Doing great business is not just about offering your goods; it’s about providing effective and lasting solutions to customer problems. It starts with understanding what your customers want and how you can deliver it consistently.
You’ve often heard the saying, “the customer is always right,” and for a good reason. Customers are the lifeblood of any business, and they dictate the course of whether a business will succeed or fail. This power given to customers is why they must be satisfied and kept satisfied for as long as possible.
Establishing a customer loyalty program is an excellent way to reinforce your customers’ importance. Loyalty programs can help you with customer acquisition and customer retention. If you’re planning to build a loyalty program, it should benefit your customers in ways your competitors aren’t. Start by asking yourself, what do customers want from a loyalty program?
What Your Customers Want from a Loyalty Program
- Cost savings
One of the main factors of a good loyalty program is giving your customers what they want. Customers enroll in a customer loyalty program because they want to get something out of it financially.
The Philippine GDP fell as low as -16.9% in the second quarter of 2020. As a result, many Filipino families had difficulty making ends meet. Today, the economy is slowly repairing itself, but not enough to reach its previous state. Filipinos are trying to bounce back from the effects of the pandemic, and a cost-saving reward program can interest and help them immensely.
A points program allows customers to earn points to convert to cash and use for discounts. The program encourages loyalty through rewards and solidifies customer retention. Offering a simple way for customers to earn and redeem their points makes for a satisfying rewards experience. - Exclusivity
From gym memberships to exclusive supermarket groups, customers love to feel important. Exclusive rewards and access to special promotions can entice your customers further. These efforts make them feel special and rewarded for their loyalty.
Exclusivity can be the key to building distinct value for your targeted customers. If you have a high-demand brand, you can use it to appeal to your customers across all aspects of your business, from your website to offline stores. This promotes omnichannel loyalty, where customer engagement is seamlessly present on various platforms, devices, and channels. - Structure
Many customers want to be continuously rewarded for their loyalty, even if they’re already part of your program. To provide unwavering rewards for your customers, start exploring different types of loyalty programs, such as a tiered loyalty program.
For example, Shopee was the most popular B2C e-commerce site in the Philippines for the third quarter of 2021. According to Statista, Shopee has approximately 73.65 million monthly web visitors. Its success is partly due to its structured loyalty program.
The eCommerce giant offers four stages of customer loyalty, all carrying perks. As new members, they start with a Classic membership and work their way up to a Platinum membership. The more they interact with the platform, the more benefits, bonuses, and exclusive deals they get, from cashback rewards and free shipping to sitewide discounts. - Variety
Your customers will only consider your reward if they find your offer valuable, which isn’t always easy to provide. According to the Law of Diminishing Marginal Utility, your patrons’ satisfaction with your rewards will diminish as they continue to consume the same thing. Customers also look for variety in their rewards.
For example, while a first-time customer may be ecstatic with a ₱50 discount from signing up for your loyalty program, their excitement reduces when you keep giving them the same reward despite upgrading their membership status. So, you must diversify and elevate your incentives as the program tiers escalate to keep your customers excited and interested. - Personalization
Most customers look for cost savings in a membership program. However, programs that develop a relationship based on individual customer needs are the ones that get to retain buyers. A survey released by Coleman Parks Research found that 87% of Filipino consumers are more likely to spend more when offered highly personalized online shopping and e-payment experiences.
- Free loyalty programs
While premium loyalty programs offer unparalleled perks to customers, free loyalty programs can also provide customers with satisfying rewards. These programs would often mean signing up for the membership and receiving decent incentives after several transactions.
- Convenience
According to a Facebook survey, around 93% of Filipinos value products or services that save them time. In a world of instant gratification, you constantly need to fulfill customer requests quickly, or else you get dropped. A quick and easy-to-join rewards program is essential if you want to satisfy consumer demand.
The Answers in Loyalty Building
Establishing customer loyalty is a major goal of many businesses, and one strong strategy for achieving it is devising an effective loyalty program for your customers.
RUSH offers effective eCommerce services, including a specialized Loyalty solution specifically catered to your business. We provide an easy-to-use loyalty program builder that can turn casual customers into your brand advocates.
We’re dedicated on bringing you and your customers closer by giving you the apt tools to meet them at every stage of their journey. Start growing your business with RUSH PH. Book a demo with us today!
