Are you currently considering launching a loyalty program? Are you unsure of the impact this will have on your business? We have provided below the top 5 benefits your business can derive from this program.
Ready to start a loyalty program for your brand? Contact us today.
Customer loyalty is paramount to the success of any business; as loyal customers spend more and can quickly become brand advocates – facilitating the acquisition of new customers through word of mouth; which can generate up to over twice the sales of paid advertising.
Gaining loyal customers is no easy task for any business, most especially businesses in highly competitive markets; consumers have numerous product options to choose from, mainly due to the fact that there are no strong barriers to entry or exit in this market. Businesses in these markets need to consider what extra benefits the consumers can derive from their products, they need to devise strategies to make their products more attractive to the consumers, and one of such approach is a customer loyalty program.
Loyalty programs are structured marketing strategies to encourage more purchases from customers. They can be targeted at attracting new customers or encouraging more frequent purchases from existing customers. Loyalty programs are said to be a more cost-effective way to acquire new customers as well as keep existing customers if implemented successfully.
The benefits of loyalty programs far outweigh the cost for those not sure about the value of implementing one. It is far more effective than branded content and advertising if done right. One of our clients – Corporate Focus, recorded over 600% increase in sales through our customer loyalty program; which was achieved within three months. This program rewarded customers for their purchases, encouraging them to buy more. Sproxil’s loyalty program attracted not just the client’s existing customers but also new customers were acquired.
About Sproxil’s Loyalty Program
Sproxil Champion™ is a flexible point-of-sale consumer rewards solution with built-in fraud protection that empowers brands to offer consumers convenient opportunities to earn and redeem gratifying rewards from the brands they desire. Sproxil provides globally-unique codes for each product unit made by the manufacturer. Each code is covered with a tamper-evident layer for additional security. A consumer at the point of sale scratches or peels off the tamper-evident layer to reveal the unique code. To verify if a product is genuine and become eligible for a reward, the consumer sends the unique code to Sproxil using one of several options all accessible by mobile phone. A response is immediately sent to the consumer logged in Sproxil’s online portal, allowing brands to monitor marketing spends and flag suspicious activity patterns and determine return on investment in real time. Sproxil Champion is also available as a bespoke solution for distributors to help brands ensure distributors receive genuine products and earn rewards for their trust.
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The ember months are upon us and these are the months that are notorious for consumer spending. Maybe your sales plateaued in the summer months and you are looking to boost sales again during the ember months. What is your company doing to make this happen? Has your company drafted a campaign strategy to ensure consumers are spending on your products and not the competition? How does your organization distinguish their brand within this frenzy? Ensuring your products are in hampers are great but offering consumers a little more will certainly get their attention during this period.
First you would need to define the objectives for your company and to do this you would need to take into account the current economic situation in your country. What are the current spending habits? What are the trends your company can capitalize on? These questions and many more would help you define realistic objectives and set realistic goals.
After analyzing your current situation, defining the strategy that would best serve your target market is the next step. Is your company trying to raise brand awareness at this point or just trying to clear the inventory in the warehouse? These goals would determine the strategy of the marketing. For example, if you are trying to clear inventory, you may want to offer a 2 for 1 pricing strategy to get consumers to buy the products off the shelf and possibly clear your warehouse.
The next step would be to decide on the best tactics to use to achieve the objectives for boosting end of year sales. As mentioned in the earlier example, you may decide to offer consumers a 2 for 1 pricing model and advertise this on radio, TV or online. Your strategy could be to reward consumers with airtime when they purchase your products in which case you can purchase labels to reward consumers using the Sproxil Champion program. That way consumers can be instantly rewarded with airtime straight to their mobile phones. These are some tactics to apply to win consumers loyalty during this end of year marketing frenzy period.
The end of year marketing plan on your end needs to be solid to achieve positive results. What plans have you made so far? Have you made plans in the past? Did they work for you?
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