Reigniting your Retail Business with Customer Loyalty Programs

According to a recent article in Forbes magazine, retailers are finding it more challenging than ever to find ways to increase growth in a somewhat lackluster business environment. However, one of the proven mechanisms to sustaining and even growing market share remains through an effective customer loyalty program. In this post, we will discuss 3 components of an effective loyalty program for today’s market, along with an action plan.

Core Components of a Great Loyalty Program

There are still customers out in the retail world that value their brand loyalty. The key is to design a loyalty program that will reach out to these customers. According to the Forbes article, businesses need to evaluate their loyalty programs to ensure they contain the following 3 components:

• the program provides appeal to today’s digital consumer,
• it keep up with trends in today’s industries, and
• The program is easy to access.

Devising an Action Plan

The article continues with an outline of four steps for companies to follow when devising an action plan for creating an effective customer loyalty program. The basic steps are as follows:

1. Make the starting point be a measure of the customer experience.
2. Use the gathered customer data effectively by going beyond the loyalty program and incorporating it into the entire organization’s operations.
3. Retain customer interest with fresh content.
4. Design the ideal business model first, then add creative funding.

The great thing about customer loyalty programs is that they work. It is simply a matter of designing and implementing the right program for the right people. Want to know more about devising a customer loyalty program for today’s consumer? Contact us.