It is quite tricky to own a company and find the best ways to guarantee that your customers remain faithful to you throughout. Well, there is a subtle line, which, whenever meddled with, can make you lose your customers.
One of the strategies for tactfully holding customers is loyalty programs. It is a highly prevalent program, and the current size of the loyalty market in India has the probability of reaching a value of about 3363.4 million USD in 2023.
One can entail different loyalty programs in their business to hold their customers. The following discussion offers you the list of the most effective loyalty programs that can help you keep your customers grasped your company.
- Point-based Loyalty Programs
Here, a certain amount of money the customer spends on your business is equivalent to certain points. For example, spending ₹50 on your business will fetch your customers 1 point. And they are eligible for exciting coupons once they collect 100 points. The more points they collect, the more valuable coupons they can redeem with it. This keeps them focussed on collecting as many points as they can, which ultimately keeps them grasped at your business.
The point-based loyalty programs have the other name earn and burn programs, where the main motto is grasping customers through a simple strategy. Here, the surgery requires fulfilling certain requirements. It includes the following.
- Customers must have a high frequency of purchases.
- The company must specialise in selling commodities
- The property of the company should be launching extremely fast launches
- The brand must have the position of “value for money”.
For customers who are keen on chasing rewards, the task of earning points fuels their excitement and interest. Additionally, redeeming the points and offering rewards act as a motivating force that enables those customers to continue participating in this point-system program. This ultimately makes them grasped in your company.
To chalk out the best ways in which this loyalty program can be used for your company can be possible when you reach out for the assistance of Digicel and its team of professionals who possess profound knowledge and expertise in this field.
- Paid Program
We are quite familiar with this form of loyalty program. Here, a customer pays a certain sum to be a part of, for example, a VIP member or prime member of the business. And in exchange, they receive special discounts, early access to sale prices and other benefits which customers without this program cannot avail of.
Since the customer has paid for the program and is getting added benefits more than others, they are most likely to stay grasped at your business first to make the best use of their paid membership and enjoy the benefits that others cannot avail.
Here, the features that require fulfilment for the successful functioning of this strategy of making customers stay in your company include the following.
- The company must compete in a highly undifferentiated or unfermented market.
- The aim must be to indent the most valuable customers among all
- The customers must have the optimal experience and must have a drive from their experience
- It is imperative to offer the customers high;y valuable benefits
- The objective should be to increase the quality of the audience.
Here, the task will be to recognise the top-tier customers. The commitment from the paid programs motivates or compels them to be more engaged in your brand or company. Although, in return for their engagement and loyalty, the company also must offer equally or profitable benefits to the customers so that they currently avail themselves of the paid programs in the upcoming times as well.
- Tiered Loyalty Program
Customers who are affluent and among the high-spending part of your audience are most likely to choose or avail themselves of the Tiered Loyalty Program. This strategy helps in segmenting the audience with the functioning of communication and incentives in the target.
The necessary features that require to be present in this program for it to be successful include the following.
- The company must have a plan to face a longer decision time for customer purchases.
- It should also guarantee highly-quality commodities, goods and services.
- It must offer products to the customers that are emotionally reliable to them.
- The company aims to build long-lasting engagements.
- The company must aim at shielding the customers or members in the competition who are the most-sending among the population.
The tiers in this program denote statuses and benefits that are exclusively for the top tier, that is, the high-spending customers. Therefore, this program is popular among the customers who spend substantially on your company. The optimally trained team of professionals of DigiExcel can offer the best and most successful assistance in planning the loyalty program suitably for your company.
- Gamified Loyalty Program
The gamified loyalty program evolves the surgery of engagement of the customers through interaction, where a series of challenges or badges are functional. A customer might be asked to complete a small task, such as, adding three jeans to the cart or sharing your company’s link to five friends and asking them to log in, and the like.
And in return for completing the tasks, the customer receives certain benefits. The benefits of this program are holistic because your company receives a consistent grasp of your customers, the customers get benefits from completing the tasks, and again, your company receives benefits because the challenges or tasks involve profitable tasks for your company.
For example, sharing the link to your company website and asking others to join can be one task. Ultimately, this is bringing many other potential future loyal customers to your company. The features necessary for the success of this loyalty program include the following.
- The loyalty program should be such that the customers must feel a sense of challenge in partaking in it.
- The aim here is to incentivise the customer behaviour that occurs recurrently
- The property here highlights shared value with the customers.
- It upholds non-purchase-related engagements.
The goal of this program is to motivate customers to repeat the behaviours which are beneficial for the company. One aspect that enhances the effectiveness of this tragedy or program is when it is integrated with certain other loyalty programs, such as the Tier-based loyalty program or the point-based loyalty program.
- Perks Program
The perks program aims at creating an emotional connection where the members get benefits without conditions. One question that is a kit-appear here is then what is the profit of the company in offering such a loyalty program.
Well, the Perks Program is the kind of loyalty program that is meant for companies aiming at increasing their purchase frequency through long-term engagement and also through emotional attachments. The features which are included in this loyalty program are as follows.
- The customers have a low frequency of purchases, but the basket value is high.
- The company aims to achieve high adoption rates
- It offers unique and exclusive services
- It aims at generating a feeling of customer gratitude
- The high-property risk here is brand building.
Here, the benefits can include free shipping, which will be for the members of your company. Such men-only benefits will motivate more customers to sign up for the loyalty program, which will further be effective in keeping them grasped to your company in the long-term scenario. DigiExcel can offer the best planning methods for importing this loyalty program for your company.
- Coalition Loyalty Program
If your company falls under the category of the shopping centre, mall or plaza, and when you aim at extending the skills of regional offices to partnership networks, this loyalty program is the perfect choice for your company.
The probability of the customers spending an increased shopping time more variable can be possible through earning and spending points at the retail locations of the tenants, better benefits and access to a larger pool of rewards. The following are necessary features that make Coalition loyalty programs a success.
- The company must revolve around the retail hubs
- The aim must be obtaining better insights regarding the customers.
- Working with a target capacity of tenants or partners
- The target of building monitor partnership performance or cross-brand journeys.
- The fundamental KPI is increasing dwelling time and repeat purchases.
In this program, the company receives certain valuable information regarding the customers, which can be beneficial in impeccable personalisation and offer your company a better and more precise indexing of the audience.
You might know about many more loyalty programs, but the planning and implementation is the ultimate aspect that guarantees whether the loyalty programs will actually bring any benefits to your company. Therefore, it is crucial and beneficial if your company has external assistance in planning and implementing the most suitable loyalty program based on different factors, such as the goals of your company, present audience concentration and other factors.
And such assistance will be best if you resort to one of the best companies for it, which is DigiExcel. It guarantees to bring innovation to the web and application development. They excel in digital marketing, website development and management, business automation and app development. All their services are impeccable and efficient in quality because of the highly-skilled team of professionals who work diligently and through their expertise in the field to ensure the best strategizing and execution of the sustainable loyalty program for your company.