Loyalty programs during crises

Companies employ customer loyalty programs as incentives to entice customers to visit their physical location or internet again. You can design customer loyalty programs to reward your present customers rather than trying to win over new ones. However, if new customers learn about your programme, they might be curious to investigate your brand as well. Seeing if your firm can implement one of these programmes will help you establish a stronger clientele, regardless of whether you operate as a salesperson, marketing expert, or in any other business development capacity.

Every loyalty scheme functions slightly differently. Some businesses reward clients based on how much they spend, while others employ a point system. Special discounts and member-only promotions are some additional rewards offered by loyalty programmes. Companies frequently use mailing lists to notify their devoted customers of special offers, luring them to continue spending.

A Crisis all over!

The economic damage due to the ongoing pandemic is colossal, so much that experts are already discussing global recession and the ways out!

For Corporates and Business owners, the top-most priority is to protect real assets – their employees, partners, and customers! Their health, safety, and protection are above all. Safeguarding them is the first step in damage control of the situation. As part of that, absolute compliance with statutory guidelines is binding on everybody.

The next concern that hits business leadership is to optimize the immediate budget. What needs to be continued/discontinued? Should we cut the marketing expenses? Should we continue the existing loyalty program or implement the proposed one? Should we take a re-look at its necessity? etc.

Reasons to continue/implement your loyalty initiatives:

Confidence, Care & Conviction:

Firstly, both customers and your company need one another. Existing customers depend on their favorite brands, more than ever, to help them re-balance their disrupted lives. They repose their faith in your brand owing to its ability to repeatedly meet their demands – just as in the past. They also expect companies who are self-assured, volunteer social responsibilities, and thrust confidence in both public and customers during hard times.

Protect Market Share & Brand Recall:

Markets might have fallen. But market share is still intact for progressive companies, albeit proportionally. Firms that run loyalty is usually on top of customers’ minds, and any discontinuance during these times is a gateway for customers to switch brands and slip away. Brand recall is another primary goal that can be achieved in such chaotic conditions.

Communication:

Clear, crisp, and accurate communication through loyalty does a great job in taking your customers and business partners into confidence. The fact that the company communicates what it exactly does can be achieved and attained through this exercise. This is yet another reason to prevent them from being misled by consuming fake news/rumors. Losing customers is due to no communication is a blunder!

Just an example of how Starbucks survived the 2008 recession by creating apps for communication:

https://www.businesstoday.in/magazine/lbs-case-study/how-starbucks-survived-the-financial-meltdown-of-2008/story/210059.html

Some tips and cues:

Clear, crisp, and accurate communication through loyalty does a great job in taking your customers and business partners into confidence. The fact that the company communicates what it exactly does can be achieved and attained through this exercise. This is yet another reason to prevent them from being misled by consuming fake news/rumors. Losing customers due to no communication is a blunder! Home deliveries (with un-compromised care and protection)

Let your customers experience the joy of getting your products home-delivered without the hassles of stepping out during restrictions and endangering themselves

Bonus Rewards for e-Orders

Till the situation eases and life gets back to normal, award them with bonus/surprise rewards to enthrall their loyalty for using online modes

repayments:

Include wallet-linked/direct transfer of points-value to their bank accounts

vouchers / Recharges:

These are alternative reward channels that subtly enhance their instant gratification

Last but not the least

Loyalty is sure to win if construed as a strategic, long-term initiative and investment – not as an expense. Times are challenging, always. But fortunately, there are solutions to overcome and take control over such situations to benefit all. The cost of deploying and running an innovative loyalty program is a fraction of the potential loss due to switching. Loyalty anchors your patrons, and makes absolute sense!

About us

Loyltywo3ks is an industry leader in delivering smart, scalable, customized loyalty solutions and services, built on a customizable, cloud-based platform. The platform is inspired by consumer behavior and insights, conceptualized with market research, and built upon experiences aggregated over several years in the business.

Our platform merges applications, communication gateways, and critical intelligence systems to keep your clients, channel partners, and employees engaged with measurable & data-driven loyalty programs.

Our origins are humble. We began with people with diverse experiences and expertise coming together to collaborate. Today, we’ve developed a 360* technology-enabled, intuitive, scalable, multi-channel, multi-domain rewards, and recognitions platform. This can either be integrated with your existing digital infrastructure, or tailored as a completely new model to create powerful solutions that address retention and business challenges across industries.

Time-tested and future-proof, the Loyltwo3ks rewards platform is underlined by our values - uncompromising quality, absolute integrity and superior professionalism.

Know more: https://loylt.works/