It cost five times as much to bring in a new customer than to keep loyal one. It is crucial for small businesses to turn buyers into repeat customers. A customer loyalty program is the secret ingredient to your marketing arsenal. Brands that reward loyalty are 40% more likely to have customers conduct repeat business. Let take a look at the different types of customer loyalty programs.
Customer Loyalty Programs?
It is a system where a business offers rewards to its customers who make frequent purchases. From a business stand-point, it encourages more purchases! There is plethora of loyalty programs that many are able to offer, like rewards points, refer-a-friend, and free perks!
Want an easy cutting edge customer support platform for free? Businesses use Versify to set up their program in minutes, three times as productive, and save up to 75% in annual operational costs. Start free with us today!
Net Benefits Instituting a Loyalty Program
Leveraging a customer loyalty programs help strengthen relationships with your customer base by rewarding them for purchasing your goods or services. The benefits of having a program include:
Increase in customer retention.
Supporting repeat business.
Increasing customer lifetime value.
Strengthening relationships with your customers.
The foundation of a small business build with repeat business. In a competitive market, a loyalty program that rewards returning customers is what differentiates you from your competitors.
Small Business Customer Loyalty Program Examples
There is large amount of customer loyalty programs out there. Although, we will highlight some of the most important ones people use!
Customer Loyalty Points
Loyalty Points Program
The most popular type of program is customer loyalty points program. Customers have the ability to earn points when they spend money. The points are redeemable to get a discount on their following purchases or other offers. Use Versify to:
Set Goals for your Points Program
Determine How Customers Earn Points
Choose How to Reward your Members
Decide the Value of your points
Market & Brand
Launch and Advertise
Never Stop Improving!
Our small businesses on Versify are able to see greater customer retention. The primary benefit of a loyalty program is it allows brands to nurture customers for repeat, regular purchases. Although it is important to note, the constant need to tweak the rewards of the program. Small businesses have to make that their customer value the points they are getting in return. For example, if the customer journey to attain a lot of points in return for a good & service takes a prolong period, their is an increase probability it may deter customers. Again, Never Stop Improving!
To help bring more people through your doors, implement a customer loyalty program for referring friends, family, or colleagues, giving them discounts or special offers. Companies like NFT Lately, who offer up-to-date items on the NFT world in few minutes 2x week. They use Versify as their base for their customer loyalty platform to offer free NFTs, merchandise, and tickets to NFT NYC. They are able to see an increase in subscribers to their newsletter! Use Versify to set up your referral program by:
Look into referral templates
Set your goals
Make a decision on a ‘good fit’ for your business
Catalog customer referral sources
Use Versify to host your referral program
Outbound communication to your customers
Implement & understand referral incentives
Use automations on Versify to alert your customers
Track referrals with Versify
Thank completed referrals
Tweak to improve your referral program
Subscription programs are able to strengthen customer loyalty with repeat business. Often giving a discounts, exclusive products | services, or content. Small businesses that have products like food | drink, health | beauty, cleaning products or clothing items are suitable for subscription programs. Here is how you can quickly make one yourself!
Create your Membership model
Set Terms & Conditions
Spread the Word!
Get started for free and test your customer loyalty program!
Our team knows that offering a loyalty program is a great way to keep your customers into repeatable business. Versify’s platform helps all businesses create and manage customer loyalty services. You can use Versify to sell digital products, physical products, subscriptions, memberships, services, online courses, and more. We invite you to get started with a free trial today!