With digital natives becoming predominantly part of the world’s consumer population, a growing number of companies are using customer loyalty programs to enhance customer experience and boost customer retention. While having customers to buy your products and services may be attainable for the first time, the usually hard part is to retain a pool of loyal clients.
With the theory that retaining existing customers usually leads to higher profitability and sustainable business growth, turning your customers into brand advocates might be the peak of how customer loyalty could potentially end up to be. This article serves as an ultimate guide to building stronger relationships by adopting customer loyalty programs for your business.
What exactly is customer loyalty?
Customer loyalty is beyond repeat purchases - an effective loyalty program for your business would entail user trust, strong connection with the brand and satisfaction. According to a study, more than half of sales would come from a small group of loyal customers. With this, it is evident that prioritising customer loyalty could mean financial and reputational benefits for your brand. Therefore, customer loyalty is a relationship between customers and businesses, where the former chooses your brand over other competitors due to the perceived value of your business’ offering.
Two Feasible Ways to boost customer loyalty for your brand
Build a robust Customer Loyalty and Rewards Program
Rewarding your customers for their purchases on your platform may incentivise them to become return-clients. With this, rewards in the form of loyalty points, cashback and discounts make customers feel valued and encourage long-term relationships with the brand. Companies have also adopted more comprehensive loyalty programs with rewarding their users for upon making purchases.
azgoXplore’s Earn and Burn B2B solution is a comprehensive tool to augment your rewards program for your users.
With azgoXplore’s Earn solution, your users accumulate existing rewards points on travel bookings while staying within your platform. This seamless user journey allows your business to observe increased user engagement with customers who earn points with their purchases.
The Burn solution then allows customers to redeem accumulated points from their purchases. azgoXplore’s powerful loyalty program boosts customer retention, improves user engagement throughout the customer lifecycle.
Customise your rewards with tiered incentives
By introducing different rewards tiers, you can motivate your customers to make repeat purchases on different products on your platform. For example, Online Travel Agencies like Trip.com has its loyalty program classified in to different membership perks. This tiered membership program allows the OTA to provide customised rewards to its users based on the purchases they have made on the platform.
This case study highlights how rewards personalisation could be a key component in driving business growth among companies with loyalty programs. Personalising rewards not only provides unique experiences for your customers, it also motivates them to have trust on your platform as they are recognised for their relationships with your brand.
In summary, rewarding customers based on monetised perks or subsidies may be a good starting point for you to drive business growth with adopting a loyalty program. It can now be noted that companies are steering towards providing their customer base more personalised user experiences on their platform. Building relationships with customers by recognising their contributions could be a long-term gain for many corporations amidst the competitive market.
Interested in integrating azgoXplore's solutions into your loyalty systems? Request a demo now!
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