Do you know existing customers are around 50% more likely to invest in/purchase a new product/service as compared to just 31% of new customers who try something new by a business? Also, it is at least five times costlier to get new customers than retaining current ones.
The stats prove how important it is to retain customers. As per experts, some of the useful customer retention strategies in Australia are:
- Develop a constant line of communication
- Make customers feel special
- Solve customer problems quickly
- Thank customers for staying loyal
- Loyalty programs in Australia
Among them, loyalty or reward programs have an impressive success rate. However, building and launching a loyalty program isn’t as easy as it seems.
What is a Customer Loyalty Program
As the name suggests, it is a kind of program that encourages people to stay loyal to a company/brand and keep on getting its products/services. Although the programs target all kinds of customers, their major focus is the existing clientele of a business.
Lots of businesses have a hunch that all loyalty and reward programs are the same. It is why they tend to copy the most successful loyalty programs in Australia, thinking if those rewards work for others, they’ll work for everyone.
In reality, as all kinds of businesses are different, so are their customers’ expectations for them.
For example, a tourism company’s customers may be happy with a discount on bookings. However, such loyalty programs don’t work for a digital marketing company’s clients.
If you want your loyalty program to work, build it from scratch. Join hands with professionals who help you create a program to grab the attention of your potential customers and encourage them to stay loyal to your company.
How To Build a Loyalty Program
As discussed, copying someone else’s successful loyalty program doesn’t mean favourable results. To make a reward program work in your favour, it is necessary to make it from scratch, with the help of experienced professionals.
If you are an Australian-based business, then you should partner with a company that specialises in building custom loyalty programs in Australia for each of its clients.
Rather than copying a successful program, the company will create your loyalty program from scratch. The agency does that in multiple steps. They include:
Step 1: Understanding your Business
First of all, you need to understand and accept that a successful program isn’t the most expensive. But, it is a loyalty program that offers your customers what they expect from you. For example, instead of gifts, your customers may be desiring some words of appreciation.
A great agency understands your business to identify what may be the best loyalty program to attract your target audience.
Step 2: Naming a Loyalty Program
A loyalty or reward program without a name has no identification, which means people for whom the program is created don’t know what they get. Once a company understands your business, it names a loyalty program to make it easier for you and your customers to understand what to expect from the program.
Step 3: Choosing Multiple Rewards on Multiple Customer Actions
Remember, not everyone wants cashback. Also, for some customers, only a message of appreciation isn’t sufficient to stay loyal to a brand. To ensure that all of your customers remain loyal to you, introduce multiple rewards.
Also, there should be more than one way to reap the reward. It allows your customers to be a part of your loyalty program, which increases your chances of encouraging your current customers to stay loyal to your business.
Step 4: Launching a Plan and Managing It
Once everything is identified, the final step is to launch loyalty programs in Australia. However, kickstarting the program isn’t the only step to ensure that it is successful, and it is essential to track the performance of a program. The best company will keep a close eye on your program to make sure that it is on the right track.
Final Words
In the end, ensure that your loyalty programs in Australia remain effective for many weeks. However, there should be a deadline to encourage customers to be a part of the program as soon as possible.
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