4 Ways You can Successfully Promote Your Loyalty Reward Program
A loyalty reward program can be a boon for your business if you know how to correctly administer it. This is especially applicable for retail stores, even though B2Bs are not very far behind. A study done by Accenture revealed B2B customers expect the same level of engagement that retail customers typically expect.
The bottomline is engagement. Reward programs beget engagement, help you obtain customer loyalty and increase the number of sales from repeat customers.
How you promote one is critical to its success. Here are few things you need to keep in mind:
Understand the difference
You need to change your loyalty program depending on the business type. A B2B customer’s idea of engagement is different from how an end consumer perceives it.
I am not going into the differences here as that’d be elementary. I expect readers to know the differences already. Understand how they affect your loyalty program.
If you operate in B2B industry, the rewards cannot be throwaways. B2B clients are not rats looking for cheese slices. They are CEOs, CFOS or other c-level executives. Rewards for them should be substantial.
B2C customers, on the other hand, are satisfied with little. A discount voucher, a free ride, a short stay coupon and they’d be loyal to your brand. That being said, their expectations may change over time, so keep updating your product line or services to catch up with them.
Also, you can press retail customers for loyalty, but not B2B customers. They hate being pushed.
Demographic details matter
Yes, they matter big time. If your loyalty program is demography agnostic, expect it to fail. In order for your reward program to work, modify it to fit your customer’s age, race and gender.
Let’s say the bulk of your customers are millennial men, what kind of reward is appropriate for them? In my opinion, giving them free passes to join an auto expo or to enjoy a buffet lunch at an upscale restaurant would suffice.
If instead they are boomer women, fix an appointment with a doctor on behalf of them and pay for the consultation fee. If they are boomer men, free consultation with a competent Roth IRA expert. What if they are millennial women? Allow them to shop at a super discounted rate, or hand them a gift voucher for visiting a spa and get royal treatment there.
Industry thought leader William Johnson wrote an excellent article last year, in which he explained the significance of custom loyalty programs. The importance of demographic differences, in his opinion, cannot be overstated.
Copywriting and visual hacks
The key takeaway that we can retrieve from Samir Palnitkar’s long read is this:
When copywriting and visual tricks are perfectly in sync, the loyalty program stands out.
Copywriting and design are both important for the promotion of loyalty programs. Make sure both are great.
What happens when one is perfect and the other is far from it? Customers feel initially excited but are quickly turned off when they realize something is off.
Let’s say the reward is a trip to Ecuador. You can write all the catchy words in the world to increase the number of sign-ups. But if the photographs are not cool enough for a traveler’s taste, the program won’t excite them much.
Same way, you can have great illustration but if the accompanying words are lackadaisical, if they fail to create the engagement, the reward program won’t show a leg. They are connected – visuals and words. Work on both – as much as you can – to get more people to sign up for the program.
PoS social media integration
Both social media and PoS can be used as marketing channels. With these channels, you can maximize your reach. The question is should you integrate them or keep them in silo. In my opinion, not integrating them would be a terrible mistake.
Integration not only saves time and resources, it can also be your vantage point. Imagine a single dashboard – that allows you to view customer insights, monitor conversations and get notified whenever someone signs up for the loyalty program – from social media as well as from PoS terminal. Integration gives you access to such a dashboard.
Keeping a tab on the progress becomes easy when you combine social media and PoS. You can accurately and efficiently monitor your reward program, manage it better and bring changes to it if needs be.
So far so good
The promotion of a loyalty program is not any different from how a typical marketing campaign is promoted. It’s more or less the same rules, the same ballpark. But people are more receptive to the former than the latter because it offers them rewards and subconsciously, we all want to be rewarded.
Understanding this sentiment is easy but acting upon it is not. If, as a marketer, you can act upon it and customize your loyalty program accordingly, it’ll be a success.