Sending your customers discount codes and emails announcing a new product launch is a great way to entice them to visit your website or online store. But in this highly competitive business landscape, customers need something extra to take that extra step in the buying process. It is the place where loyalty programs come in handy. In this marketplace, where everyone is screaming for attention, implementing a customer loyalty program could be a more strategic approach. A loyalty program not only brands your business to retain customers, but it can also grow your customer base.
Well-developed loyalty programs are a great way to differentiate from your brand from competitors and to take customer engagement to the next level. When implemented appropriately, these initiative programs can incredibly increase lifetime customer value and drive more conversions.
With countless options to choose from, how do you find which loyalty program software provider is best for your brand? You can check the sites such as RoboRewards to help you answer this question.
A loyalty software that goes beyond collecting customer points, and offers marketing, is always good to choose. Invest your money in one that can easily be integrated with your POS or CRM and also assist you in hosting different incentives.
Here are a few important factors to consider when choosing a loyalty program software for your business or brand.
An appropriate program type
Implementing a loyalty program is a great idea to increase customer retention, but, the real question is, what is the right type and strategy for your brand?
There are different types of loyalty programs. You should choose an appropriate one for your brand to be successful. A tiered reward program is always good for businesses to maintain the right balance between attainable and desirable rewards. Single-Tier programs have just one level of rewards. It comes with a one-point bracket level and a single set of points. In this type, a contact list forms in the software, and the members of the list can receive reward points and earn bonus points actions. Tiered reward programs build initial loyalty and encourage customers for more purchases to increase tier level for more perks. There can be an unlimited number of tiers in Multi-Tier programs and each tier can provide customers with different bonus points when they are active within the tier. In this program, customers can reach new tiers by completing spending the appropriate amounts required to enter the upper tier.
In simple words, tier programs are based on different levels of customer loyalty. Members can earn points whenever they buy something. The more points they earn, the higher the loyalty level they will attain to get more rewards.
When it comes to choosing the best loyalty program software, clearly define the level of customization your brand needs to achieve its loyalty program goals. Opt for the one that offers customization features from a point system to tiered programs and other formats in between. Ask the software provider specific things to make sure the software will work great for both your business and customers.
Automated customer list building
As customer list building and segmentation is a vital element of a successful reward program, you should choose software with automated tools to grow the customer list. Automatic marketing capabilities are one of the most critical features of a great loyalty program software. Such software can send different marketing campaigns to your loyal customers based on predefined campaigns and dynamic offers to provide them with personalized rewards and offers. A software capable of building customer loyalty marketing lists can save a big deal of time and money for your brand.
Reporting and Analytics
It is important to quantify and stay on top of things to make sure your loyalty program is going in the right direction. That’s why your software should provide you with direct access to real-time reports and analytics of all the actions conducted by you and members of the program. Your customers should be able to have a complete preview of their loyalty program membership. They should know when they are capable of collecting their reward points, as well as, when they can redeem their points.
Check what member can do to promote the brand for bonus points
Increasing the number of transactions and purchase frequency among existing customers is not the only advantage that a loyalty program offers. It can also help you generate broader brand awareness and more new sales for your brand. Loyalty programs can also encourage existing customers to promote your business or products on their social profiles. It enables you to reach a broader audience without spending more. That is the reason you should check with the software provider for actions that your members can do to promote your brand to earn bonus points. Check the social media integration capabilities of the loyalty program software you are about to invest in. Make sure it supports all the social media sites that your customers are using.
Automated Marketing Tools
In this digital age, every business is looking for reliable ways to put their marketing efforts on autopilot. And if your loyalty program doesn’t come with automated marketing tools and functionalities, go elsewhere, and find one with advanced marketing automation features. Your loyalty program software should be able to incorporate all your marketing efforts into a single easy to use the channel. It will help you send personalized marketing campaigns and offers automatically without spending more.
Online frauds are one of the common challenges that businesses and customers are facing in this digital world. The rewards and incentives offered in your loyalty program can be the target of a deceitful activity like fake referrals, account cycling, and reward abuse, etc. That is the reason you should choose a loyalty program software with great fraud detection functionality. Any fraudulent activity against your loyalty program will not only cost you money but will also ruin your relations with the customers. Security and fraud prevention should be of major concern when choosing loyalty software. Make sure both you and your customers are safe from malicious and fraudulent activities.