With emerging markets like Brazil and India about to influx, the worldwide consumer number by well over a billion, the fight to retain customers is going to get even tougher.
Hundreds of millions of people will enter the middle class in this decade, making it the best time to be a business owner. It's not without its incoming challenges however, as consumer loyalty has to be acknowledged and rewarded better than ever. The tools you have to make this a reality are mobile apps, chatbots, promotional emails, newsletters, discount points, membership clubs and so much more. There’s no excuse whatsoever, for your brand not having a fantastic loyalty program. It's important to note that in 2020, the expectations from customers is revamped and higher than ever before. How can your business rise to the challenge?
The average customer has multiple technology avenues, from which they surf, browse and buy products. Your business must be present on all of these channels but also, reflect a customer’s needs through the technique of continuity. If a customer searched for something on their desktop in the morning, while having breakfast, your app should reflect their interests the next time they open it. The app should recommend products that they searched for, and if they have a history of purchasing with you and hold an account, they should also receive discounts for said products. The omnichannel approach is holistic, therefore continuity is the essence of power you hold, acting as a magnet to keep customers inside your circle of outreach and interaction.
Once upon a time, a partnership was seen as a strategy of giving away some of your autonomy, for a large boost in sales and marketing. However, in 2020, partnerships are essential to customer loyalty programs. Connecting two or more of a customer’s interests into one purchase point makes their journey shorter and increases their convenience. Therefore, conduct research into what other brands your customers like. When you see patterns emerging, strike partnerships with those brands that appear frequently. Selling another brand’s products alongside yours or perhaps offering discounts for those products, connects interests and provides customers with a one-stop-shop option. Customers will react positively, to a business that acknowledges their interests and provides exclusive incentives with coalition partnerships.
During certain times of the year, customers expect to be notified of sales and offers you have. A business that wishes to reward customers at this point, should couple their greeting with a gift. At The Pin Factory, businesses can make custom keychains, with their unique logo design etched onto leather and or imprinted onto metal. A metal spinner keychain is a small, simple yet interesting gift to give customers as a token of appreciation. Those that have shown consistent loyalty, should have this gift delivered to them for free promptly. It will be a pleasant surprise they will enjoy, and since they will be seeing your logo every morning when they lock their front door and open their car, you’ll be ever-present in their minds.
There’s no longer a reason to have a one-tier membership system. Customers have different desires, some may want the ultimate premium membership bonuses, others might just want to be half in and half out. Therefore a tiered membership system is by far the best structure for a loyalty program. Consider a 3-tier structure whereby tier 1 gets you seasonal discounts before normal customers, tier 2 gives you a point-based system of purchases which amounts to larger discounts from future buys and tier 3 gives you all that and more, such as exclusive first-buy rights.
Offering customers with higher tiers free shipping for all their purchases is one of the best ways to keep them coming back. A small fee for the monthly membership should be in a subscription format, so customers never feel boxed into a corner. Special access to real-world events such as product launches is a highly valued perk for your most loyal and fanatical customers.
Personalizing products to a customer’s desire will skyrocket their brand satisfaction. Customization and personalization, are both going to be the top services of this decade. Customers want their specific products to be unique and say more about them. This is why, providing customization options to loyal customers, is a service that will be noted by those that aren’t signed up to your loyalty program yet.
Customer reward systems are going to be front and center for this next decade. Now is the time to start or develop your own loyalty program if you want to retain and foster a consistent fan base.