ContentsWhat are loyalty programs?Why are loyalty programs worth it for your business?“How can I start a loyalty program?” What are loyalty programs? You know what loyalty programs are, believe me. Unless you’ve been living under a huge rock, you heard (or even took advantage, as a client) of coupon discounts on grocery stores, airline miles or […]
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What are loyalty programs?
You know what loyalty programs are, believe me. Unless you’ve been living under a huge rock, you heard (or even took advantage, as a client) of coupon discounts on grocery stores, airline miles or hotel points. Those are part of loyalty programs.
A loyalty program has a very simple objective: to entice the customer to make repeated purchases. Every product or service can benefit from this – nowadays there’s a few to none things one just buys once, so who doesn’t want a repeating customer?
Why are loyalty programs worth it for your business?
Well, for starters, there’s a reason that will resonate with all of the business owners and marketers out there: it will improve your earnings. And it’s easy to understand why – the cost of acquiring new customers is significantly higher than the cost of retaining existing ones. The cost of attracting a new customer is on average 5x higher than the retention cost, per Invespcro.
Secondly, there’s human psychology. Some loyalty programs offer a tiered system (you’re a “silver” or “gold” customer, for example), or some kind of gamification-like loyalty model that appeals to the gamer in us. When well implemented, those loyalty programs are highly successful.
Furthermore, in the human psychology field, we humans have a tendency to stick with what we know (that’s exactly why the cost of acquiring new customers is pretty higher in the first place). And that’s why appealing to values to such as loyalty, thankfulness, and reciprocity works so well.
Last, but not least, there’s the branding dimension of such programs. Loyalty programs work both as a “thank you” note to customers and another layer of marketing communication. It’s the kind of thing that raises brand awareness and love.
“How can I start a loyalty program?”
Well, first you have to plan internally what you want to get from a loyalty program, how you’ll communicate it and how the rewarding system works. Following this – and soon we’ll give you tips on how to do it – you’ll want to take a look at QERO, a Free Loyalty Platform that will ease the process a lot.
Per QERO’s own words:
“It’s a system that enables you to communicate with and gain your customers’ loyalty. With QERO you´ll have the possibility of a mobile app – which will run in the QERO environment-, – communicate with your clients – through push notifications -, and manage credit/points quickly and easily (not to be confused with a system that creates and manages loyalty campaigns).
As QERO is included in the E-goi ecosystem, you can use all of its other facets (learn more in E-Goi.com).”
And if you asks us why you should go with them, it’s a pretty easy choice:
“The QERO app has no associated costs, it’s totally free, just pay a monthly fee to send push notifications to your customers.
We cover all the costs associated with acquiring a mobile app – you won’t need to develop, you won’t need to create the design, nor pay for space in stores – and we leave the customer communication and loyalty to you.”