Is Your Customer Value Programme Working?

There is no denying that customer value programme has emerged as one of the most powerful marketing and customer retention strategies. Every business big or small is out there designing and putting the best reward programme possible. However, is your reward programme really working in your favor or is just an added expense?

Here are few parameters you can check to find out if your value programme is working.

Customer Lifetime Value:
This is one of the most important parameters to keep track of when measuring the success of your reward programme. If the amount you spend on acquiring and retaining a customer is higher than your customer’s lifetime value then your Value Programme requires improvements and changes.

Customer Retention:
Loyalty programs are created to retain your existing customers so they do not leave you for better options and pricing. If your value programme is able to increase customer retention then you have created a good reward programme strategy. If not then you need to figure out what changes need to be implemented to make it work better.

Customer Sign ups:
The 1st part of a reward programme is to raise your customer’s interest in the Loyalty programme and get them to sign up for rewards. This makes customer sign ups a simple yet important number to track. Sometime the sign up process is too complicated for customers to follow and discourage them. So such is the case then simplifying the sign up process will herlp you increase customer sign ups.

Programme Drop Rate:
Keep a track of customers who choose to drop out of the loyalty reward programme. This data is again palys a significant role in defining your loyalty program’s success. Find out at what stage of the loyalty programme your customers usually decide to drop out. Next step will be to figure what can you do differently so the customers stick to the programme without dropping out of it.

Customer Acquisition:
Although this is not the main motive of setting up a value programme an increase in customers acquisition is always a great sign. The cost of customer acquisition is way higher than the cost of customer retention. If your loyalty program is able to do both that it’s a sign that you have a successful reward programme in place.

Hope this was helpful. Please feel free to share your tips and strategies with us.

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Guidelines For Launching A Loyalty Rewards Program

This Blog has spoken in lengths about how important it has become for businesses to have a Loyalty Rewards program in place and how it serves as a powerful marketing tool.

Sometime the biggest bottleneck a business faces is having no idea how to launch their Customer Loyalty programme. In this post we have shared few tips to help deal with this issue and get started:

Start with what you already have:
Every business has a set of customers who are loyal to them. Pull out a list of these regular customers and start your loyalty program with them. If you have a mailing list in place, it would help you a great deal. Your regular customers are already familiar with your products and services and by introducing them to the rewards program 1st, you make them feel special. This increases chances of them responding to your offers and deals.

Design fewer options:
Loyalty programmes with too many options for customers to choose from will unnecessarily complicate its structure. Design a customer rewards program with fewer options and easy to follow process.

Make the sign up process easy:
After you have grabbed your customer’s attention, signing them up will be the next obvious step. Keep this step as simple as possible. You don’t want to get your customers all the way here and watch them drop the idea just because the sign up process was too complicated to follow.

Keep earning & redeeming a simple process
Remember, one of the goals of a rewards programme is to keep your customers engaged. This again calls for a simple to follow rewards program. Often customers drop out of loyalty programmes due to their tedious structure. Keeping it easy to earn points, track points and redeem points, encourage customers to stick to the plan and to your brand.

Don’t lose focus from your final goal:
The ultimate reason why you need a customer rewards program is because it’s a powerful strategy to make your customers choose your products and services over your competitor’s. That said, every aspect of a rewards programme needs to be measured and analyzed to make sure it is accomplishing all its goals.

Hope this was helpful. Please feel free to share your tips, tricks and strategies with us.

Customer loyalty programme

Customer rewards program

Photo Credit: Google Images

Five Ways To Use Customer Loyalty Programme To Reward Loyal Customers

Customer Loyalty Programme can come in different forms. The idea is to reward your regular and loyal customers for their loyalty to your products and expand this loyal customer base. Business owners often struggle to figure out what they can do to reward their customers. These few points should help you come up with some ideas for your business’ reward programme

Loyalty rewards Card System:
This is one of the most popular ways to rewarding loyal customers. All you have to do is give your customers a loyalty reward card which you can stamp or swipe on each purchase. Once the card has collected enough stamps or has been swiped for enough points. You customer gets a free item.

“Buy one, get one Free” Scheme:

Everyone loves free items and buy one get one free is one such tried and tested method used to entice customers into buying products. So, not only you increase your sales but also instantly reward your customer on each purchase.

Treat your Customers to an expensive dinner:
People love to eat out and this something they do in general with family and friends. In this type of customer loyalty programme you can choose few of your best and high value customers and offer them dinner for 2 options at exclusive restaurants. They will surely appreciate your gesture further strengthening their loyalty for you.

Reward Programme for Referrals:
When your customers refer your products and services to their friends and family, they are also endorsing your products and services. Encourage your customers to recommend you to their family and friends by setting up a reward programme system which rewards them for each recommendation made.

Collaborate with Other Providers In your Niche:
If someone buys wedding jewelry from you then chances are they will require wedding clothes as well. Collaborate with product and service providers in your niche to offer them discount coupons on their products for making purchases above a certain cost. Ask your associates to let their client base know of this discount. This way not only you encourage your customers to buy more but also expand your customer base.

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The Secrets of a Successful Customer Loyalty Program

Loyalty rewards have become a regular practice with businesses big and small. Majority of business owners now understand the value of having a good successful customer loyalty program in place. If you have figured it right the benefits can be significant, however, you are also at a risk of incurring losses if you get it wrong. Here are two tips to help you set up a successful loyalty program.

Give customers a head start :
When giving away loyalty cards it’s always a good idea to give your customers few points extra and make sure they know that they are a few points closer to the goal right at the beginning. This way, the customers know that they don’t have to start from scratch which encourages them to stick around. One important thing to keep in mind here is to let your customers know why they are getting a head start point. For example, you can let them know that you appreciate new sign ups and thus the extra points.

Set Clear Goals For Customers:
Let your customers have a clear idea of how many points they need to collect in order to get rewards. Having clear goals helps your customers know what they need to do to reap rewards. The benefits of this are 2 folds. First the customers are encouraged to stick along without getting distracted by your competitors. Second, having a goal lets your customers know how much more they need to spend to make enough points for rewards, thereby, supporting sales.

So if you are planning to put together a customer loyalty program for your business remember to consider these 2 points mentioned here. Good Luck!

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Customer loyalty scheme

Card-Linked Offer Customer Loyalty Program Strategy

Customer loyalty program has become one of the most useful tools in business and marketing. Not only it helps build a loyal customer base but attracts new customers as well. While there are many different forms of customer loyalty program, in this post we will speak in brief about Card-Linked Offer Customer Rewards Program.

Card-Linked Offer loyalty rewards Program is gaining popularity because of its simple structure. In this type of loyalty rewards program the customer’s credit card is converted into a cross-retail customer loyalty card. With this structure there is no need to have a extra loyalty card for customers. Customers use their credit card as the loyalty card and do not have to deal with additional identification or documents.

This type of value program is great from a marketing perspective as well. It allows businesses to track customer purchase behavior and allows them to customize their offers based on purchase pattern.

Customer purchase behavior is a crucial parameter to keep in mind, analyze and track when it comes to customer loyalty programs. No matter what type of loyalty program you decide to implement, a thorough research and understanding of your target audience is a must.

Customer loyalty programs

Customer rewards programs

 

Photo Credit: Google Images

GK Value Rewards Loyalty Program Launches GKVRGo

GKVRGo is an SMS response service which will allow any GK Value Reward loyalty program members who have opted in with a registered and legitimate mobile number, to request GK Value Reward information by texting a command to 1-876-260-GKVR (4587).

GKVRGo can be used by GKVR members that have either Digicel or Flow SIM cards. Here are the benefits or GKVRGo:

GKVRGo will enable GKVR members to:

1. Instantaneously check their point balances. There will be a point balance refresh three times a day at 6am, 12 noon and 6pm.
2. Gift points to other GKVR members (i.e. friends and family) and donate points to the GraceKennedy Foundation.
3. Redeem any GKVR voucher.
4. Use GKVRGo’s help function that will assist GKVR members to understand how to use the SMS response tool.

GK value rewards loyalty program members must use the same mobile number that was used for registration. However, if a member wants to use a new mobile number, the following edits are required in the GKVR member’s account.

1. Sign in to the GKVR website (gkvaluerewards.com).
2. Select the ‘My Account’ option.
3. Select ‘Edit contact’.
4. Edit the mobile number field.
5. Press Save.

In order to check your balance with GKVRGo, you need to send balance*your GKVR number to 1-876-260-GKVR (4587). For example: balance*120XXXXX.

To redeem a voucher with GKVRGo, simply send redeem* your GKVR number*the quantity of the product *the product code to 1-876-260-GKVR (4587). For example: redeem*120XXXXX*1*chukka1. Then, present your digital voucher for your reward. Please remember that once you’ve selected your desired reward you may not cancel or change your selection. Also, please check the expiration date on your digital voucher selected to ensure you utilize it before the expiration date.

If you want to gift points with GKVRGo, simply send gift*your GKVR number*the recipient GKVR number*the number of points to 1-876-260-GKVR (4587). For example: gift*120XXXXX*120XXXXX*100.

If you want to access the product code listing, please use the following steps:

1. Send ‘help’ to 1-876-260-GKVR (4587).
2. Send 4 for rewards.
3. Send the corresponding number for the rewards category you want to redeem. For example: Send 1 for Hi-Lo Rewards.
4. Write down the corresponding product code. Example: HL500.
5. Place the selected product code in the following command: redeem* your GKVR number*the quantity of the product *the product code. For example: redeem*120XXXXX*1*HL500
6. Press send.
7. Await the confirmation text which will provide you with the voucher details.

Source: GK Value Rewards Loyalty Program GKVRGO

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