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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Scratch, Text and Win promotions have fast gained popularity in the corporate marketing world. With dwindling sales and bad economic conditions, companies are getting creative in how they increase sales, increase bottom line and constantly engage their consumers. Scratch text and win promotions have become a proven concept in loyalty marketing and companies are looking to incorporate this into their marketing mix.
Before jumping on any bandwagon, you need to understand why it has been done, are there any examples of success stories? These are necessary questions to evaluate before you stick a scratch label on your product. Here are three reasons why Scratch, text and win promotions work.
Consumer Emotions
Consumers are known to make purchase decisions based on logic and emotions. If your product is a logical factor in their lives, they will buy it. if your campaign appeals to their emotions, they will also buy your product. Scratch, Text and Win campaigns play on the emotions of the consumer. For example, if you are selling baby products and you run a campaign for mothers to win a year’s worth of diaper supply, you are appealing to all kinds of emotions with that mother. They will likely purchase several products to increase their chances of winning a year’s worth of diaper supply as that is a major expense in her baby budget.
Gamification
If you have been paying attention to marketing discourse in recent times, you would have seen the term gamification appear. This simply means turning projects into games. In this case, marketing promotions are turned into games. The appeal of a game is higher for consumers as it creates suspense and a high level of excitement at the possibility that they might win. This keeps them coming back to purchase more to increase their chances of winning.
Data Collection
In this day and age of severe counterfeiting efforts, companies are looking for creative strategies to protect themselves. If you run a Sproxil Champion promo that enables you collect data about your consumer, you are likely to run more informed and targeted campaigns for them. This Sproxil Champion promo also helps the consumer verify the product as genuine, which eliminates counterfeiting from your supply chain and it becomes a win-win for everyone.
To learn about more benefits contact us at team@sproxil.com to discuss other creative promotion ideas.
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