While there is much discussion about attracting new customers, serious e-commerce business owners need to think about their current and loyal customers. There are many customer retention strategies, and one of them is customer loyalty program.
What is a loyalty program?
A loyalty program is the system of rewarding customers who frequently make purchases. The purpose of loyalty programs is to keep old customers and connect with them on the emotive level. A loyalty program may give customers coupons, discounts, rewards or any kind of benefits that’s not available to other customers. Humanity’s competitive nature and the consumer’s love of receiving gifts is a great combination for loyalty programs.
Why is loyalty program important?
As an e-commerce business owner, always keep in mind that your customers look for other options besides yours. They may feel that they aren’t getting a good enough deal. Because of that, provide them a good loyalty program. That will affect their purchasing behavior. Remember, the only difference between you and your competitor can be only in the quality of loyalty program.
Build your loyalty program
Set a goal for your customers and make it simple! Customers earn points and then translate them into some type of reward. For this purposes, a good and easy idea is to pick and use your own products as the prize for your loyal customers. Make a balance for your’s and customer’s pleasure. Start with small rewards encouraging customers to come back. As they move up to the loyalty ladder, prizes will be bigger. Decide how customers will progress towards the goal. Choose which behavior you want to reward - spending a specific amount of money, buying a certain number of products or something else. Tailor-made solutions are the best here. Give customers a starting boost. If you give people head-start on the loyalty program, they will participate more. In your giving, be creative and fun. Promote your loyalty program! It will not be effective if nobody knows about it. You can do it by writing a blog post on your website, and you can read about that on How magento: Wordpress integration or blog extension - what to choose. Do strategic partnerships for providing customers all-inclusive offers. Turn your loyalty program into a game. If you know your customers well and they enjoy having fun, this type of program can make the buying process both fun and engaging.
Conclusion
Loyalty programs can help bringing more traffic on your site, they help achieve more purchases and increase the growth of your business. It is clear that set up of loyalty program plays a major role in having a successful online business. Implementing a loyalty program is very important and relatively simple step, so any e-commerce business could and should have it.
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