Many a times, marketers across industries differ in the view point on 'Loyalty and retention' programs they design for their customers. Apparently, the view point may differ from industry to industry on a fundamental industry perspective but the ground issue is- most the times marketers get this sidelined or has a different or skewed view on this which creates a big impact on the success or failure of the loyalty program they are running.
According to Loyal Mark "a loyalty program is a comprehensive, real-time marketing tool that enables businesses to cultivate long-term, profitable buying behavior with their valued clients."
Some of the key ingredients of a successful loyalty program
- Loyalty is a continuous process and needs to be earned over and again
- Loyalty is not just for big brands- a start-up can succeed better than a market leader or than a 'rain maker' as a simple word-of-mouth referral by a customer works well for even a nook and corner shop.
- Its an ongoing process- meaning just buying a solution does not help you. You have to continuously work towards having the 'engagement' factor in all your activities.
- Every company has a program- only the differentiation comes when you are more closer to your customer and that leads to converting from a mere 'program' to 'loyalty program'
- You should know your customers before designing your program and engage with them regularly by analyzing the customer data on regular basis.