A simple guide for customer loyalty newcomers

A simple guide for customer loyalty newcomers

This straightforward guide explains the value of building customer loyalty for your business, no matter your size or stage of growth.  

The value of customer loyalty programs can result in great outcomes for a business. But how? Time to dive into everything customer loyalty based. Here is a simple guide for beginners or small and medium enterprises who are new to the world of customer loyalty.

What is customer loyalty? 

The meaning is evident within the term itself. Customer loyalty is simply a loyal customer. A customer that will consistently support, buy or work with an organisation which provides them with exceptional service.

Why is customer loyalty important?

All employers want to ensure the best possible experience for customers. The value should be provided with both ways in the transaction process. If you are a growing brand then customer service is of great importance to your success. As loyal customers drive revenue much faster than sales teams.

How to get started?

The first step towards planning a customer loyalty program involves customer research. Get to know your target market to gain a sense of their needs and wants. How will your business provide a solution for people’s needs or solve their problems? What would make your customers happy?

Next put on your creative thinking hat and start brainstorming ideas. As a beginner, this process might take the longest time. As you want to ensure your plans for customer loyalty are genuine, aligned with company brand image and mutually benefit both parties of the customer relationship.

Rewards programs, partnerships or memberships 

A common tool for customer loyalty is a points-based rewards program. It is a simple process when you buy from a brand, earn points for buying and then get eventually get rewarded for a certain number of purchases. If choosing a rewards-based program make sure to start simple. The customer journey should be an easy ladder to climb. If the program starts off with too many rules and regulations then chances are customers will avoid participating due to confusion.

Partnerships with other companies can prove to be fruitful if your target market will enjoy the co-branded purchases. For example, if you are a cosmetics company and decided to partner with a skincare brand, you can offer loyal customers discounted facials after a certain number of purchases. Consequently, you may get access to your partner’s target market and broaden your customer reach.

Memberships are an easy way to build a community for your customers. You may start off with a business membership club or make them a VIP. This incentive usually starts with a joining and membership fee therefore the offers included must be worth the investment for members.

How Prosper² can help

Prosper² has a simple customer loyalty philosophy: Loyal customers are rewarded and in return, this grows the business. This is how Prosper² has managed to ensure the growth of small and medium enterprise clients.

How does Prosper² build strong relationships with clients? By connecting at an emotive level and acting as an advocate for customer loyalty. Learn to win, maximise and retain customers as a Prosper² member here.

 

Prosper Squared (UK) Ltd is registered in England & Wales, Company Number 09535801. Registered Address 843 Finchley Road, London NW11 8NA.

 

Prosper² and Prosper Rewards are trademarks of Prosper Limited Ports of Call, Bay View Road, Port St Mary IM9 5AE.

 

The Prosper² Prepaid Mastercard is issued by Transact Payments Limited pursuant to licence by Mastercard International. Transact Payments Limited is authorised and regulated by the Gibraltar Financial Services Commission. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

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