6 Steps to a Successful Customer Incentive Program
Remember the days when customer loyalty programs meant receiving a paper punch card that tallied up your purchases or visits, eventually awarding you with some sort of insignificant reward and leaving you with little gratification for your loyal patronage? Those days of delivering one-off, limited-value campaigns are long gone. Today's consumers demand improved rewards and personalized communication from their favorite retailers, and they're willing to reward brands who deliver such programs.
Retailers have the opportunity to take advantage of new and improved ways to capture and build customer loyalty, developing stronger relationships and driving increased sales. When deployed thoughtfully, consumer incentive programs have enormous power to prevent price-conscious shoppers from slipping away to a competitor. In short, an incentive program can act like an insurance policy, helping you ensure your best customers buy more and buy more often.
From internet and email-based marketing capabilities that streamline the customer experience and enhance communications to data mining tools that help target promotions to reward options that drive increased sales for you and increased value for your customers, the growth of data-driven incentive programs has given a whole new life to what loyalty means.
Whether you're looking to increase traffic online or in-store, influence your customers’ average order size, or stimulate more frequent purchases, one of the best ways to make your customer relationships stickier is through a well-planned and well-executed incentive program. Here are six ways to get the most out of an incentive promotion:
1. The best time to start is now. Your customers are giving you data every time they interact with you (and not just with their purchases, but also when they visit your website, engage with your company via social media, etc.). With the tools now available to all retailers, large and small, you can leverage this data to power more thoughtful, hypertargeted marketing campaigns.