How strategic and scaleable loyalty solutions are needed
Your brand’s success is dependent on building loyalty from the beginning.
It is no secret that online brands are increasingly competing, making it harder to acquire customers. The future brands won’t be able to succeed solely with new customers. Instead, they will need to focus on customer loyalty and retention.
By offering personalized, memorable experiences to your customers, loyalty will ensure the survival of your business. According to Harvard Business Review loyalty programs that are well-designed and executed can increase revenues by 2.5x more than those of their competitors. According to our State Of Brand Loyalty 2022 report, loyalty programs are 60% more loyal than their competitors.
It can be difficult to find the right provider for your brand’s growth or build a program on your own. Switching partners can be costly and lead to higher costs. You could also invest in the right loyalty partner at the beginning.
Loyalty is not something that can be switched on and off. It takes time and resources to build and grow. Although switching partners is possible, it can be difficult and sometimes worthwhile for brands that are growing rapidly. It will be necessary to spend time reevaluating and course-correcting program structure, structure, and goals.
It is also important to think about the cost of launching loyalty programs without a strategy. The strategy of your loyalty program should consider the following: Loyalty risk , campaign options and perk choices, ongoing optimization and ongoing optimization. You could end up selling shoppers more than your budget allows. You could also create a program that does not encourage any desirable new customer behavior beyond transactional. You can encourage loyal shoppers to support your business goals.
It is important to take the time to vet vendors before you switch to a new partner. Customers are important during the platform migration process. You will need to ensure that members’ points, VIP statutes and other data can still be used after relaunch.
You can grow your business by investing in a loyalty partner that has the agility, flexibility, and scalability you need to reach your goals right from the beginning.
You can expect success
Small businesses need to choose the right loyalty provider for their success. Your loyalty program should adapt to new business challenges and benchmarks as your business grows.
Although it may seem easier to “level up” your loyalty program as your brand grows you will lose the opportunity for foundation building and onboarding during the program’s launch. A strategic loyalty program that is designed with your business goals drives incremental revenue growth and motivates high-value customers.
What to look out for in a loyalty partnership
Small businesses should choose a marketer-friendly solution that integrates tech and analytics with strong analytics.
When vetting potential loyalty partners, consider the following:
Your loyalty provider should be a partner and not just a solution. Your industry and business model are unique to loyalty programs, so your provider should be able use their knowledge to help you design a program that is successful.
Marketer-friendly solutions can be launched, managed, and troubleshooted independently. However, it is possible to need support. CSMs are dedicated customer success managers who can provide ongoing support and data-driven strategies that will help you reach your business goals.
Programm customization and agility
Your brand’s relationship to customers changes constantly, so your loyalty program must reflect this. A loyalty provider that is modular-based and customizable will ensure your program remains flexible and adaptable without slowing down.
PLAE is a bespoke footwear company that knew they needed a program that was as individual and flexible as their products. Their previous loyalty program was limited to a pop-up window on site, which interrupted buyers’ paths to purchase and resulted in low member engagement.
Blake Norman, PLAE’s Director for eCommerce, says that “we didn’t have much flexibility or guidance.” “We needed a partner who would work with us to create a program that was tailored to our brand’s aesthetic as well as our business goals.”
The brand’s new program weaves seamlessly throughout the site after switching to Yotpo Loyalty and Referrals. It creates captivating experiences at all touchpoints.
Marketer-friendly solutions make it easy to create, launch, optimize, and monitor your business’s growth. This is all without the need for code or web development. It’s easy to test new strategies and launch campaigns quickly.
You should also look for a loyalty partner who offers advanced campaign planning. This allows you to launch and terminate a loyalty campaign quickly and easily. It’s easy to keep your program engaging and fresh — such as a weekend-only deal or double-points campaign — and not spend more time.
Look for a partner that offers a wide range of third-party integrations. Why? This allows you to avoid creating different experiences for your loyalty members and gives you access to multi-solution data. You can create personalized experiences for your top customers, whether you are interacting with them via email marketing, helpdesk software or subscription services.
A multi-solution partner can create synergies with other tools like referrals, SMS marketing, reviews, and referrals. You can reward loyalty members for writing in-depth reviews, which include user-generated content (UGC) such as photos and videos. Reward referrals to turn your customers into brand ambassadors or send product recommendations directly via SMS to your loyal members.
In-depth analytics and ROI reporting
It can be difficult for many brands to overcome confirmation bias in loyalty. It’s easy for customers to keep coming back to your brand even if there isn’t a loyalty program.
A loyalty partner should provide real-time, comprehensive data about your program. A loyalty performance dashboard allows you to optimize your program and measure how it has influenced different customers.