The best thing a business can do is to demonstrate this value immediately because loyalty programs allow customers to benefit from a better deal for repeat business.
When signing up to a customer rewards program, the customer makes no commitment whatsoever, but ownership of this newly generated membership is nevertheless assigned. By offering the customer an incentive up front, the company has started to earn their confidence, and they have already made progress and seen results.
Start rewarding your customers right now!
Loyalty paves the path for more success.
Low-cost, high-value business decisions are significant for small business owners. Your bottom line will benefit from investing in loyalty. Recurring customers account for 40% of online sales, yet keeping them around costs you 3–10 times less than finding new ones. The good news is that you’ve already won them over because they spend twice as much time in your restaurant as new consumers.
Returning clients understand what to anticipate. If you’ve previously given them rewards for their initial contact with your company, they now have Mynt coins to accumulate, VIP ranks to aim for, secret menus to find and prizes to claim. This extra incentive, along with excellent customer service and high-quality goods, will keep customers returning.
Loyalty Programs can help you retain new customers
Building relationships is crucial for business growth, especially for start-ups. Your first clients could be the most difficult to win without evidence of your reliability, but they might also be some of the most crucial ones your brand will ever have.
Your initial clients can end up endorsing your brand the most. Making sure they have a wonderful time at your store can enhance the likelihood that they will return or recommend your business to a friend or family member.
Customers who participate in loyalty programs report that their participation in the program is essential to their interactions with businesses (71%). Your customers will understand that you intend to establish a long-lasting, mutually beneficial relationship if you reward them immediately away.
Offering sign-up bonuses or rewarding customers depending on their spending is an excellent method to accomplish this. Sending follow-up emails will remind them of their current value and will give them an incentive to make additional purchases.
It helps you stay ahead of your competitors.
You don’t want to fall behind, given the level of competition existing even in specialised areas. If you don’t reward your consumers, you already lag behind those who do, as there are 2.1 billion loyalty program members worldwide.
We have already discussed the risks of putting too much money into loyalty, and we still stand by this. What will convince coffee customers to modify their behavior now, especially if they have already amassed significant value toward another program when Tim Hortons is competing with other coffee behemoths who have had customer rewards programs for years? They fall short compared to Starbucks, which started its Starbucks Card Rewards Program in 2008, more than ten years before them.
How to immediately reward your customers
Here are a few strategies you may utilize to reward your clients for their loyalty immediately.
1. Email them immediately to show gratitude
You’d be shocked at the influence a straightforward welcome email, and thank-you email can have on a customer’s initial perception of your company.
Setting up your customer rewards program is simple, so new members receive a text, email, or push notification as soon as they sign up and welcome them to the program.
Provide instructions on how to use the program and advice on how users can maximize their rewards and earn more coins. Offer birthday gifts, congratulate clients on completing loyalty milestones, and occasionally remind them of their progress toward the next incentive.
2. Offer a discount right away.
Have you ever been in line at a store having your products scanned at the register when a staff member casually mentioned that if you sign up for the store’s loyalty program right then and there, you’ll get a discount on your current purchases?
This is a particularly successful onboarding method since it immediately addresses the perennial concern, “What’s in it for me?”
Even if you don’t plan to purchase from this company again, why not spend a few minutes signing up for the rewards program and making some money for yourself?
3. Members of loyalty programs only receive immediate and continuous benefits.
You’ll notice that more and more companies are developing digital loyalty programs specifically for online customers as the “online commerce snowball” gets bigger and quicker. Some of these programs even reward new members with benefits like free meals!
Recurring purchases are popular in sectors like food and drinks, and upselling at the cashier level is widespread. For many customers, discounted initial purchase can result in significant savings.
So there you have it
Giving your initial consumers a prize straight immediately has no drawbacks. It’s the ideal method to kick-start a positive consumer/business relationship, sustain your brand, stay competitive, gain a deeper understanding of your customers, and watch your company expand naturally through your brand community. Don’t forget rewarding customers with the right incentives.
Mynt is a perfect solution to add some vitality to your future growth plans. We have developed a variety of features in our app as well as management tools to enhance your customer rewards programs.
Get in touch and we’ll give you a free trial for 30 days all Myntd and tailored to your needs.