A frequent topic of discussion with our clients is Loyalty Programs and more specifically how to eliminate the “Promiscuous shopper”. Simply put, what is compelling enough to keep you from hopping around from site to site? Everyone wants to know! To see what we do, scroll all the way to the bottom and sign up now! But read on to see what we have learned and shared with clients.
For years now people have been trying to figure out what that winning formula is to keeping customers loyal. In 20 yrs we haven’t really solved the issue 100%. But here are a few things we have seen work:
- A bird in the hand is worth 2 in the bush! Making an investment into the customer you already have is the most valuable investment you could make. First and foremost evaluate the existing customer base and segment them by any criteria you see fit. How much does a customer spend with you? How long has a customer been buying from you? Can you sell them other products? How fast do they pay?
- Select the segment that has the potential to become more profitable and lets reach out to them. What is important to them? What are their pain points? Assess their satisfaction with you or the process of buying from you vs your competition. Do this through interviews and surveys. We love Survey Monkey for this.
- Select loyalty incentives that enhance your relationship with your customer and that are congruent with the quality of your product and service. For example, if your client is a business they might might feel the relationship is enhanced by 24/7 customer service or an annual meetings with the president of vice president. Often we find that rewarding customers with high perceived value, lifestyle gifts as an introduction to their newly attained service levels works extremely well. Products we often recommend are customized journals with logoed pens, Technology such as a power-bank with a logo, nice logoed headphones, attractive custom travel tumblers or mugs. Your branding should be visible in some way, reminding your client of why they like doing business with you. Cheap promo products should not be used for these types of programs. Lower cost items have a time and a place, and that is not here.
- Lastly, do not forget about newly acquired customers, or small accounts. Really get to know them. Be sure to communicate your message. Interview and survey them to understand where the opportunity is and how big the opportunity might be. Bestowing a status that gives small or new customers the privilege of a high-value benefit might be just the ticket to take them to the next level. An example could be a preferred price level for the first 90 days to help them reach those levels. Reinforce the message or opportunity with an appropriate business promotional item.
Here at TheDailyPromo.com we offer DP Rewards, the ultimate loyalty program. Our customers earn rewards points for every dollar they spend. 1% everyday and up to 5% on special offers. Big deal you say, “everyone has reward points”. Well ours is different. Check it out:
- When you sign up you automatically get 1% back on every dollar. No cap.
- As a member you now have the opportunity to earn as much as 5% back on the items you like and need.
- Build a network of other buyers and earn 1% on what they spend up to 25,000 pts. Refer as many people as you want. No cap.
- Enterprise level accounts available with 2% back on every dollar. Check to see if you qualify.
- Redeem your points for Amazon Gift Card, apply as a discount at checkout or add to your budget!
- Do you have a budget you have to use or you will lose it? Not at TheDailyPromo.com. Your cash is there for your when you need it. It never expires.
- As the buyer you have all the pressure of make sure everything goes well, but you get none of the glory. Take your points and redeem them for Amazon cash and get yourself that new electric toothbrush you’ve been wanting!
- Sign up now. Click here.
- Contact us for more information: firstname.lastname@example.org