Advice On Using Card Loyalty Programs
These days, most people are a member of at least one Customer Loyalty Program, and it’s estimated that around a third of consumers are registered with 2 or more loyalty schemes. Rewarding customers for their loyalty isn’t a new idea; airlines were using Frequent Flier miles in the 80’s, and in the 70’s, shoppers could collect green stamps when they used the same store to buy their groceries. It’s only in the last few years, however, that Customer Loyalty Programs have become much more sophisticated, and popular with retailers and consumers alike.
More and more customers are looking for the cheapest possible price for the products and services they need to buy, and competition among retailers is as fierce as it has ever been. This is why Customer Loyalty Programs have become a popular way for consumers to achieve even greater value for money, and for retailers to keep shoppers spending their money with them.
When someone signs up to a Customer Loyalty Program, they are either rewarded with an immediate benefit every time they spend money with the merchant, or each purchase counts towards a reward at some point in the future. An immediate reward could be a discount off their purchase, or an upgrade free of charge; and the customer would qualify for whatever future rewards the program was offering once they had saved up the number of points or vouchers they needed.
On the face of it, Customer Loyalty Programs seem like a good way for businesses to stand out and attract customers in increasingly competitive markets – getting customers to spend money in the first place, and rewarding them as they continue to spend. However, the real benefit to the retailer, is the amount of data Customer Loyalty Programs allow them to collect about their customers, and not just basic contact information either. Of course, this is useful for being able to market to customers and build even greater loyalty, but the sophisticated Customer Loyalty Programs use detailed analysis of customers’ buying habits to deliver much more targeted marketing messages on an almost individual level.
Customer Loyalty Programs that do this well, are able to see a number of positives from the targeted marketing messages their members receive. The increased loyalty has a direct impact on the bottom line, with continued, and increased spending from customers. Plus, there is an indirect benefit as members tell others about how much an organization values them, generating spend from new customers through word of mouth referrals.
There have been concerns over the amount of data that Customer Loyalty Programs collect, and how they plan to use this private information. But with consumers seemingly happy to let businesses keep track of what they spend, and how, as long as the rewards keep coming, it looks like loyalty schemes will continue to grow in popularity.
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