Customized Loyalty Solutions: Your Retail Store Needs Them NOW!
As many retail store owners have already found out, launching a loyalty program can be an excellent business move. Loyalty programs, however, are not a “one size fits all” solution, and they are only as good as business owners make them. Thankfully, the majority of loyalty program software is fully customizable, so you can tailor it to the needs of your business. Every business owner must determine what type of loyalty program will work best for them.
Types of Loyalty Programs for Your Retail Store
There are several different types of loyalty programs that you can use for your retail store. Each of these types of programs offers a different way to earn rewards. Some of the most common types of loyalty programs are listed below.
- Points programs. One of the simplest types of loyalty and rewards programs points programs allow customers to earn points each time they spend a certain amount of money. For example, one dollar could equal one point. Once they have earned so many points, they are then able to redeem them for a reward.
- Product loyalty programs. Points programs enable you to reward your customers each time they purchase a certain item. You may change the required purchase items each week. For instance, one week your customers can earn extra points for buying a laptop sleeve, and the next week they can earn extra points for buying an external hard drive.
- Tiered programs. Tiered programs are designed to help you hang on to your current loyalty customers. A tiered system works by offering better rewards to customers the more they shop at your establishment. Once a customer spends a certain amount of money or makes a minimum number of purchases, they are moved up a tier and earn better rewards.
Types of Rewards for Your Loyalty Programs
With customized loyalty solutions, you can offer several different types of rewards. Here are some of the most common types of rewards that retailers offer:
- Discounts. Discounts are the most popular type of loyalty program rewards. Retailers can choose to apply these discounts only to certain items, or allow their loyal customers to apply their discounts to whatever they choose.
- Freebies. You can offer free products or store memorabilia when customers accumulate enough reward points, buy a certain product, or reach a certain tier. You can also form a partnership with other participating businesses and offer freebies on their behalf. For instance, if you own a woman’s clothing store, you can partner with a nail salon and offer a certificate for a free manicure once a customer earns enough points.
- Targeted deals. Rewarding your loyalty program members with targeted deals is possible if you use tracking software to record their transactions. For instance, you can send coupons for infant clothing to a customer who recently purchased crib bedding. You can also send targeted deals to customers who have not visited your retail store in a long time, which may prompt them to return.
Ways to Track Rewards
Members of a loyalty program often like to see information about the rewards that they have earned. With a customized loyalty program, customers will be able to access their loyalty program account information a few different ways:
- Customized websites. Customized websites are one of the easiest and most convenient ways for customers to track the points or rewards they’ve earned. Customers can simply log on to your website and enter their information to access their accounts.
- Receipts. Receipts offer a way for customers to review their earned rewards. The information is typically printed at the top or bottom of each receipt.
- Mobile updates. Mobile updates are one of the easiest ways for your customers to gain access to their rewards program information. To do this, they can either send a code via text message, or they can use an app on their smart phones.