10 tips for creating a killer customer loyalty program
DESCRIPTION
Learn about the best approaches to jump-start your small business' customer loyalty program, including how to make sure that your program fits your business' needs and how to get positive ROI from a digital customer loyalty program.TRANSCRIPT
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Achieving Big Customer Loyalty in a Small Business World
10 Tips to Create A Killer Customer Loyalty Program
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1. Benefits of Driving Customer Loyalty
2. Trends in Customer Loyalty
3. 10 Tips for Creating Your Own Customer Loyalty Program
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Benefits of Driving Customer Loyalty
It can cost up to ten times more to acquire a new customer than to retain an existing one
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Benefits of Driving Customer LoyaltyThe Loyalty Effect: A 5% increase in customer retention can lead to a 25% to 100% increase in profit
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Benefits of Driving Customer LoyaltyA loyal existing customer can be a brand champion and important source of new revenue
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Becoming an entrepreneur has always been a lifelong dream. I’ve experienced much success throughout my journey, but my first repeat customer was the biggest milestone as a small business owner; that repeat business gave me the confidence and hope that my business would thrive.
– Carol Todorovich, owner of Healthy Café Creations.
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Trends In Customer LoyaltyOn the rise – focus on repeat customers
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Trends In Customer LoyaltyOn the decline – spending time and money on customer acquisition
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Trends In Customer LoyaltyBecause of this shift, customer loyalty programs are starting to gain traction in the small business community
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Our Crepe company uses a digital punch card reward system powered by Square to reward repeat customers and build a loyal customer base. Because it costs more to gain new customers than retain existing customers, we felt it was important to implement a customer rewards program to make our existing customers feel appreciated. Our customers earn $5.00 after 10 times of spending $10.00 or more. This is a low-cost way to reward customers who enjoy our crepes on a regular basis.
– Richard Foote, CEO, Oregon Crepe Company
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So, Where to Start?
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Start with the End in Mind Start with the desired outcome in mind
Clearly define their goal
Be specific and measurable
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Tip 2: Determine Your AudienceDetermine who will be eligible for the program
Be targeted
Reward the ideal buying behavior
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Tip 3: Create an ROI-Positive Program
Determine the loyalty program structure
Set this up at the onset
Lay out multiple programs
Do the math
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Tip 4: Encourage Customer Opt-InGive customers multiple options for joining
Track your opt-in list
Manage future communications
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Tip 5: Automate, Automate, Automate
Automate to manage and maintain
Automation doesn’t reduce personalization
Personalize service for a competitive advantage
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Tip 6: Stay In Touch Via EmailEmail to kick-off a loyalty campaign
Create a steady stream of communication
Use templates to reflect your brand
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Tip 7: Go SocialEngage existing customers on a regular basis.
Understand where your customers prefer to engage
Build through varied & continuous content
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Tip 8: Get IntegratedIntegrate with services like apps
Automate email, mobile, and social
Track customer activity
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Tip 9: Get MobileUse mobile apps to reward customers for positive habits
Use mobile numbers to track and distribute rewards
Connect directly to Facebook and Twitter
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Tip 10: Be Consistently EngagingRemain visible with consistent and relevant communications
Target communications to customers’ interests and preferences
Use CRM to manage customer information to create personalized communications
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Customer Loyalty:A tremendous opportunity to increase the value of the majority of your business — existing customers
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Questions?