Do you want to build a loyal customer base and wondering what the best method to do that is? The answer is Customer Loyalty Programs.
According to Inc business magazine, Cost of acquiring a new customer is five to ten times more than selling to an existing client and your old customers spend approximately 67% more than new ones. It is a unanimously accepted fact that customer retention is more profitable than customer acquisition.
There is a tough competition in the market; the only way to retain customers for a long time is to build a strong relationship with them. There are many effective ways to do that and launching a Customer Loyalty Program is one of them. 65% of marketers have already included these programs in their Digital Marketing Strategy.
What is A Loyalty Program?
It is a marketing technique that encourages people towards loyal purchase behavior. It is a common practice used in almost every industry in some form. Reward points, loyalty card, advantage card, privileged customer card are some of the examples of Loyalty program. When a customer buys something using this program he gets some benefits in return.
Loyalty Program on Social Media
Every marketer knows the growing importance of Social Media. Companies, as well as customers, are present on social media, so it is an ideal place to run a customer loyalty program. Below are some of the steps to create an excellent program on social media.
- Reward points for like, share and comment
- Gifts for networking & Affiliate Marketing
- Launch offers on reaching a milestone
- Use Email Marketing to create awareness about the program
- Keep it short and simple
- Provide achievement badges and points
- Set different level and ranking to spark competition
Loyalty program is a great opportunity to create a buzz, engage customers and reward your loyal customers.
Date: 25 March 2015
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