What the internet did for communications, blockchain will do for trusted transactions.
So what is Blockchain?
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet, and you have a basic understanding of the blockchain. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
Blockchain enable two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then ‘chained’ to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so.
Introducing Blockchain as a customer loyalty solution
Loyalty programs are often considered as one of the most efficient ways for businesses to retain customers. The Deloitte Center for Financial Services (DCFS), in a recent report, claims blockchain technology can improve customer loyalty and reward programs. Its chief benefits are in allowing companies to join their rewards program in ways not previously thought possible and it would simplify reward programs by linking multiple programs that consumers are already a part of.
Blockchain implementations of customer reward programs will give businesses a secure and verifiable record of transactions, particularly for their rewards programs. This technology’s record at solving problems is proven; blockchain in what made Bitcoin the first digital currency to finally solve the ‘double spending’ problem, in which customers can sometimes spend a single unit of digital currency multiple times. Although modern customer reward systems now have built-in protections against this problem, its impossibility within a blockchain deployment makes blockchain an attractive collaboration tool.
Reward points will be transferrable across participating businesses. Retailers and other businesses could take advantage of common markets to enhance the usefulness of their reward programs to their customers. Travelers, for example, could book a hotel and receive automatic discounts at their nearby restaurants through their rewards app.
Customers will benefit from the linkage between different retailers’ reward programs as it will reduce the number of total memberships that customers already have to keep a track of.
Blockchain brings benefits
Blockchain has the potential to streamline administration and execution for program providers because of real-time transparency. A blockchain based loyalty program should reduce system management cost with smart contracts that report secure, tracked, transparent transactions to legacy systems, reducing costs associated with errors and fraud.
The blockchain can connect a largely disconnected realm of loyalty rewards programs, eliminate friction, reduce costs, bring redemption and credit to near real time, and improve business relationships. Blockchain has proved it can deploy through digital wallets and social media and can interact with existing loyalty rewards platforms via smart contracts. An online protocol, programmed building blocks and smart contracts give blockchain technology the ability to act without intermediaries.
A widespread diffusion of decentralized architectures would create an immutable and time-stamp distributed database entry of every single transaction ever made, making each transaction and its record easily traceable, but also rendering them irreversible, preventing double spending, fraud, abuse, and any other type of manipulation of the transactions.
Mobile phones are part of the solution:
The only way to move forward with a blockchain- powered rewards system is through mobile applications. Blockchain will introduce tight security into the mobile app payments, thus making more people embrace the technology. The blockchain technology calls for a full-proof ledger which will log all your transaction details, and the entire focus is on keeping the data secure. By providing an interface that can cut through the underlying complexity of blockchain implementations, consumers can get all the benefits of a flexible rewards program among multiple businesses without any additional hassle.
Applications of blockchain technology in travel:
As the backbone of digital currency, blockchain is already revealing its value in areas such as transparency, data security, logistics and process simplification, and even regulatory compliance.
The travel business is complex and fragmented. Merchants that sell travel are typically seen as a high risk because of a number of refunds and chargebacks that occur in the industry. But with blockchain, once a payment has been made, typically you can’t reverse it. And this mechanism will make fraudulent cases easier to spot and less likely to occur. Blockchains are, after all, about decentralizing services and removing the middlemen to lower costs, speed up transactions, and add transparency
For example, with blockchain processes serving as the underlying authentication layer for biometric-equipped mobile and wearable devices, a passenger’s experience becomes easier, faster and more satisfying. They can verify their identities, purchase travel products, and ancillary services before, during and after their trips. They can communicate with airlines in a variety of new and engaging mobile formats without pulling out IDs and expose personal financial information every single time
To extend the vision from a passenger’s perspective, imagine going from home to the airport for a flight, then from the destination airport to your hotel and straight to your room without standing in a single line or sharing your personal data. Managing frequent flyer and loyalty programs and tracking baggage can also be a piece of cake, using blockchain technology as the information “connector.”
The beauty of this vision is that it serves as a genuine win-win for both the airline and its customers. And by contributing to customer satisfaction, an airline is much more likely to retain and grow that source of revenue, not to mention the range of ancillary purchases that become easier with blockchain technology.
While blockchain is very much about moving values, it’s also about handling and securing data in better ways.
For blockchain-based loyalty programs to succeed, providers must establish an Omnichannel presence. In addition to traditional channels like email and contact centers, providers have to consider mobile and social media channels.
Blockchain certainly has a potential to bring changes to the industry but perhaps it would be fairer to consider it as a system facilitator rather than a replacement for a current system. Besides, the success of the undertaking would largely depend on whether enough companies actually adopt the technology meaningfully. Customer loyalty programs powered by mobile apps are a natural fit, and it is exciting to see how blockchain will spread into this area.
We may deny but we can’t ignore the importance of free dinner at a posh restaurant or a free holiday trip to Hongkong. Ironically, it feels good to be recognized by your employer or your favourite service provider. This is a well known fact to companies and they never leave a stone unturned to reward their customers whenever they realize we have spent enough for them. It’s a good customer retention practice and it holds true cash value. However, we are living in the era of fraudsters and without proper protective measures, it falls under their radar.
Almost every loyalty program faces instance of program fraud. This is a serious breach and invites a lot of trouble. A few of them are mentioned below.
- Increased cost to replace points
- Lowered NPS that leads to customer dissatisfaction
- Loss of loyal customers
Secondly, there are cyber crime cells but there are even more smarter fraudsters who finds a new way to open fake rewards account. Every now and then reward points and miles are getting sold online. According to a report by software security provider McAfee in 2014, cyber crime costs the global economy more than US$450bn annually.
On the other hand, the face of customer loyalty programs changing continuously. Almost every customer expects to be seen as a unique customer with personalized needs. Thus, companies have to adapt solutions that assure them customer loyalty along with security. This is the scenario where AI comes to rescue.
According to experts, AI is the only way out by implementing which companies can secure customer loyalty and reach an audience of millions. AI runs on algorithms and it can differentiate customer’s needs and preferences in real time. It helps data analysis in personalizing customers and create real time data that works far beyond numbers. It uses state-of-the-art technologies like voice recognition, natural language understanding and dialogue management to create personalized intelligent assistance. These assistants are highly secured and communicates with human beings in realtime to complete a task.
The world economy is slowly turning digital and it has changed the what customers expect from their service providers. AI implements services like voice banking and virtual chat assistants that provides immense scope for customer loyalty.
AI also augments employee performance since digital assistance cuts down a lot of human effort. This advanced approach also ensures safe handling of reward points without damaging customer experience. It has the ability to predict future instances of fraud before they occur by reducing the amount of human intervention. Thus, it creates less friction for the customers and delivers result within the given period of time. The good news is – AI is ever evolving and there’s no chance of it becoming outdated.
Millennials, or people born roughly between 1980 and 2000, are tough customers in both the literal and proverbial sense. With social media, subscription boxes and targeted advertisements following consumers on every website they visit, it’s easy for shoppers to get distracted. Since most of these teenagers to thirty-somethings were born into the age of e-commerce, it’s easy to assume they’re susceptible to the intrigue created by the new brands and products constantly inundating their screens.
Millennials represent the modern consumer. With this in mind, it’s no surprise that companies across all industries and verticals are catering to the needs of millennials as a way to earn their loyalties. Traditional methods of advertising have been proven ineffective in capturing their attention. Most people are never more than a tap, swipe or click away from almost anything. The fact remains that the digital world has forcefully inserted itself into all the phases of the buying process, especially for the millennial generation. As more millennials begin to enter the market, the question that arises is- how companies can appeal to these digital natives?
Agreed, millennials are choosy about their brands, but they are also more willing than older generations to switch brands if they can save money by doing so. While advertising may seem like the go-to strategy.
There are more efficient ways to get in front of this audience and reach them time and time again
Millennials want to know that a company is paying attention to their specific needs. The critical component of delivering a personalized digital experience is a mobile-first strategy that guides each customer through all phases of the shopping journey. The look and feel of a customized product are important to the members of this generation who has an open- door policy. They are more likely in the first place to listen to your pitch, even if you are pitching from a brand they haven’t heard before. Companies can present options, targeted messages, recommendations and personalized services that can be effective in the right circumstances. To attract millennial shoppers, brands must think in terms of experience, not discounts and offers off alone. Brands can approach experience-focused programs in a number of ways, such as offering customers free shipping, skipping a checkout line, early access to a sale or the ability to view products before other customers. By focusing on the experience and personalization, brands can help shoppers feel as if they’re a part of something bigger than just a loyalty program, thus building an emotional relationship with the consumer, which is key for Millennials.
In addition to providing a great product, responding and engaging with millennials in a timely and authentic way will also help cement a long-term relationship. As a tech-savvy and highly connected generation, it is no surprise that millennials are drawn to loyalty programs that engage them through various channels. Whether online, mobile app or in-store, brands can reinforce millennial loyalty with a program that keeps them looped into the brand experience. It’s important to have a cohesive marketing strategy across the brand’s website, e-mail campaigns and social media properties for relevant communication to elevate customer loyalty. Based on data collected from these sources, platforms can be used reengage, share new opportunities, offers and promotions that will keep millennial shoppers hooked and coming back for more. Social media as a platform is not only great for consistent, relevant communication but also has the added benefit of facilitating peer-to-peer recommendations, which many millennial shoppers turn to before making purchases. By adding game-like features to their reward program, brands have the potential to create customizable and rewarding experiences, providing entertainment value to the customer while bolstering engagement.
Even a loyalty program with experiential components, engaging qualities, and price, the ultimate deciding factor can turn off this generation, if it is difficult to use. While millennials rely on technology to streamline their lives, they expect digital solutions to augment their experiences. This means brands must develop loyalty programs that are frictionless and easy to navigate across various channels – whether on a laptop, desktop, a mobile or a tablet. Millennials are quick to abandon slow-loading apps or confusing interfaces that do not save them the time or add value to their lives. Like other leading mobile solutions, loyalty programs can capitalize on common mobile strategies like real-time alerts, multichannel capabilities, and personalization or even technologies like mobile wallets.
Brands that want to capture this demographic will have to abandon traditional, shop-worn loyalty strategies in favor of new programs that emphasize experience, engagement, and convenience. Appealing to this demographic requires brands to ensure that the ways they deliver their rewards programs are as flexible and mobile as millennials are themselves.
Gamification, the use of game mechanics in a non-game context to drive engagement, is becoming a standard practice in marketing and loyalty programs. The basic premise of gamification is that it uses game mechanics to leverage a participant’s sense of challenge, competition and reward to educate change attitude or behavior to inspire action.
Effective customer loyalty programs are now powered by gamification, which moves engagement beyond the transactional to create deeper, data-driven and more valuable customer relationships. To a large extent, gamification leverages the same tactics of video games and their ability to get players addicted to virtual rewards. Successful gamification finds ways to turn tasks into a competition amongst players or customers by building mechanisms for achievements and public competition.
Few pointers that businesses need keep in mind when implementing gamification:
- Set a clear goal and that goal must be aligned to the marketing or loyalty. There must be a finish line in sight, so customers know exactly what they need to do to achieve that goal.
- Decide what customers should do to progress in the game. Tasks to be aligned with the behavior you want to reward. This could include simple things like sharing the content on social media.
- Recognition is a big motivator in successful games, so it’s important to show customers how they are progressing towards earning a reward. That means structuring the levels such that they seem achievable. Leader boards can play a great part in the recognition part.
- Reward participation. Reward new members bonus points for just signing up.
- Games need to be fun and a delight to play. A very effective gamification technique is by giving a random reward or freebies at unexpected times. This will give the customer enjoyment beyond the free item.
Peppers & Rogers Group has created a proprietary methodology called the “E7 framework” as a holistic approach to both drive usage and derives benefits from gamification.
Simply stated Increase ENGAGEMENT by EDUCATING, ENERGIZING and EMPOWERING the customer while ensuring EARNING for the client, ENJOYMENT for the user and EVOLUTION of the customer relationship.”
Simply stated, “Increase ENGAGEMENT by EDUCATING, ENERGIZING and EMPOWERING the customer while ensuring EARNING for the client, ENJOYMENT for the user and EVOLUTION of the customer relationship.”
The framework balances increasing customer involvement with creating business value at each point.
The framework balances increasing customer involvement with creating business value at each point.
Educate: Inform customers of products, processes, and events.
Energize: Stimulate interactions and guide customer use of more services and products.
Empower: Transform customers into proud brand ambassadors.
Earn: Create value through increased awareness and customization.
Enjoy: Users have fun and stay engaged with the program.
Evolve: Understand customers much more than through traditional CRM systems.
Gamification has its biggest impact in ensuring customers keep coming back. In addition to points for purchase, providing users with a sense of achievement and competition to keep them engaged provides real retention benefits. While gamification is a very effective tool, practitioners need to take care to use it in the correct context, and not overuse it. Gamification can be integrated to transactional behavior where it is possible to measure the direct impact of gamification on turnover. It is for this reason that gamification is playing an increasingly bigger in loyalty strategy.
Modern CRM systems have been developed to evaluate big data analytics for proper customer insight statistics. To earn customer loyalty, an organization must learn about its customers’ purchase routine through an ever-increasing array of channels: the web, mobile phones, email, social media, e-commerce, contact centers and through bricks and mortar outlets. People and process design must come before any successful implementation. Effective communication about the advantages of modern CRM systems, training and significant development of a new collaborative culture is essential before the technology can be implemented effectively. When compared to the paid media evolution over several generations, from print media to radio to TV, to the many co-existing digital formats of today, customer relationship management is considered antiquated, yet effective to its core.
CRM is multichannel and no longer confined to direct email services. It encompasses push and in-app messaging, SMS, addressable display and social, as well as messaging apps embedded on a site or in social media platforms like Facebook Messenger. At the core of any CRM program is a robust set of customer data. Modern CRM combines the historical demographic and purchases history with cross-channel permissions and engagement across all channels, from the perspectives of both marketing and customer support. It allows for personally identifiable information (PII) and anonymous data to be stored until a link between the two can be identified and then connected to enhance knowledge. Modern CRM is powered by data across all of an enterprise’s business lines. This consolidation gives companies the ability to look at the entire customer base and leverage information gathered from one phase for another purpose within legal boundaries. The ease of accessibility of the data, almost anywhere, anytime, is a key tenet of modern CRM. The point of consideration is the expectancy of Modern CRM to leverage the latest enterprise data at every touchpoint.
CRM and loyalty tend to be completely different programs. Yes, there should be initiatives that are specific to loyalty programs, but modern CRM takes the loyalty data into account and decides the desired action for every touch point or campaign. Your customer data allows you to identify your best customers and to develop a customer strategy for a better conversion rate. When people are on owned properties such as a website, your ability to entice visitors to sign up, fill out, download, etc. are enhanced by the previous customer experiences.
CRM data and the knowledge of what has worked at the enterprise level, in conjunction with enterprise decision-making, allow us to make the best choices to convert a browser or prospect into a hand-raiser, a customer, or a full-fledged advocate.
The success of an idea depends on how adaptable it is to the current needs of the system. The ability to amend brand strategies is the key to longevity irrespective of the industry, including the wide domain of customer loyalty. In recent surveys, a massive 65% of the CMO council agreed upon the significance of investing in loyalty strategies. A sudden heat is expected in the arena of loyalty, sooner rather than later. A brief study of the Future Loyalty programs in the following section suggests that the coming times will be of huge significance and the right investments might ensure a smooth systematic function.
The future, in case of loyalty programs, is set to drift away from pushing marketing strategies on customers, onto a more promising approach of making the experience a little easier for the customer. With an approach as simple as deploying loyalty program to make customers’ lives easier, or providing an exclusive loyalty program that rewards via a customisable experience based on individual customers’ needs, the future has taken a turn for good. Retailers, who hope to succeed, must possess the content, a strategy and insightful ideas that can be seeded in conversation with customers to figure out their needs and compliment them in a more suitable manner.
A trend of feedback loops with personalisation and targeting engines is set to present itself to the market. The power of a positive review will dominate the centre stage – retailers and brands will be pushing to engage in conversations, allowing them to progressively learn and develop an unrivalled experience for their customers. Loyalty programs that contextualise all relevant data points shall emerge as victors– delivering push marketing messages and lucrative offers to drive customers into the stores or onto the e-commerce platforms is not going to be enough. Successful retailers and brands must know and comprehend what their customers tend to and analyse the data to fuel targeted conversations that enable the loyal customers to open up about their experiences. Negative criticism is set to trend with a strong, reassuring vibe attached to it.
Loyalty programs, if aimed for huge success, need to continue to support an overall experience of the brand, and should be designed with customers, taking in consideration the minutest of details. The retailers and brands need to embrace the need of the hour; they need to give up control. The real power of loyalty is to enable customers to voice an opinion; loyalty programs will increasingly align themselves to the customer experience side of businesses and emerge as a channel for developing connections with loyal customers on a personal level.
The future of loyalty programs needs a retailer or a brand to enable a broader range of interaction with their customers. Personalisation and customisation, are therefore the keys to ensure the right elements of customer experience are delivered to the loyal customers. They generate a high value of engagement and equally, retailers need to create opportunities through their loyalty programs for customers to engage with their interests.
Loyalty programs have the ability to connect the dots of data from across the multichannel experiences and recognise the areas to be emphasized upon. Mining the data to create these opportunities to strengthen and improve one’s service is an invaluable and relatively untapped resource for retailers. With such advancements and a rising need to acquire the customer base, the future of loyalty programs, it seems, is infinitely bright and headed towards a remarkable journey.
Employee rewards programs sound like something we can all benefit from, based of some known facts: generic rewards aren’t entirely effective, whereas the ones tailored to compliment the company can have a significant impact. Custom employee rewards contribute significantly to boost the engagement and company culture. Upon due consideration, we must realise the fact that implementing a rewards program isn’t always a step forward to success, unless it’s done the right way. Following this statement, is a list of the top five things not to do when designing a detailed employee rewards program:
- Turning a blind eye to the history: One must never design a rewards program without an in depth knowledge and a detailed insight into the company’s past history with rewards. Finances are always to be kept in check; the tangible rewards mustn’t be finalised without identifying the appropriate behaviours to be rewarded. Rewards can be misused and misdirected; behaviours can’t always be changed without social reinforcement. Make wise decisions because reward programs tend to take the wrong direction, a consequence of an unplanned beginning.
- Basing KPI’s on biased assumptions: Presuming that one knows what behaviours should be rewarded to produce the desired business growth, can be a reason for an unsuccessful rewards program. Observe, learn, converse, and connect with the employees to identify the behaviours that need addressing. Basing KPI’s on assumptions leaves a scope for biased opinions, which in turn, leads to undesired growth factors.
- Ignoring the objective metrics: Know the objectives of your rewards program and figure out a way to measure them. A common mistake occurs when only the subjective measures of effectiveness are considered, ignoring the objective metrics. Rewarding the wrong behaviour is never recommended. Remember, what you reward is what you’ll receive.
- Undermining the feedbacks: Rewards program tend to flourish when they incorporate employee and manager input. The job isn’t done yet, with rewarding; it requires taking feedbacks to find out if the reward makes an impact. Ask the recipients for a scope of improvement and apply the principles learned to design better the next time.
- Underestimating the significance of recognition: Individuals who earn the rewards for their exceptional performances must know the specific reason for the recognition. A meaningful, sincere recognition encourages a positive behaviour in the future. Don’t restrict the rewards program to a mere transaction; it can be a great step forward to build personal relationships.
Appreciation is a fundamental need for humans to work with some motivation. Employees respond to appreciation because it is a reassurance of the value of their work. When recognised in a proper way, the productivity is set to increase, for there is a motivation to keep up the good work. Hence, an employee rewards program requires a lot of planning and organisation, to work in an unperturbed fashion; keeping in mind the foremost things to avoid. A well planned ERP can act like a catalyst, and give cause to an exponentially rising upsurge in the business charts of a company.
Retailers appeal to customers’ buying habits with incentives in order to outsell their competition. This trend has been in practice since the beginning of time. Over years, retail has continued to evolve, and following the birth of ecommerce in the early 1990s, loyalty strategies have made a migration to the digital platforms with definite motives. With all of the online and offline rewards programs emerging every passing moment, one might begin to wonder where exactly the differences lay between them. A detailed study of both the platforms leads to a clearer opinion about the debate that has raised quite a few opinions.
Offline Loyalty Programs:
Location has always held significant consideration on its part, for customers who choose to purchase products in-store, rather than an online purchase. However, additional expenses may be associated with visiting a particular store to purchase a certain product. Although, customers tend to come back on their own simply due to the close proximity to a specific store, retailers must still be aiming to appeal to their customers’ best interests with their loyalty programs. Following are some of the strategies tailored to benefit the offline sales environment:
1. Social Sharing:
High chances prevail that customers will browse through physical stores through social networks before the purchase. The current generation of customers, in particular, spend a considerable amount of time on mobile devices, checking into social media accounts and with such exposure, harnessing social sharing power is a genius way to entice customers to shop with you. Rewarding customers for sharing their experiences with the products on platforms like Twitter and Instagram gives retailers the opportunity to create brand influencers while incorporating their brand into the everyday social fabric of their customer base.
2. VIP Tiers;
VIP tiers allow retailers to acknowledge and evaluate their best customer base with exclusive benefits and rewards. Simply effective at increasing customer engagement, VIP tiered programs give the the customers an opportunity to earn more, which in turn encourages them to spend more. VIP programs have emerged as an excellent solution for brick-and-mortar retailers, because once a customer is committed, they are more likely to engage themselves with a specific store. It’s the perfect example of how exclusive benefits, as opposed to discounts, set a brand apart from the herd.
Online Loyalty Programs
One of the most significant reasons people prefer to shop online is discount prices, which doesn’t come as a surprise given the fact that many such people don’t even have a savings account. Online shopping has taken the commercial merchants by storm, and is soon to dominate, which raises a need for loyalty programs to ensure a customer base. With the facility to shop around and buy at the lowest price in a matter of seconds, there are many ways ecommerce merchants can work to keep their customers hooked.
1. VIP Tiers:
VIP Tiers is a perfect example of some of the strategies which can be incorporated in both online and offline platforms. Tiers are especially known to industries like supplements and cosmetics because they have intense levels of competition. Brands that reward customer loyalty with benefits and transactional rewards are more appealing in a more obvious sense. Offering customers access to exclusive events or product launches are some of the many ways that retailers can give recognition to their VIP customers, considering that these loyal customers are responsible for a majority of their business.
2. Engagement Touch Points:
One must provide the customers with ways to engage outside of the shopping cart if one wishes to make his online brand stand out. With a rising trend of using smartphones for all manner of online activity, people are searching for experiences that complement their lifestyle. Referral programs are an excellent way to encourage customers to engage with one’s brand throughout their everyday necessities, and can be seen as the evolution of the old school reward systems.
No matter what you’re selling, where’re you’re selling; whether it’s online or offline, a loyalty program is a proven way to acquire a huge customer base. Through exclusive rewards, beneficiary initiatives, and social awareness, one can treat customers to a lifestyle and loyalty experience unlike anywhere else, making one’s brand a priority for them, every time they go shopping.
Certificate of achievement: Honor the employee how acquires a unique acknowledgment, give him or her an extraordinary nametag and also a certificate that articulates their achievement.
Thank you meeting: A sincere word of thanks costs nothing and is very effective. Saying thanks about something specific may be the ultimate reward. The words “thank you” are powerful. And sometimes all you need to do is to say it sincerely.
Wall of Fame: Create a wall of fame for each recognized employee. Make a point to compose underneath their photo what they did that you’re remembering them for.
Recognition in front of peers: Feature your representatives accomplishments by recognizing them in an organization meeting, bulletin or on your organization Intranet site.
Department recognition bulletin board: Consistently a designated bulletin board highlights their duties regarding the affiliation, the individual employees, their most noticeable achievements, etc.
Secret Santa-style appreciation: Use the “Secret Santa” concept. Have all employees draw a name of another employee. They would then identify an achievement/contribution particular to that person and send an anonymous note of appreciation.
Work-from-home day: Remember significant events in your employees’ personal lives, and give them a work-from-home day so they can participate without worrying about coming into the office on time.
Sticky Notes: Post a sticky note on their monitor, expressing profound gratitude and saying why. Simple, yet compelling, when it’s authentic.
Standing O: Get all your employees together in the same room. Then welcome the employee you’re recognizing and give him or her an overwhelming applause.
The Morphing Trophy: Get a big trophy and give it to the employee you are recognizing for the week. At the end of the week, they must return the trophy but they need to add one thing to it. Then next week give it to the next winner. At the end of the year, you’ll have a trophy with 52 things stuck to it. It looks crazy and has lots of memories. At the end of the year, retire the trophy and put it in your reception area. Do it every year.
So which one are you trying out for your team?
Imagine you had been given a loyalty card when you visited your favourite food chain and have been advised that every time you returned to have a meal you will be stamped on their card and upon the completion of this card, you would get a free meal. I bet you’ve experienced that too: you buy something and sooner or later after the purchase either immediately or within a few days or perhaps weeks you get hold of a proposal from the store to come again and make another purchase which is free.
This is a motivating factor. Lots of huge retailers do this kind of thing because it works, and because they understand something that many small commercial enterprise owners don’t: it’s an awful lot less complicated to turn an existing purchaser into a repeat patron than it’s miles to win other new customer completely.
The probability of promoting to a brand new purchaser is 5 to 20% however to an existing customer is 60 to 70%. Make a purchaser sense importance, you’ll by no means have a product or price gain once more, they can be effortlessly duplicated, but a robust customer support tradition can’t be copied.
Here are few amazing examples of loyalty programmes conducted by the means of loyalty management companies
Companies provide purchaser incentives for giving splendid reviews. These opinions make them feel important and additionally boom your advertising. Local search directories will let you share coupons and discounts on their web sites. Special coding on Facebook can let you percentage special offers for fanatics only. You can provide a giveaway for individuals who upload a video review. The possibilities are limitless, and the better your provide, the more reviews you’re probably to receive.
Do you sell a product which very few have heard of? Then go the Maca Team’s loyalty program way. Ask your client’s to give you a few referrals and earn some more money or a new item. A loyalty program offers them an incentive to now not simply refer their buddies, however additionally converts those new customers into dependable customers rather than a one time transaction.
Referrals are an critical component of any food and beverage loyalty rewards program!
The Oberoi Group is said to have the best luxury resorts in India. Oberoi Advantage is very different to different loyalty programs given by hotels in that there may be no accrual and redemption of points. Instead, the advantage is straightforward and attractive live for five nights at Oberoi residences throughout India and Dubai, and acquire a unfastened stay or a room upgrade. This can also be redeemed at homes in Indonesia, Mauritius and Egypt.
In addition to extra miles, Virgin Atlantic’s Flying Club allows individuals to earn tier elements. The membership inducts people on the Club Red tier, then bumps them as much as Club Silver after which Club Gold. The secret’s to offer benefits in the early levels to hook the client into coming back. Once they do, they’ll realize that “gold” reputation isn’t not possible, and gives simply cool advantages.
Like a few loyalty programmes however do no longer understand how to put into effect, there are loyalty rewards companies, who simply would be more than happy to help you.