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Benefits of Digital Loyalty Rewards Programs and Why You Need One

Benefits of Digital Loyalty Rewards Programs and Why You Need One

Loyalty Rewards is Evolving All the Time

Since the dawn of business, the quest for customer loyalty has existed. As King Arthur sought the Holy Grail, Fred the Baker was trying to keep the townsfolk coming to his bakery versus Susan’s down the road. And for hundreds of years, the solution to building customer loyalty has been loyalty rewards programs.

Today, around 81% of people say a customer loyalty program will make it more likely that they continue doing business with a brand. And 66% of people will adjust their spending habits to maximize loyalty benefits. That means more money being spent with you rather than your competitor.

Along with being a mutually beneficial financial relationship, loyalty rewards programs are a great way to interact more personally with your customers. It makes them feel like they are in your inner circle. Combine that with a cost-savings discount here and there, you’ll end up with a loyal customer – the Holy Grail of business.

Here’s why you need a loyalty rewards program for your business today:

Building Relationships

So much of doing business is building relationships. From the moment your potential customer first learns about your brand to the hundredth time they shop from your business, you are building relationships. An essential part of building those relationships is having forms of direct communication with your customers.

With a loyalty rewards programs, you will have a direct line of communication with each and every customer that signs up. By linking your loyalty rewards program to social media, you can interact even more with your customers, as well as with their inner circle of friends and family members.

Aside from that, you can more easily send out things like text reminders of sales and email campaigns to inform your customers about new products. As you build your communication with your customers, you will see that you retain your valuable existing customers and turn them into repeat customers.

Look for loyalty programs that offer:

  • Touchless options like NFC technology
  • Geofencing Target customers where you are
  • Mobile Wallet Electronic digital coupons
  • Text / E-mail Marketing Broadcast specials and promotions during slow times
  • Automated Marketing Birthday, anniversary and we miss you (time based)
  • Spin to Win Games Create excitement with games
digital-rewards-loyalty-program-restaurants-blog

As they become repeat customers, they’ll be incentivized to buy higher amounts more frequently because of the rewards they get from your loyalty rewards program. With the deals, discounts, and offers you provide, you’ll find your business becoming a staple part of your customers’ weekly and monthly budget.

Expand Your Brand

An essential characteristic of loyalty rewards programs is how friendly they are to businesses large and small. They are also characteristically friendly to mobile users. Since so many customers rely on their mobile phones to do their shopping, it’s critical that your loyalty rewards program be easy for them to use right from their phone.

As they use your loyalty rewards program from their phones, you’ll see that you have increased metrics to help you predict what your customers will do and buy. Through predicting the actions of your customers, you can use targeted marketing to increase their Customer Lifetime Value (CLV).

The CLV is a measurement of the estimated revenue a customer will bring into a business throughout their lifetime. It’s an important figure to calculate because it will help you in deciding how to target new customers or focus efforts on retaining existing customers. As you are able to increase the CLV of your consumer base, a domino effect will begin to grow your brand. Satisfied, returning customers will build a positive reputation for your brand, leading to even more sales.

Beat The Competition

Just like Fred the Baker want’s to beat his competition, every business owner has the competitors they want to beat. The way to edge past your competitors is to have a strong loyalty rewards program, especially one that offers the right rewards.

Using tailored, spontaneous rewards, you can incentivize your customers to choose to spend their money with you, rather than the competition. You’ll stay in the front of your customers’ minds so you’re the first business they think of. Rather than competing on price, you’ll be standing clearly above the crowd by offering valuable rewards.

To get your loyalty rewards program set up, you can turn to digital marketing agencies, like Tactical Moves. With their help, you can have a digital loyalty rewards program in place for your business to start finding that Holy Grail – the loyal customers that keep you in business.

Contact Tactical-Moves

Thinking about add a digital loyalty program today? Let us handle it all here at Tactical-Moves, where we specialize in touchless digital loyalty programs and digital marketing strategies for small businesses like yours. Schedule an appointment with us today at 617-858-5802.

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