3 Ways to Leverage Social Media for Your Rewards Program

3 Ways to Leverage Social Media for Your Rewards Program

The world is going digital! Brands prefer communicating with their audiences online, people prefer chatting versus meeting up, we prefer sending birthday wishes online instead of going and meeting people in person. The first thing we do when we wake up in the morning is reach for our phones, check our messages, our social media updates, and then probably drag ourselves out of bed. Social media has undeniably become an inevitable part of our lives. We are more connected to each other than ever before.

Leveraging these insights are brands that try to keep in touch with their consumers on a regular basis. Whether it is running offers, promoting new products, or just speaking about their existing products to stay in the consumer’s consideration set, brands are doing everything to ensure visibility for themselves.

Consumers spend most of their time online. Especially when it comes to making a purchase. And if you have a strong presence on social media, you have won yourself some extra brownie points already!

Imagine reaching out to these consumers and converting them into loyal customers. Wouldn’t it be simpler to speak to them in a language they understand, on the platform they frequent so often? Here is when social media comes into play! Most brands have cracked the code to engaging with their consumers online and converting them into loyal customers.

Here are a few ways in which you, too, can look at using social media to your benefit and promote your rewards program:

CREATE BUZZ:

Who said reward programs need to look boring? Or they just need to be informational? You can create interesting content around your reward program and engage with your audience. Probably ask them to guess what’s coming next or use some interesting visuals to create some intrigue. You could even have a contest around it. The more you create a 2-way communication, the better chances of people remembering you. Create as much buzz as you can and watch people engage.

STRENGTHEN YOUR SOCIAL MEDIA GAME:

Participate in online conversations, interact with your audience, and make sure you create posts that are engaging and interactive. Have a strong design language that creates immediate recall. Engage with your audience as much as you can. At the same time, make sure you don’t spam them with your content. Avoid repetitive content. Each post that you put up should give people more information than they already know.

USE SOCIAL MEDIA ANALYTICS TO YOUR BENEFIT:

While it’s a good idea to communicate with your audience online, it is also important to know how well you are faring. If you are not achieving the goals you have set for yourself, you might want to reconsider your strategy. This is where analytics come into place. A lot of apps allow you to gauge your social media performance by giving you a detailed report along with insights. This not only helps you monitor your strategy but also improvise it in real-time.

It also helps you understand whether you are reaching out to the correct audience or not, what is the engagement rate, and how often people are engaging with your posts. This in turn helps you understand your customers better. With the metrics you get, you can then more or less predict how interested your consumer is in your reward program, what is the likelihood of them redeeming the rewards, or what are the chances of them participating in the program.

You can also use A/B testing and track the results to analyze how consumers react to your campaigns and which campaign receives better results. You can then use this these analytics to make data-driven decisions about what people like and don’t like about your rewards program.

A good reward program and a good social media strategy are a powerful combination. Once you know how to use social media effectively, you will be able to attract more and more people to your brand in no time.

While you use social media to promote your reward program you can also promote your reward program on nth Rewards – a multi-brand loyalty program by NPCI. As one of the largest brand loyalty platforms, Nth rewards helps you connect with your potential customers and increase your loyalty base. You too can become a partner and ensure great visibility for your brand.

What is a repeat customer and how are they the key to a successful business?

What is a repeat customer and how are they the key to a successful business?

Very often when you realize that your business isn’t reaping the profits it should, your first strategy is to try and acquire new customers. You put in loads of money trying to attract new leads, get them to buy your product. Hell, you even try to give them free samples just to make sure they notice your product!

However, you don’t realize that you already have a whole bunch of customers who are not only familiar with your products but have also used them – maybe once, maybe twice, or even regularly. These customers who make repeated purchases are referred to as repeat customers. And believe it or not, repeat customers are more profitable than acquiring new ones. Not that you shouldn’t invest your resources in getting new customers – they are important too. However, repeat customers are known to be more profitable and less taxing. Let us tell you what makes them so profitable and why you should invest in them.

1. They know your product

The best thing about a repeat customer is that he knows your product. And not just knows, he likes your product too, and that is why he keeps coming back. You don’t have to spend time explaining to him why your product is better than other products in the market or why he should invest in your brand. He likes your product, he believes in your product, and he chooses it over other products in the market.

2. They are your best brand endorsers

More often than not people tend to rely on word of mouth endorsement than any other piece of communication. A friend’s opinion is more valuable than a social media post or a television ad. Why? Because someone you know has used the product, liked it, and appreciated it too. Why would you want to spend hours researching something when you already have someone who’s tried the product and is happy with it? Not only do repeat customers keep coming back, they also bring in a lot of new customers too!

3. It is easier to sell to a repeat customer

It is always easier to sell to a repeat customer. He’s tried your product, knows your product, and is willing to spend on your product too. He knows your brand and is willing to spend regularly because he likes your products.

4. They are more willing to try new products from you

Let’s say you are ready to introduce a new line of products. More than a new customer that you are trying to acquire, your repeat customer will be willing to try the product – even if it’s not for free. He knows your products, trusts your products, and doesn’t need much convincing. In fact, he will even bring in new customers because he knows you so well. And if you give him a good customer service, you’ve got a loyal one for a long time!

5. They don’t think twice before spending a little more

If you are running an offer a repeat customer will be more than willing to buy more – simply because he knows your product. A great deal or offer will only entice him to make more purchase and he won’t think twice about it; because, why not?

To keep your business going, it is a great idea to acquire a new customer – that’s how you end up turning them into repeat customers. But it is also imperative to keep your repeat customers happy. When coming up with a plan, make sure you allocate your budgets wisely and focus on appealing to both sets of customers.

nth Rewards is a multi-brand loyalty platform developed by NPCI and one of the largest platforms that helps you connect with your customers and retain them too. You too can become a partner and ensure great visibility for your brand.

5 reasons why loyalty programs are important for your business

5 reasons why loyalty programs are important for your business

Customer loyalty programs have gained a lot of prominence over the last few years. A customer loyalty program is a program run by a company that offers great benefits to the customers in the form of discounts, freebies, offers, promotions, and free products and samples among others. It is designed to ensure that the customer sticks to the brand – maintaining brand loyalty and keeps coming back frequently. Not only this, a good customer loyalty program can also lead to great word of mouth publicity, which in turn can help you attract more customers without having to do anything.

What is the purpose of a customer loyalty program?

Apart from ensuring that your customers stick by your brand loyally, a customer loyalty program can also help you understand the demographics and psychographics of your customer very well. It can not only help you boost your business but will also help you strengthen your relationship with your customers.

What should you keep in mind when designing a customer loyalty program?

When designing a customer loyalty program, the most important things to keep in mind are – what is in it for the customer? What is the gratification that the end consumer will receive? Is it attractive enough? Will it help retain the customer? Is it of interest to the customer? Does it satisfy his needs?

Here are a few reasons why you should have a customer loyalty program for your business

  • Customer Retention: The most important objective of having a customer loyalty program is to retain customers for their loyalty and repeat purchase behavior. And the best way to retain a customer or ensure his complete loyalty is by offering him products/offers that might interest him. You also end up saving a lot of money trying to get new customers since your existing customers often act as brand endorsers. Word of mouth publicity usually helps garner more customers since it comes from a verified and trustworthy source. People are more likely to trust friends/people who are existing customers of a brand than they would trust an ad.

    Thus, a great customer loyalty program is of great help to not only retain your existing customers but to also get new customers on-board.
  • Better and personalized communication: With a well-designed customer loyalty program you can directly communicate with your customers, which is a great way to create recall and stay on top of the mind of your customers. Since you have the liberty to communicate with your customers directly, it makes it easier and quicker to communicate with your customers about offers, benefits, and any other information that you would want to share with them. You can also personalize emails by matching them with the date of purchase or on the basis of the kind of purchase the customer makes. This helps strengthen the bond with your customer since you are only providing them information and offers that might be of interest and relevance to them.
  • Great way to know your customer: An efficient customer loyalty program will help you not only communicate with your customer but will also help you delve deeper into their likes and dislikes. This in turn, can be useful to understand your customer better, create effective communication with them, give them offers and deals that will suit their tastes and needs.
  • Lets the customer know you care: When you know the needs of your customers, you can customize offers and deals for them, thus making them feel that the brand thinks about them. This not only makes the customer feel that you care about them but is also effective in retaining a customer.
  • Helps improve sales: The more options you offer, the more people will want to buy your products. With a good customer loyalty program, you can offer exclusive discounts, merchandise, freebies, to members. Once a customer gets used to your products, not only will you have his loyalty for life, but you also have an endorser who will promote your product to others.

    nth Rewards is potentially the largest multi-brand loyalty platform designed by NPCI, to help brands engage & retain customers. You too can become a partner and ensure great visibility for your brand.
Customer loyalty trends to watch in 2020

Customer loyalty trends to watch in 2020

Brands today are going the extra mile to connect with their consumers. Whether it is offering great offers and benefits or giving their regular and loyal consumers exclusive privileges, brands are doing everything possible to retain their existing customers while also trying to get new customers on board. Gaining customer loyalty has been one of the most important things for brands over the last couple of years. And that is why it is important to have a loyalty program that is able to cut through the clutter and appeal to the customers enough to retain them and turn them into valuable brand endorsers.

As the need to have a great customer loyalty program in place increases, here are some trends to watch out for in 2020

  • Emotional or behavioral-based loyalty programs

Traditional loyalty programs were mostly based on rational benefits like point systems, cashback and reward systems, and behavioral models (paid subscriptions like Amazon Prime). However, over the years, emotional loyalty has proven to have higher longevity. Emotional loyalty deals with the ‘Why’ aspect of the offering – why does a consumer choose your brand over the other? Why does he pay more for a product when he chooses one brand over another? Emotional loyalty driven programs focus on building and strengthening relationships with the customer by offering personalized solutions and experiences by creating micro-engagement. It is also used to build long-term relationships.

  • Hyper-personalization will be the leader of all trends

Customer loyalty programs that go with the whole ‘one size fits all’ principle when it comes to offering loyalty benefits will become obsolete. Customer loyalty programs will be judged and subscribed to basis their ability to customize rewards and communication based on the requirements, preferences, interests, behavior, and needs of every individual customer. AI-related technology will be of great help to brands to understand the choices and behavioral patterns of their customers and predict their needs and requirements.

  • Omnichannel reward programs – a win-win situation

Omnichannel loyalty programs focus on providing a great experience to customers across all touchpoints – these include social media, websites, as well as in-store point of sale. Customers interact with your brand across multiple channels and expect the communication to be seamless. Omnichannel loyalty programs ensure that you as a brand are able to interact with the customer at every possible touchpoint and reward the customer with the currency of their choice – whether it is cashback, discounts, points, or frequent flier miles. This, in turn, encourages the consumer to engage with your brand on every possible channel.

Whereas, for brands, it not only helps build a strong relationship with customers but also helps boost sales. Customers tend to trust brands more and even suggest them to other people.

  • Gamification

Since customers spend most of their time on mobiles more than any other device, the best way to reach them is through mobile apps and gamification. While not many brands consider having apps as a part of their loyalty programs many big brands have already harped on this trend and witnessed great success. Gamification not only makes your program more fun and interesting, but it also tends to lead to more engagement. You can also look at incentivizing certain behaviors of your customers to your benefit. For e.g. those who do not purchase frequently can be given incentives to get their friends to download and sign-up on your app.

  • Geolocation

Geolocation can work wonders for a brand. Geolocating loyalty programs use geofencing, WIFI, and Bluetooth beacons to push offers and promotions to customers. They send out a location-specific notification to loyalty members.

For brands to survive the cut-throat competition and establish a strong place for themselves, it will become imperative to have customer loyalty programs that cut through the clutter and are hyper-personalized as per the needs of the customers.

  • Customer Retention: The most important objective of having a customer loyalty program is to retain customers for their loyalty and repeat purchase behavior. And the best way to retain a customer or ensure his complete loyalty is by offering him products/offers that might interest him. You also end up saving a lot of money trying to get new customers since your existing customers often act as brand endorsers. Word of mouth publicity usually helps garner more customers since it comes from a verified and trustworthy source. People are more likely to trust friends/people who are existing customers of a brand than they would trust an ad.

    Thus, a great customer loyalty program is of great help to not only retain your existing customers but to also get new customers on-board.
  • Better and personalized communication: With a well-designed customer loyalty program you can directly communicate with your customers, which is a great way to create recall and stay on top of the mind of your customers. Since you have the liberty to communicate with your customers directly, it makes it easier and quicker to communicate with your customers about offers, benefits, and any other information that you would want to share with them. You can also personalize emails by matching them with the date of purchase or on the basis of the kind of purchase the customer makes. This helps strengthen the bond with your customer since you are only providing them information and offers that might be of interest and relevance to them.
  • Great way to know your customer: An efficient customer loyalty program will help you not only communicate with your customer but will also help you delve deeper into their likes and dislikes. This in turn, can be useful to understand your customer better, create effective communication with them, give them offers and deals that will suit their tastes and needs.
  • Lets the customer know you care: When you know the needs of your customers, you can customize offers and deals for them, thus making them feel that the brand thinks about them. This not only makes the customer feel that you care about them but is also effective in retaining a customer.
  • Helps improve sales: The more options you offer, the more people will want to buy your products. With a good customer loyalty program, you can offer exclusive discounts, merchandise, freebies, to members. Once a customer gets used to your products, not only will you have his loyalty for life, but you also have an endorser who will promote your product to others.

    nth Rewards is potentially the largest multi-brand loyalty platform designed by NPCI, to help brands engage & retain customers. You too can become a partner and ensure great visibility for your brand.