It would be true to say that we live in the age of the customer and their expectations are increasing tremendously every day. Retail today is very different from it was a decade ago. Earlier, customers had fewer choices due to which retailers had more power to control things like price & supply. Loyalty programs like discounts or offers are not enough today to win your customers’ hearts & make them loyal towards your brands. Retailers need to update their loyalty programs to meet the evolving needs of modern customers that want quick solutions, great quality, personalized experiences, affordable prices & many more. As every business has a different purpose, custom loyalty solutions are needed to cater to the needs of different audience & business goals. Let’s find out everything we need to know about the modern loyalty program and how it will help to retain customers in the age of distraction.
Top Must-Have Features for a Successful Customer Loyalty Program
Research by eMarketer says more than 50% of customers consider loyalty programs as one of the most valuable parts of retail experience. However, having a loyalty program is not enough if your customers are not getting motivated. Today, customers expect deeper connections & instant rewards. Having a strong foundation is needed to ensure that your program grows with time. Here are some of the best features that your program must have to become a successful one with maximum customer retention rate-
- Must be Cloud-based & Scalable
You may think that your business works only in a few locations and having a simple loyalty program will be enough. However, as your business grows & expands the offerings, you will need an increase in processing capability. Having a cloud-based program will help your business scale it with more storage capabilities as the number of customers and their data increases.
- Dynamic to Adapt Any Changes
Your loyalty program must be dynamic with the capability to support real-time changes. Even if the program is running perfectly in the present scenario, it doesn’t mean that it will work the same way in the future. Your competitors are always thinking to deliver something more valuable than what you are offering, which is why you have to update with relevant marketing strategies and industry changes.
- Must Be Valuable & Unique
Customers today are very smart and they can easily search to find the lowest price of the product they are looking for. This means that they have infinite choices and switching brands is no longer a headache. Your loyalty program must be different from existing ones and it must offer unique value with services that your competitors don’t have. Your customers should get benefits with personalized experiences like free reward points on sign up.
- Real-Time Segmentation Support
Personalization is what every customer look for, marketing strategy must be tailored as per your customer’s needs. Your loyalty program must use the data entered by customers during sign up & participation to create targeted segments and drive more personalized marketing campaigns. This will help in delivering what your customers expect through your loyalty offerings that add value to them.
- Offer Personalized Experiences
Many technologies like Artificial Intelligence enable businesses to build personalized loyalty programs for delivering better proactive service to their customers. For example, the beauty brand can personalize its product with multifaceted content to help their customer find the right product as per their skin tone or type.
- Must be Constantly Optimized
One important feature that your modern loyalty program must have is optimization i.e. your program should constantly optimize as the modern retail world evolves. Your task doesn’t end after the launch of the loyalty program. You must analyze the performance of how the program works & how it is helping your customers. Regular testing and optimization is the key to meet your customers’ expectations.
- Analytics & Data Reporting
To make your loyalty program stay at number one, you have to update your goals with time. One of the best ways is to use analytics and reporting dashboards that help in tracking progress like rewards redeemed, transactions are done, revenue generated, etc. Finding out how your customers are engaging with your program helps in evaluating their preferences & updating your loyalty program for better experiences.
- Access to Cross-Platform
Your customers can use your loyalty program through a wide range of services. You need to ensure that you deliver a seamless and consistent experience with engagement opportunities across all channels. Brand consistency across all platforms helps in building trust with your customers & eventually leads to an increase in revenue. Make use of Omni-channel messaging to engage with your customers in every possible way.
Always keep in mind that your customers expect the best services from the brand they are associated with. Any delay in service or poor experience can make your customers leave you instantly for any of your competitors. Keeping your customers satisfied is non-negotiable, which is why modern loyalty program is a must to delight your customers with something valuable they can’t get anywhere else. Whether it’s instant gratification, personalized services, seamless experience irrespective of where & when they engage, make sure that you optimize the program regularly to stay relevant. If you need a modern loyalty program that will deliver what your customers deserve, get in touch with the experts of the leading Custom software development company for the best possible solutions.