Monsters

Customer loyalty and relationship start here

7 August 2020

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Today brands are quick to strategise on how to make new customers and retain them through quality products and customer service. But how do you build and compete for your customer trust? One of the best options to earn trust from customer is building a program by rewarding the customer and provide value to them, Customer Loyalty Program.

Marketer knows it cost more than five time to bring in a new customer than bring back an existing customer. With a loyalty program in place, companies find it effective to know the customer profile and behaviour, that help to build stronger relationship and increase revenue.

There are many different types of customer loyalty program you can build for your marketing mission and product. Here are some common loyalty programs

1. Points program
The most popular loyalty program where customer earn points and get rewards based on amount and product purchase. Points can be manged with a loyalty card or mobile app. The points can be redeemed for gift, credit for next purchase, discount, etc

2. Tiered program
Similar to point system, tier program allow customer to earn point with purchase but customer can unlock new tier to gain access for bigger benefits, perks and recognition.

3. Partnered program
This is a program that collaborate with other business or brands that share the same customer profile. A good partnership program not only help build stronger relationship with customer, it also brings in better prospect to your business.

Customer loyalty program is a marketing tool for brands to retain customer in this competitive environment. Listen to your customer, plan a program that appeal to the customers to improve customer experience and build a loyal customer base.

If you are planning to build customer loyalty program for your business, we are here to help.