Once your business starts getting brand awareness, what is the next thing to do? You should think of new strategies including loyalty ideas to jump–start your business. But why? Your business is now getting traction and slowly eating up the available market, what any entrepreneur would want is to sustain the momentum by simply getting more clients and sustain your existing customers’ return visits. A loyalty program may sound a bit early at this point, but, the program itself should already be a part of your sales strategy. Why should it be part of your sales strategy? When you start selling products or services, you are already in the second phase of your customer life cycle or journey. At this point, it is already expected for your business or organization to understand your potential customers, how you can make the sale, and how you target to sustain your business with your customers in the long run.
Simple Loyalty Ideas for Your Growing Business
So how should you start your loyalty program? There are different loyalty program strategies out there. It is choosing what is the best fit for your business in terms of customer adaptability and organizational readiness. Here are a few loyalty ideas to jump–start your business.
1. Stickers, Stickers, and Stickers!
Well, who won’t love earning a sticker for each visit? This is the most common implementation of a loyalty strategy for coffee shops, restaurants, and other establishments. Customer earns a free sticker for each visit and once several stickers are earned, they get something for FREE. These options are pretty much customizable to make it more personalized or more aligned to your business goals or brand promise.
2. Happy Hour / Exclusive Sale
This is one of the common loyalty ideas for restaurants and retail establishments. This strategy intends to maximize sales potential during off-peak hours (or days) by giving discounted offers during the period. This strategy though requires a good analysis of your sales pattern to get an optimal time to schedule your campaign. At worst, you might be cannibalizing your sale and will surely hit your bottom-line. This strategy may sound a bit of a sales strategy more than a loyalty one, but spinning this idea to an exclusive sale for your existing customers and giving them a first dibs will surely make them go back and buy an extra product from you, which leads to increasing the average revenue per customer.
3. Exclusive Member Discounts
A great way to show appreciation to your loyal customers is to provide them with exclusive discounts on their succeeding visits. This strategy is not limited to actual product discounting but can also be used to provide a free product. (Just ensure to check your mark-up and the free product’s value.) Your free product can either be slow-moving or a new product that is being tried for your market. There are a lot of ways to implement a loyalty program; choosing the right one for you to start is the hardest part. If you scan the current market, you will probably think of jumping into the digital bandwagon, but is it the right strategy? Well, that depends on your risk profile. Going digital is inevitable but knowing the readiness of your business and organization should also be considered. Also, regardless of your loyalty strategy, a high-quality product and service will surely make a difference and should be the heart and should of your strategy. Loyalty Programs augment and further improve the customer experience you are providing, it is not the only way to provide great customer experience.
Digital World: Are You Ready for This?
Do you think you’re ready for the digital world? Let J2E Tech help you with loyalty ideas and other important things about running a business. Services offered include Business Intelligence as a Service, Digital Marketing as a Service, Website as a Service, and Consulting. For more information, visit the J2E Tech’s Services page.