Exploring the Various Types of Customer Loyalty Programs: A Comprehensive Overview
There are
different types of brand loyalty programs that take many forms. For some
businesses, one form is suitable, while another business model requires another
loyalty program. Therefore you need to understand the business module and think
from the customer’s perspective to understand which model you need to
implement. Sometimes you must combine two or three models to get the best
outcome. Here in this article, we will discuss various brand loyalty programs
and determine which is suitable for your business. But before diving in, you
need to understand customer loyalty in-depth and the fundamental difference
between brand and customer loyalty.
What Is a
Customer Loyalty Program?
It is a
well-structured strategic campaign which combines various factors such as
software, hardware, communication, gamification, marketing strategy etc. With
all this planning, the organization tries to build a strong customer
relationship. These programs aim to enhance customer retention and create a
good bond with these customers.
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What Is a
Brand Loyalty Program?
The brand loyalty programs help to create a strong bond between a customer and
a particular brand so that even after getting lucrative offers from similar
brands, customers stick with your brand only. Thus you need to retain this
loyalty towards your brand by providing special treatment to your customer,
known as brand loyalty programmes.
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Difference
Between Customer Loyalty & Brand Loyalty
The
significant difference between customer loyalty and brand loyalty programs is that the former helps retain any
customer despite any brand and is more suitable for multi-branded platforms. In
contrast, the second one is more brand specific and helps to retain specific
customers towards a brand.
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Types Of
Loyalty Programs
Here we
will discuss some popular types of loyalty programmes available in the market.
Each loyalty program is designed to provide certain benefits to a target group.
So check out these programs and choose the one best suits your business model.
You can even select multiple or combine two or three programs to get better
results.
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Loyalty
Programs Based On Expenditure
If you
want to generate sales and retain your customers, this strategy is ideal for
you. In this program, customers get loyalty credits they spend at a business.
It is straightforward to create and implement and easy to understand for the
customers. Furthermore, it can be maintained in the long run also. But the best
part is it can be used effectively to increase the overall transaction amount
and reduce the overall churn rate.
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Value-Based
Loyalty Program
This
loyalty program is essential to increase brand awareness and enhance brand
value. But in this case, you need to structure the brand loyalty programs as per the customers, which is the
trickiest part. At first, you need to understand and define values as values
can differ from person to person. For someone helping old age people is
considered to be noble, while animal welfare is a big thing for others. That is
why you need to define it, and relate it from your consumer’s perspective. This
way, they will invest their time and money in the campaign, and you can run
your program effectively.
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You can do
one thing like start a brand loyalty programs and engage your customers more and
more and invite them to do a certain amount of purchases, among which 2% will
be used in social causes. To maintain the social cause and show the results
from time to time to make them feel appreciated so they can participate more in
such ventures in the future.
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Game Program
Using gamification is an excellent idea
to make a program more attractive. Gamification helps encourage repeat
purchases and also keeps them entertained, strengthening the bonding between
you. This is a perfect way to enhance the brand image of those who don't enjoy
gaming.
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Hybrid
Loyalty Programs
As the name suggests, it is a
combination of two or more types of loyalty programmes. By merging two
different kinds of programs, you can attract a wide range of customers and make
your strategy successful.
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Final
Words
brand loyalty programs are a very important strategy that you
must include to stay ahead of the crowd, as the brand battle is everywhere in
today's world. Hence, you need to stay ahead of your competitors and need to
retain your customers.
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