In a world where stores are just a click away, customer loyalty is now the buzzword for the new year. Today’s buyers have access to their favourite and not-so-favourite brands when they want it. This includes enough information about each and every product that can make them either loyal or turn to a competitor.
The fact is that most buyers are willing to go steady with a single brand if it goes above and beyond to please them. A fantastic customer experience is not only memorable, it attracts more customers which is only good for business. The value they get from their transactions can mean big business for brands that look at more than the numbers.
This may sound obvious, but it’s surprising how many get it wrong.
The aim of a brand is to provide customer service that generates more leads. This can happen through customer loyalty programs by way of platforms such as Power2Motivate.
In fact, if they are managed well, these programs can attract more business than sales and marketing combined!
The thing is, loyal customers convert and spend more on brands they like. They also tell their friends and family which only leads to more sales. The more benefits they get, the happier they are and the more people they tell. It’s a simple, but effective formula for success if you think about it.
Of course, customer satisfaction also depends on the quality of the products or services on offer. On the other hand, very few people pass up a good deal when they see it. If they like a bargain, they will be more willing to spend more and share the positive experience with others. Word-of-mouth marketing is free and drives more new customers to a store than anything else.
That is how benefits and loyalty programs are shaped today. By gathering data from customer experiences, brands can tweak benefits to make them appear appealing. This requires a delicate balancing act – on the one hand, they need to attract customers with ‘unbelievable’ deals, but on the other hand, they also need to profit.
Successful brands cover both aspects by offering just enough benefits in a deal to tantalize and score sales. The rest is generated from word-of-mouth advertising and mentions on social media. So even if they say give 50% off on an item, they make up for the other half in future and current sales.
Whether consumers prefer a two-in-one deal, a 25% discount or coupons, the bottom line is brands have to think of new ways to help them save money and ensure they don’t lose out in sales. However, even the best deals can fall by the wayside if they are not coupled with quality customer experience.
Today, brands are pairing their marketing and promotional efforts by giving their customers access to exclusive deals as soon as they introduce them. The race to get their deals online first and attract as many people as possible is what most eCommerce owners work towards.