For any business or brand, the one thing that keeps them going is their customer’s undying loyalty. In today’s fast paced world it is however, quite difficult to manage and build a loyal customer for a longer period of time. The reason being, short attention spans of customers and high competition in the market. For this a brand requires a loyalty rewards program to keep the loyal customers with them.
Now, it might sound a bit complex and confusing as to how loyalty program companies are helping various brands to establish loyalty rewards program. Here in this blog, we are going to give you a walk through of the entire process of developing a loyalty programs in India.
Understanding the Basics of Loyalty Rewards Program
A customer loyalty program is a structured and devised marketing program with an intent to retain the existing customers and expand the customer base leveraging the existing customer base. It is achieved by offering these existing customers some rewards, incentives, or any other additional benefits.
In general these programs are point based systems to ensure a repurchase and recurring event of customer, hence ensuring customer loyalty toward the brand. These points can be redeemed in the future purchases and reap benefits from the brand as well.
Why Integrate Loyalty Program Company?
For any brand that is looking to integrate a loyalty rewards program, they are required to do so via a loyalty program company. Since not many such loyalty program companies are existing in the market at this point, RewardPort is one of the best loyalty program companies to exist.
Here are some of the most common benefits that a brand can reap off by integrating a loyalty rewards program.
- Customer retention
The most common benefit that a brand can avail from a loyalty program is that it helps you to have better customer retention. With a loyalty rewards company such as RewardPort you can leverage any of the following programs as per your preference and avail customer loyalty and customer retention.
Sweepstakes, Digiflix, and Freebucks are a few programs from RewardPort’s customer loyalty program that can be integrated.
- Brand recognition
Another major benefit of these loyalty programs is that they help your brand to get better recognition. Since you are valuing your existing customers by offering them rewards and incentives, they are bound to do word of mouth marketing for your brand. Hence, better brand recognition.
- Increased revenue
Since you are retaining your old customers, by offering them points to be redeemed on their next purchase. It further helps to increase your brand’s revenue and generate more profit as well.
- Increased customer base
Existing customers doing word of mouth marketing leads to better brand recognition, hence increasing your customer base and allows you to get more and more customers. This further contributes to generating more revenue and more profit for the brand.
Now, having discussed the benefits, let’s have a look at some of the best approaches of integrating a loyalty rewards program in your brand.
5 Loyalty Rewards Program
Here are 5 best loyalty rewards program that you can integrate into your business by leveraging the services of loyalty program companies in India such as RewardPort.
- Point based system
One of the most common approaches that a loyalty program company would implement is a Point-based system. Here the customer is rewarded with certain points on their purchase, which can be redeemed on their next purchases allowing them to have some discounts on the purchase.
This allows the customer to come back for another purchase in order to redeem the points. Since these point-based loyalty rewards program are free to sign up for, any brand can easily integrate these and let the customers keep coming back and ensure customer loyalty.
- Cashback system
Another most common approach is to have a cashback system. Loyalty programs India are integrating this approach to let the customers have a sense of satisfaction or winning after they complete a purchase.
In this system, once a customer makes a purchase, brands can integrate loyalty program such as Scratch2Win by RewardPort and let the customer scratch the card and get a certain amount of cashback. Now this can be in the form of direct cash or a discount that can be availed on the next purchase. Hence, ensuring repurchase by the customer, and loyalty as well.
- Tiered program
The tiered program is a bit different from the two we have discussed above. Here, the customers are segregated into different tiers or categories and are promoted to the next tier based on their purchase.
With a new tier, the customer also gets some additional benefits such as early access to the sale by the brand and much more. This allows the customer to reap the benefits of a tier and also shop more and more to get promoted to the next tier and again have more benefits and advantages as well.
- Subscription program
A lot of brands have started this subscription program as part of their customer loyalty program. Here the customers are given subscription to a premium OTT platform or any other platform once they make a specific purchase with the brand.
This allows the customer to feel rewarded and incentivised for making the purchase and receiving the subscription. One of the best such programs is Subscription Nation by RewardPort, one of the best loyalty program company.
- Referral program
The last one is the referral program where a customer gets a reward or discount or any other incentive once they refer the brand to a friend or family member and they make a purchase or sign up with the brand. This is beneficial for the brand as it helps them to get more customers and also beneficial for the customer as they get benefits out of their friends and family members making the purchase.