A successful business owner knows it takes more effort and resources to attract new customers than to retain the existing ones. This is the reason businesses with higher customer loyalty have ever-increasing revenues. If you also want to experience similar growth, running effective customer loyalty programs can help. Awarding your customers for sticking to your products or services will strengthen the bond and ensure they never plan to switch to another brand. This article discusses the loyalty programs you can run to grow your business and explores what QBR is and its role in business growth.
What are Customer Loyalty Programs?
Strategic customer loyalty programs are crucial in achieving significant business growth by recognizing and rewarding customer commitment. These programs are highlighted during Quarterly Business Reviews (QBRs), essential meetings where businesses evaluate their status and plan for the future. By expressing gratitude to loyal customers through these programs, businesses appreciate their support and drive sustained growth. QBRs act as a guiding compass, helping businesses assess, plan, and implement initiatives that push them toward their goals. Incorporate loyalty programs as a vital element in QBR discussions, creating a cycle of appreciation that fuels rapid business expansion.
6 Effective Customer Loyalty Programs
Loyalty Point Program
One of the most commonly used loyalty program types is the point system. Every time a customer purchases, you can add a few points to their wallet. Once they have gained the desired points, allow the buyers to redeem them and make another purchase. This program helps to keep your customers glued and motivate them to make recurring purchases.
Refer a Friend Program
This loyalty program is effective in customer retention and attracting new customers to your business. You can give special rewards each time your existing customer invites a friend to your business. You can also elaborate on this by extending another reward every time the referred customer makes a purchase. They can avail of these rewards through a unique discount or a coupon code on their next purchase. This way, you retain your loyal customers and save the effort by letting them bring new customers to your business.
Subscription Programs
Subscriptions keep your customers glued rather than facing the struggle of achieving one-off purchases. Once your potential sign up for the subscription program, they will definitely be making recurring purchases, adding revenue to your business. If you run a product-based business with a scope of getting repeated purchases, you can definitely rely on this loyalty program.
Offers in Exchange of Reward
What you provide as a reward also decides the effectiveness of your customer loyalty programs. The rewards should be inviting enough to attract customers’ attention and convince them to purchase. The best option is to give them a choice to either use a discount as a reward or get a freebie along with their purchase. If your rewards are exciting, rest assured your retention and loyalty rate will also multiply.
Free Trials
Overcoming trust issues with potential buyers is crucial for boosting sales. An impactful strategy is providing free trials, commonly seen in OTT platforms and software tools. This loyalty program offers a no-questions-asked opportunity for potential buyers to experience your products or services before committing to a purchase. By doing so, you alleviate their concerns, introduce them to your offerings, and significantly increase the likelihood of gaining new customers. This approach builds confidence, allowing hesitant buyers to experience the value firsthand, ultimately fostering a stronger connection and potentially long-term relationships with your brand.
Special Occasion Discount
Another loyalty program option that works wonders is a special occasion discount. Keep data related to the special occasions of your loyal customers and give them special discounts on those dates. It will not only help you nail a sale, but you will build a strong relationship with your customers. It creates an impression that you care for your customers and invites more people to your business.
Explore all these programs, checking which would best cater to your requirements. If you know what is QBR, discussing the effectiveness of these programs during this review meeting can also help you determine if your choice was right. So, do thorough research before choosing a program and discuss the results it yielded in your quarterly business review meeting. Keep improvising and strategizing your loyalty programs, fetching maximum returns and excellent growth.
