[Infographic] 7 Steps to a Flawless Loyalty Program
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How can you start planning a loyalty program? What are the 7 vital steps to get one up and running successfully? Check out our latest infographic to get the answers. This infographic is produced by Antavo Loyalty Software. The infographic is originally published on antavo.com Check out the original version here: https://antavo.com/blog/blog7-steps-flawless-loyalty-program/
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[Infographic] 7 Steps to a Flawless Loyalty Program
- 2. BETTER RETENTION: It helps you keep the top 20% of your total customer base, who contribute up to 70% of total sales. MORE REFERRALS: It helps you to boost customer referrals which generate more than 2x the sales of paid advertising. CUSTOMERS STICK WITH YOU: Customers who are referred by loyalty member have a 37% higher retention rate overall. WHY A LOYALTY PROGRAM?
- 3. COST-EFFECTIVE: Keeping a customer costs you 3-10 times less than acquiring a new one - depending on your industry. UGC ON YOUR SITE: 88% of customers trust online reviews more than product descriptions. Give them points for leaving more reviews. NURTURED ADVOCACY: Loyal customers are 5x more likely to purchase again, 7x more likely to try new products and 4x more likely to refer their friends. WHY A LOYALTY PROGRAM?
- 4. Now that we know why they’re amazing, let’s see the… 7 steps to a flawless loyalty program
- 5. Come up with something original to raise curiosity. It’s very crucial that customers should be also able to recognize from the name that it’s a rewards program. 1. FIND A CHARMING PROGRAM NAME
- 6. 2. CREATE A DEEPER MEANING 6 out of 10 customers believe that brands offer rewards programs to get them to buy more. Eliminate this feeling by showing that you share the same value.
- 7. 3. MAKE “POINTS” SOUND LIKE A REAL TREASURES 93%of brands use “points” as their loyalty program currency. But why not be different with “diamonds” “ThankYou points” “stars” “buddy bucks” or whatever reflects your business and personality.
- 8. 4. REWARD CUSTOMER ACTIONS IN ADDITION TO PURCHASES 64% of loyalty program members want to earn rewards for non-purchase activities.
- 9. 5. GO BEYOND JUST OFFERING DISCOUNTS
- 10. 6. ATTACH A PRICE TO YOUR POINTS Customers can receive points for performing various activities. But how many? The cash back amount is the discount you want to give customers back after their purchases. According to industry standards, your average margin is what shapes up your loyalty discount. Here’s how:
- 11. HOW MUCH IS A LOYALTY POINT WORTH IN DIFFERENT INDUSTRIES?
- 12. 7. CREATE TOUCHPOINTS FOR CUSTOMER ENROLLMENT Communicate the benefits of your loyalty program on every possible channel! Provide a dedicated menu in your webstore. Place the # of loyalty points your customers can collect right on the product page next to the product. Add an on-site notification that tells people when they’ve completed a Rewardable activity.
- 13. Interested in creating your own loyalty program? Contact us at sales@antavo.com