Rewards Program : The Best Way to Increase Customer Loyalty
Turning customers into brand loyalists is made easier with the Rewards driven Loyalty Programs. Customers are driven by their own goals and will be loyal to the company that can fulfill them best. It doesn’t matter if they have a positive history with your brand, if a competitor puts a better offer on the table then the customer is going to take it.
What is Rewards Program?
Simple, it is a marketing strategy that rewards loyal customers who frequently engage with a brand. Everyone loves receiving something for nothing. Rewarding a purchase is an excellent way to reinforce a buying decision your customer just made.
Did you know that increasing customer retention rates by 5% increases profits by 25% to 95%? Loyal customers contribute to your bottom-line in a multitude of ways – they bring in new customers through recommendation, they are more likely to make higher repeat purchases and higher Average Order Value (AOV).
That’s why at Redtie, we believe that creating a customer-centric culture begins long before creating a rewards program.
By rewarding customers with redeemable rewards, you increase your customer’s average order value and encouraging them to invest in your brand—meaning they’re less likely to switch to a competitor. It’s also a good idea to deliver additional value to customers, potentially by inviting them to participate in an online community associated with the product.
Well, how to reward customers?
As a brand, you would want to be present wherever your customers are, right? Here comes “Omnichannel Rewards Platform” to encourage customers to earn and redeem rewards across multiple channels (text, email, voice, social media, app, web, in-store etc.) where your brand has a presence.
Reward For Initial Engagement:
Once a new customer engages with your brand, make sure you reward them. A great way to do this is to reward customers for social following or email opt-ins. This gives you a chance to push special offers and reward redemption options to these new customers.
Reward For Purchase:
Most customers expect to be rewarded when they make a purchase. Encourage your customers to give feedback on your products and your rewards program. A simple reward for sharing their opinion goes a long way here!
Benefits Of Omni-channel Rewards Platform:
The primary objective of a rewards program is to retain existing customers and encourage repeat purchases. An Accenture Report found that 66% of US consumers spent more on brands that they were emotionally connected or loyal to.
Here are some interesting insights about the power of rewards programs:
70% of members consider Rewards Programs to be part of their relationship with a company.
An effective rewards program can increase a brand’s market share by 20%.
84% of consumers said they are more likely to visit an online website with a rewards program.
Rewards with messages ? What’s that ?
It is about respecting the receiver of the message. Reward them for receiving and reacting to messages from your business. By rewarding them, you convey that you respect their time. Positive engagement !
How does anyone send rewards ?
Anyone with a Redtie account can send rewards via SMS, Phone Call or Email. Rewards may also be given as a result of an action such as scanning a QR code or participating in a survey (which in turn generate a message in one of the supported channels)
When your customers read and engage with your messages and brand, reward them with units of TieCoins which they can collect and cash them out using Venmo or PayPal.
What is TieCoins?
TieCoins is the currency of the reward programs. These rewards units are directly redeemable for cash.
The receiver may receive rewards from multiple businesses. When they need to cash it to $, they go to www.tiecoins.com and initiate the “Sell”. The cash is deposited using Venmo or Paypal.
Getting started is easy, sign up at www.getredtie.com, create an account, write short and to the point text messages determine how many TieCoins to attach to a message and send, it’s that simple.
Traditional marketing programs don’t work. But rewards attached to a message do and it costs pennies. Offering customer rewards programs is a great way to get more loyal customers and keep your brand top of mind. The key to making it work is understanding your customers and improving how you provide value to them.