
This article will discuss why creating a loyalty program is important for customer loyalty and retention. Loyalty programs are a permission-based relationship with your customers, and creates loyalty to your brand. A rewards program adds value and encourages consumers to become repeat buyers.
Developing a loyalty program today is almost a must-do. Loyalty programs are a way to develop permission-based relationship with your regular customers, and is very much about creating loyalty to your brand.
A study done for the 2019 Loyalty Report developed by Bond Brand Loyalty found that 79% of respondents who participated in a loyalty program said they would be more likely to continue doing business with a brand if they had a loyalty rewards program. And 73% of respondents said they would be more likely to recommend brands that have a good rewards program. Wondering when to start such a program? The answer is quite obviously as soon as possible.
Loyalty programs are a soft-sell marketing approach that adds value to the customer in their experience with your company. The marketing industry has come around to realizing that a customer-centric approach is key to increasing profits and revenue.
As to the actual timing of when to launch a program, any time is good as long as your company is prepared for it. The last thing you need is to have a failed launch that disappoints customers and they abandon your brand. So execution needs to be flawless. Look at your customer data and determine your peak financial quarter. Perhaps it’s around the holidays or the beginning of summer.
Whenever you do decide to embark on this kind of initiative, you need to have marketing support and continued execution to make it a big deal and get customers so excited they won’t want to miss out on being part of your group and benefitting from the value-added rewards your program will surely offer them.
Simion began his career at OSF in 2007 when he entered the internship program as a software developer and quickly ascended within the company holding roles as a team leader and project manager. From 2013 to 2018, Simion established and optimized the company's commerce division, growing the group to over 400 people who delivered over 200 projects, making OSF Digital one of Salesforce’s top ecommerce partners. He has created new local structures designed to support the company's rapid growth in APAC and LATAM while at the same time, worked on innovation of the company's processes, best practices, and products including the creation of the OSF Product Labs program.
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