, don’t forget your customers also want to feel your loyalty to them. Meet their needs, and make the experience more enjoyable and easy. At the end of the day, it pays to know your customer (Bond).
Invest in a Loyalty Program Today
Overall, it is clear that a loyalty program that engages customers and keeps them coming back translates to higher revenues. It is critical that you have clear goals that align with your business objective, identify your customers, create a personalized loyalty program, and have a way of measuring whether your program meets its goals.
“Your customers see every touchpoint as an extension of your brand and their customer experience. When it’s not one and the same, the question for marketers is: What opportunities are you missing by not integrating loyalty deeper into the broader omnichannel customer experience?” (Bond).
At 5P Consulting, we focus on digital commerce and data management to help your company streamline its processes through the latest technology solutions. We know Salesforce Loyalty – Let us do what we do best and deliver a loyalty program that will have your customers returning and engaging more with your brand. Our solution guarantees to increase new accounts and daily interactions with your customers. Book a free consultation with us today.