Every brand is looking out for loyal customers, and channel partners who will always be there, making purchases from the brand and supporting the brand in their own way. These loyal customers and channel partners are the strength of any brand and based on this relationship and bond, brands run certain campaigns to recognise and reward these loyal partners.
To make their place and sustain in this highly competitive market, brands are trying out different strategies, and making their own plans to mark their identity in the market. In this process brands are recognising and rewarding the loyal customers and channel partners Program for their support and efforts via loyalty program.
What is a Loyalty Program?
Loyalty program is a marketing strategy implemented by a brand to recognise and reward loyal customers and channel partners. These strategies are devised in a manner that they can make these loyal partners feel valued, motivated and appreciated for their loyalty and efforts.
However, loyalty programs differ from brand to brand, depending on their internal strategies, audience base, marketing plans, and other factors. These can be further categorised into different segments such as:
- Paid Program: a certain amount of money is paid to get access to the VIP club or group for added benefits on a monthly or annual basis.
- Point Program: on every purchase customers receive some points that can be redeemed on their next purchase or they can use them to get some form of discounts.
- Tier Program: similar to a point program only, but here with a fixed number of points customers are upgraded to a new tier with added benefits.
- Value Program: with every purchase the brand donates some amount of money to a value added program such as child education, hunger relief, etc to make the customer remember the brand for a long period of time and make them feel the satisfaction of contributing to some good deeds.
Further depending on the needs and requirements of the brand these loyalty programs can be modified and implemented in the brand strategies. One important thing to consider is that partnering with a loyalty program provider is essential as their expertise and professional approach can help you strategies the loyalty program with ease.
Loyalty program provider RewardPort is one such company that can help you modify, and implement these loyalty programs as per the requirements of your brand. Here with RewardPort you can browse through their wide range of programs available such as CineRewards, Sweepstakes, Freebucks, Digiflix, Subscription Nation, etc. These loyalty programs are developed in such a way that they can be easily integrated with any brand and their marketing strategies.
Benefits of Loyalty Program
Every practice and strategy in the field of sales and marketing is added for some benefits and with a goal of either increasing the sales or increasing brand recognition in the market. Here are some of the most common benefits that your brand can avail by implementing a loyalty program.
- Customer Retention
When any brand implements a loyalty program it recognises, rewards and appreciates the loyalty of customers in different ways. This makes the customers feel valued, and heard which strengthens their loyalty and bond with the brand, further continuing their journey with the brand.
Loyalty programs can include programs such as Digiflix, CineRewards, Subscription Nation by RewardPort for a more effective approach.
- Increased Order Value
If the customer feels valued via these loyalty programs, they are more likely to place orders for more items by the brand, hence, increasing the order value and giving more profit to the brand.
- Increased Revenue
Feeling valued pushes the customers to make more purchases which increases the sales of the brand and hence they generate more revenue compared to the others. This small act of appreciation allows the brand to achieve more heights and grow more.
- High Brand Recognition
Appreciated customers are more likely to refer the brand to their peers which will increase the brand recognition in the market, making more and more people get associated with the brand.
- Word of Mouth Marketing
Another benefit is that the appreciated customers tend to talk about their experience with the brand which does a word of mouth marketing for the brand, and this can be highly influential for their peers and others with whom they are discussing this about.
- Expanded Customer Base
Talking more about the brand with the peers influences them to join the brand and avail loyalty benefits like their friends are availing. This provides the brand with new customers and helps them expand their customer base to a whole new level.
Functioning of a Loyalty Program
Now that we have discussed the benefits of implementing a loyalty program, you need to understand how these programs work, and how you can incorporate them into your brand strategies for more benefits.
- Brand recognition
- Customer awareness
- Purchase
- Sign up with company
- Data collection
- Rewards and discount coupons
Once a customer is enrolled with a brand this cycle keeps on going and new customers keep on adding following the same cycle, forming a never ending loop.
RewardPort Loyalty Program
In this environment of cut throat competition to get the customer’s attention and get the customer loyalty, having a right partner to help you achieve that goal is necessary.
RewardPort is one such partner that you will need to achieve growth and customer loyalty. It is one of the leading loyalty program company that one can indulge with for different customised and personalised loyalty programs.
It consists of programs in a wide range from CineRewards, Digiflix, Subscription Nation, Sweepstakes, Freebucks and others. These programs are designed in such a way to be integrated into any brand’s strategies and help them develop their loyalty programs.
For more details get in touch with the expert team of RewardPort today.
Frequently Asked Questions: –
1. What are the benefits of implementing a loyalty program for a business?
While implementing a loyalty program it will help the business to retain its customers and also attract new customers hence generating more sales and more profit for the company.
2.What types of rewards are commonly offered in loyalty programs?
Commonly discount coupons, vouchers, redeemable points are rewards being provided in the loyalty program to the customers. However, few brands depending on their budgets and other factors can also provide their own merchandise as well.
3.How can customers enroll in a loyalty program?
For enrolling in a loyalty program, customers can engage with the brands while making their purchases and provide their contact information along with other required details. From this database brands can develop their loyalty program.
