how to launch a customer loyalty program that boosts your bottom line
TRANSCRIPT
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Customer Loyalty Programs
BOOSTING YOUR BOTTOM LINE WITH
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FOLLOW ME ON TWITTER @DARRENDEMATAS
BY DARREN DEMATASDarren DeMatas has 10+ years of professional marketing experience working with large corporations and small businesses.
In addition to having an MBA in Internet Marketing, Darren is a Copyblogger Certified Content Marketer and Google AdWords Certified.
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Reasons Why Customer Loyalty Programs Matter7
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There are 3.3 BILLION loyalty program memberships in the US, an average of 29 per household. (Colloquy)
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More than 71% of those making $100,000 OR MORE a year are enrolled in a loyalty program.(Software Advice)
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85% of retailers are in search of ways to add value outside of discounts. (Colloquy)
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It is 6-7 TIMES more expensive to acquire a new customer than it is to keep a current one.(White House Office of Consumer Affairs)
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75% U.S. companies with loyalty programs generate a return on investment. (Experian)
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83% of members agree that programs make them more likely to continue doing business with certain companies (Bond)
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Increasing customer retention rates by 5% increases profits by up to 95%. (Harvard Business Review)
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Big Reasons Why Customer Loyalty Programs FAIL4
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97% of loyalty programs are based on spending money to earn money (transactional rewards) (Cap Gemini)
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77% of transaction-based programs fail in the first two years. (Cap Gemini)
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Overall, ONLY 25% of companies reward any form of engagement.(Cap Gemini)
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56% of people don’t join a loyalty program because of privacy. (Bond Brand Loyalty)
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Types of Customer Loyalty Programs5THAT WORK
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POINTS PROGRAMS
REWARD CUSTOMERS WITH REDEEMABLE POINTS FOR MONETARY OR NON-MONETARY ENGAGEMENT.
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POINTS FOR ENGAGEMENT (NON-TRANSACTIONAL)
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POINTS FOR ENGAGEMENT (NON-TRANSACTIONAL)
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SPEND PROGRAMS
REWARD CUSTOMERS WITH STORE CREDIT BASED ON DOLLAR AMOUNT SPENT.
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EARN POINTS FOR TRANSACTIONS ONLY
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EARN POINTS FOR TRANSACTIONS ONLY
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TIERED PROGRAMS
INCENTIVIZE CUSTOMERS WITH STATUS BASED REWARD LEVELS
BRONZE SILVER GOLD
FreeProducts
Birthday Gifts
Birthday Gifts
Free Shipping
Free Shipping
Free Shipping2X
Points3X
Points
ExclusiveItems
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THREE TIERED PROGRAM
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#VIBROUGE TWITTER SEARCH = ENGAGEMENT & EXCITEMENT
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GOLD MEMBERS GET FREE SHIPPING
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PAID PROGRAMS
CHARGE AN UPFRONT FEE FOR VIP BENEFITS
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PUNCH PROGRAMS
CUSTOMERS MOVE TOWARDS A GOAL WHEN PURCHASING CERTAIN ITEMS
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BUY 5, GET 1 FREE
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Tips For Launching A Loyalty Program11
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SIMPLEstart1
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start with your EXISTING EMAIL LIST 2
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JOIN make it simple to3
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LIKE THIS
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NOT LIKE THIS
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EARNINGmake
rules simple
EARN 1 POINTSPEND $100
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100 POINTS IS WORTH $1
SPENDINGmake
rules simple5
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launch in digestiblechunks 6
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Don’t OverwhelmCustomers’With Options 7
Coupons
POINTS
Tiers Fees
Punch Cards
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END GOALhave your8 in mind
IMPROVE CUSTOMER ACQUISITION?
DECREASE CUSTOMER CHURN?
INCREASE ORDER SIZE?
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EMAIL AUTOMATION
use 9Automated Emails Get
119% HIGHER CLICK RATES Than Broadcast Emails (Epsilon)
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make it about your customer10 not about money
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