The hassle free easy to sign up loyalty programs is always the first successful step in the marketing strategy but to know if they are effective are not is what will keep everything going. Studies show 69% of consumers sign up because of they are purposely seeking perks and benefits from that company (Annexcloud 2019) with this in mind it causes membership growth, increased consistency, and increased revenue. The benefits do fall short for the business by having the loyalty program does not guarantee 100% loyalty and does not convince consumers not to go to the competitor, In 2015 on average a household held memberships in 29 different loyalty programs up 26 % from 2013 (Vision Critical 2019). This makes you ask the question how loyal are customers really ? the one thing that will guarantee you spot is the consumers relationship with the company , 42% of consumers are willing to stop shopping with a brand after two bad experiences no matter how good their current loyalty program is. To keep your current and new customers around the loyalty problem is not necessarily the fix to keep them from shopping around but may give you a push , investing time and a relationship with them as well keeping their needs met will help just as much. So are loyalty programs really worth it?

10 Statistics That Prove the Effectiveness of Loyalty Programs. (2019). Retrieved February 18, 2019, from https://www.annexcloud.com/blog/10-statistics-prove-effectiveness-loyalty-programs/

Having money for the things we need and enjoy is something we all want and if you’re a student that comes with a budget whether we want it or not. With the student price card also known as the spc card it makes purchases a little easier and a little less painful for us students, this card is a loyalty program created for students to save on fashion ,shoes and food and many more from multiple different brands who are partnered with them . With a $10 1 year membership you are locked into endless deals which is great to hear. As for the companies this card is a holy grail and in a way to gain consumers from the marketing aspect of referral as well as word of mouth, with this card being offered at many stores it allows card holders to try new things such as restaurants with the deals and if satisfied a new customer is gained. A bonus to BMO bankers include a debit card or credit card that allows free student banking that allows you to gain from benefits at no added charges. Overall the card is a great benefit with everyone involved from the spc business to the companies to the consumers but the thing that keeps the consumer to renew their membership each year are discounts and deals of value that are exclusive to its members or it would lose its worth . Paid programs aren’t for everyone but is it worth for you ? will it make your shopping less of a hassle ?

(n.d.). Retrieved February 18, 2019, from https://www.spccard.ca/about

Where would you be without advertising, goals and selling? A business could never put too much emphasis on their customers they are the heart of the business and a thriving business is what we all dream of, and having consumers that are engaged is a start of a great foundation.Before starting one up making sure your business provides service that people will value and needs are met will ensure to secure some loyalty, but our strategy of Customer loyalty programs will bump it up to the next level and will be a great marketing strategy that can increase customer satisfaction, engagement as well as possible referrals. There are many different to programs to choose from including the points program, paid program, charity program and the tier program. Deciding which of them fits with the company is something that should be given some consideration. The main point to the program is not for the business to benefit off of the consumer expense but also delivers value in exchange for loyalty to increase return customers with various incentives and perks for the customer. The end result of this program will also generate gains in revenue so will you be introducing the customer loyalty program into your business? comment below and share your thoughts!

For those of you thinking of new ways to real people into your business or build a loyal relationship with your customers, you’ve come to the right spot. I’m gonna give you a couples tips on how to create a loyalty program to increase the success rate of your business. Through gaining loyal customers, you can save your company money because you won’t have to put out new product as frequently as you would with new customers. They will most likely be loyal to your brand regardless the circumstances. In order to create a loyalty program for your business you must first calculate the costs of your customers by tracking how much they spend on your products and which products they spend on most. Then, you need to figure out how long they’ve been buying your products for and if new promotions on other products affect their buying decisions. Next, you need to figure out the profit your company is making through their purchases. Lastly, figure out how you as a company can improve their buying habits or increase the frequency of the customer buying your products (Coulombe, 2015). In order to figure out this information, you must conduct survey’s, interviews and read reviews to understand the minds of your customers. You would need to focus on customers who make the most frequent purchases because they are the ones to be most likely interested in your loyalty program. Once you have figured out who your target audience is, you can proceed to find tactics to encourage your customers to stay loyal to your company (Coulombe, 2015). Some of these can include: exclusive promotions, early access to certain products and invitation’s to exclusive events depending on what your company is. Using these simple tips, you are hopefully able to run a successful loyalty program for your business. What are some tips you would include to attract loyal customers to a business? Leave your response down below.

Citations

Coulombe, N. (2015, September 3). 6 steps to create a customer loyalty program. Retrieved from https://www.bdc.ca/en/blog/pages/6-steps-create-customer-loyalty-program.aspx

Mason, R. (2010, March 14). What goals should you set for your business? Retrieved from https://www.startupdonut.co.uk/financing-a-business/what-goals-should-you-set-for-your-business

This video demonstrates how easy it is to gain points and redeem free items from Starbucks.

Being a student, I am at a stage where I am always looking to save money or gain benefits from places I shop at. One of my most favourite loyalty programs is Starbucks because I make daily purchases and receive a lot of benefits using their app. I was notified about the app through a friend and registered for it online. Through the app, I am able to deposit money in my Starbucks account and make purchases that earn me points. If I reach 12 reward stars on the app, I am able to redeem free drinks or food. On my birthday I am also able to receive a free drink. By referring a friend, I earn 6 stars which gets me closer to my free drink. If i collect five free items within a year, I can achieve a green status which opens up more benefit opportunities such as free in-store refills (Farfan, 2013). The Starbucks rewards program motivates me to make more purchase and stay loyal to the brand. Along with personal benefits, with the app I am able to see new and exclusive drinks. Lastly, the Sephora Beauty Insider loyalty program is another one of my favourite programs because I tend to buy a lot of beauty products from there. The Sephora loyalty program works similar to Starbucks where you also collect points through purchases and can redeem them for smaller travel-sized products. I signed up for this program in store with the help of one of the cashiers. I received a card with a barcode that must be scanned in through every purchase i make in order to collect points. The redeemable products range from small beauty supplies to makeovers and classes. Through the Sephora app, I am able to log in and track all of my points and purchase history. Using my purchase history, Sephora customizes special promotions for me for items I’ve shown interest in or I could potentially want (Punnoose, 2018). These are my favourite programs because of how accurate and interactive they are to customers like me. They also help me save lots of money as a student. Comment down below which loyalty programs are your favourite.

Citations

Farfan, B. (2013, March 11). Learn About Starbucks Coffee Customer Loyalty Rewards Program. Retrieved from https://www.thespruceeats.com/starbucks-customer-loyalty-program-2892381

Levy, A. (2017, March 13). The New Starbucks Rewards Program Confused a Lot of People. Retrieved from https://www.fool.com/investing/2017/03/13/the-new-starbucks-rewards-program-confused-a-lot-o.aspx

Punnoose, R. (2018, October 12). Tiered Loyalty Programs- What Makes the Sephora’s Loyalty Rewards Program Successful? Retrieved from https://zinrelo.com/tiered-loyalty-programs-what-makes-the-sephoras-loyalty-rewards-program-successful.html

This YouTube video briefly explains the benefits of customer loyalty programs and how to strategize customer retention and loyalty to ensure a company achieves success.

Customer loyalty programs have a lot of benefits for both customers and the company. These programs are based on personal data and stats of a person to customize the benefits they are eligible to receive. Customer Retention is one of the biggest benefits for the company itself, it gives customers a motive to buy from the company again and become a loyal customer. According to marketing research, loyalty programs can increase a company’s revenue from 5-10% (Miller, G). Loyalty programs allow companies to view the buying behaviour of individual customers to measure the results of promotions and increase reactions. A company is able to track the success of certain promotions or sales and use that data to increase their profit. They can also use the data to make future improvements based on the customers reactions. Companies can eliminate the number of unprofitable customers who only purchase products from them at a discounted value that cost the company more money. Through loyalty programs companies can also communicate with their customers and address new announcements or promotion sales. Often times, these programs allow customers to save money by receiving exclusive discounts which can also make customers feel appreciated. This can increase the likelihood of a customer purchasing from that same company again. Along with keeping already existent customers, loyalty programs attract new customers that are wanting to receive these special offers. Lastly, they allow plenty of room for growth and new opportunities. Loyalty programs help promote the company and can turn loyal customers into advocates to spread the word about your brand. Are you signed up to any customer loyalty programs if so, what benefits influenced your decision to sign up? Drop a comment down below.

Citations

Dhamdhere, P. (2018, October 11). Annex Cloud. Retrieved from https://www.annexcloud.com/blog/10-pros-and-cons-of-loyalty-programs/

Miller, G. (2012, April 12). 10 Benefits of Implementing a Customer Loyalty Program. Retrieved from https://www.annexcloud.com/blog/10-benefits-implementing-customer-loyalty-program/

Thakore, M. (2018, December 04). Blockchain can save Customer Loyalty Programs from becoming Unfruitful! Retrieved from https://hackernoon.com/blockchain-can-save-customer-loyalty-programs-from-becoming-unfruitful-3992c6bc6053

Hi, welcome to our blog. Here we will be posting information and news on loyalty programs to help you gain knowledge on how you can benefit from your favourite brands.