Why having a Loyalty Program, a Bliss in the Post Pandemic World?
Things Changed, lives flipped and we’re still finding out ways to discover the new normal! That’s how COVID-19 impacted us, our businesses, and our regular lives altogether. Though businesses and their customers have been adaptive to the changes and are now moving towards the post-pandemic era. Will the businesses stay firm in the changing environment or end up losing their long-term customers amidst the tough competition?
Every little store you see has now upgraded itself bringing an all-new digital face, but how would so many digital businesses offering similar services survive? That’s where we require a loyalty program! Still in dilemma as to what exactly is the role of loyalty program in the post-covid experience? Let’s find out the Top Five Benefits of Loyalty Programs:
Helps Brand in Understanding their Customers
The major reason why customers switch from one brand to another is the lack of a connection between the brand and the customers. In the changing times, customers demand a more personalized and dedicated approach wherein the chosen brand should know the priorities, habits, and purchase patterns of the loyal or long associated customers.
Having a loyalty program after the pandemic is no more a matter of choice, rather it’s a dire necessity to stand still in the edge-to-edge competition and stand out when it comes to knowing your customers’ whereabouts.
According to a study “State of the Connected Customer”, 74 percent of consumers are willing to be a part of the brands that understand their needs and expectations. Conclusively, as a brand, be aware of what your customers would prefer to have, when is the right time to connect, and of course what’s the best reward they would like to receive!
Attracts Genuine Customers to make purchases more often
The market is quite interesting nowadays, people have been confined in their homes for the longest time and now they’re willing to make up for all the lost time! The phenomenon is called “Revenge Shopping”. As aggressive as the name itself, it’s making people make bulk purchases and overspend on most of the items they have not been seeing all over the pandemic era.
Now is the opportunity to make the most of the time, as a business owner you must be willing to bring in a large customer base coming to your brand rather than your competitor, for the purpose a customer loyalty program could be your savior! By implementing the right strategies, you can increase the probability of customers choosing you over others.
As per a report by Bond Loyalty, 66 percent of consumers modify the amount spend to maximize reward points. With a mere 8 percent of consumers not interested in loyalty rewards, and 90 percent of consumers claiming that they’re still as or even more brand loyal post-pandemic.
Allows Customers to have a choice
The pandemic has elevated customer expectations as more and more brands have now joined the race. After being at home with limited or no options for food, entertainment, leisure, etc. consumers are returning to freedom all over again. They’re willing to explore most of the aspects wherein they can spend their collected loyalty reward points. While some brands already have a loyalty program in place but is it limited to just a similar kind of reward or have a variety to offer?
Traditional loyalty programs only offered reward points with limited redeemable options, while a strategy-focused, feature-enriched modern loyalty program can be bliss in the era where brands desperately need customers to come in.
With the right loyalty program, there’s a lot to achieve, as a brand you can provide your customers with an option to convert points to direct cash discounts, percentage discounts, provide them with a catalog of a variety of products, and a lot more! This could be the reason why customers would choose you over others in the competition.
Implement Marketing Automation to Give a Personal Touch
Customers simply love having personal attention and that’s the crux of implementing marketing automation tools, to be integrated into an existing or a new loyalty program. A survey says that 91 percent of consumers say that they are more likely to shop with brands that provide them offers and recommendations relevant to their regular purchases or a long-followed purchasing behavior.
Though physical store visits are more preferred, consumers would be excited to receive personal recommendations, deals on the products they purchase, and post-purchase communication which is quite an effective option to get more customers on board. This not just creates a human connection but gives brands the power to attract new customers and keep the existing ones intact.
Future of Customer Loyalty post-COVID
To no surprise, loyalty programs facilitate business growth, especially when it’s about the digital world. The constantly shifting customer focus reveals a 44 percent eCommerce growth in the year 2020, which is three times its 2019 growth rate. Customers prefer to buy everything online starting from groceries to clothing or even the high-risk areas like properties and vehicles. The market remains competitive, on the other hand, more small businesses are aiming to have a digital presence.
In the technology-obsessed, digital era, a brand should have something extra to make them the choice of customers. According to a study by Wharton Baker Retailing Center and WisePlum, engaged loyalty program members are 80 percent more likely to download a retailer’s application, twice as likely to subscribe to emails and push notifications, and three-time more likely to engage with social media channels including Facebook, Instagram, and YouTube. Having a loyalty program integrated is the right way for any business to support the sudden digital boom in the post-pandemic world.
If you’re willing to have a loyalty program integrated, now is the right time! Businesses are turning digital, competition is growing more than ever, innovation is at its peak and a lot many things going around. Customers are obsessed with rewards & personalization, and you should be the brand offering them both!
Make the most of customer loyalty in the post-pandemic world. What’s the wait for? Get started with a loyalty program, find the right company, and check out how much does a loyalty program cost.