Why improving your current loyalty program is simpler than you think.
Like many things, it’s easy to get caught in a rut of “same old, same old.” But when you are leading the loyalty marketing efforts at your company, and are seen as a cost center, it can be stressful to recommend new marketing programs that will (read: might) increase profitability.
If you are keeping with status quo in your marketing efforts, but nothing is really moving the needle, now could be the time to impress your boss with not just a shiny new idea, but one that actually drives customer retention, decreases customer churn, and holds the key to deeper customer engagement.
If you already have a loyalty program in place, that’s great – it’s one of the first steps to being a competitive player in today’s market. So, if you’re looking to improve what you’ve got, here are a few things to consider:
- Am I engaging my customers in real-time?
Marketing is a 24/7 job and reaching customers with a message that can be tailored to their real-time experience is a huge plus, that can lead to better engagement and conversions.
- Am I targeting customers and reaching them through different channels like online, mobile, and in-store?
The average marketing email is only opened by about 20% of recipients. How about the other 80%? The more relevant interactions you can have with your customers in the channels that matter to them (that is the right interaction) can lead to increased frequency of visit, upsell opportunities, and higher average order values.
- Am I personalizing my incentives?
Customers are expecting personalized experiences based on their preferences and needs, so why aren’t you personalizing their loyalty offers? Knowing what types of incentives are important to your customers and just how much you need to offer them can increase your conversions by over 10%. And not wasting rewards on customers who would buy regardless of an incentive can help you save your precious marketing dollars.
- Am I using my customer data effectively?
Data is important but garnering insights that matter and leveraging them is what drives smarter marketing decisions. These days, companies almost have too much data, in too many places. Are you looking at the right data and using it to make the right choices?
Running a successful loyalty marketing program looks different to each company – big, small – and everything in between. Even if your current program seems to have stalled, there are a lot of options available to help you jumpstart your results. You don’t have to give up the hard work, investment, or systems already in place. By improving your existing program, by making it “smarter”, you can supplement what’s already there to engage your customers more effectively, thus delivering you profitability.
If you’d like to learn more, download our free eBook written in conjunction with RIS News: Stop Wasting Your Marketing Dollars! How one-to-one Personalization of Incentives Can Deliver Measurable, Profitable Results. It gives you an inside look at how retailers can optimize their marketing spend and drive valuable new customer behaviors, whether through their existing loyalty program, or by creating a new customer engagement strategy. Click here to download.