What Is The Best Loyalty Program Software For My Business?
In 1896, Thomas Sperry and Shelley Byron Hutchinson created the first loyalty program in America, S&H Green Stamps. While shopping habits have changed, consumers’ love of rewards programs hasn’t faded. Today’s technology offers possibilities that the early pioneers couldn’t foresee. When searching for the best loyalty program software for your company, call conversionsMOXY at 1-800-849-5642.
Necessity Of A Loyalty Program
Large brand names understand the enormous benefits of utilizing loyalty memberships, and many run some outstanding programs. In fact, many marketers name Nike, Amazon, Starbucks, and Sephora as having the best reward plans. Customers love the perks, but businesses get benefits too:
- Helps build strong customer relationships
- Increases revenue and customer retention
- Motivates consumer behavior
- Separates you from your competition
- Boosts referral marketing with reviews and/or referrals
Furthermore, many marketing experts claim a well-executed rewards program can boost your annual revenue by 15-25% on average. Yet, not all loyalty membership programs are equal. Some, like the old S&H Green Stamps, are too tedious for the consumer. Others can be complicated for the small business owner to run successfully.
Key Elements Of Any Loyalty Program
To entice your customers to become a member of a rewards club, you must incorporate 3 key components:
- Rewards
Customers want something valuable in return for giving away their data. Determining your clients’ motivations and desires is crucial for setting the right rewards. For example, should you offer discounts, cash back, or early access to new products?
Furthermore, rewards should be easy to earn with a variety to encourage a wide range of participants. Additionally, offering a birthday or random mystery reward can boost purchases and make customers more loyal.
- Relevance
No matter how great you think your rewards are, your customers will opt out if they find them unappealing. Ultimately, participants appreciate gifts tailored to their shopping habits and engagement. For example, some clients may love early access to new products, while others may prefer free shipping.
- Recognition
Thanking your customers for their business is only the beginning of the recognition component. You also need to make your clients feel valuable and appreciated. Offering personalized messages and tailored offers demonstrates you understand their needs and treasure their business.
Points, Value, Tier, And Paid Programs
When designing your loyalty plan policies, you can choose from one of four different structures:
- Point
This is one of the most common forms. Customers earn points with every purchase.
- Tier
You can combine the point system with tiers. Once customers reach a certain level or tier, you offer rewards of greater worth.
- Value
This type of program aligns members with your brand’s values, forging a stronger connection. An example would be donating a portion of the sale proceeds to a particular charity.
- Paid
Often called subscription plans, these programs require a fee to become a member. Perhaps the most widely recognized paid program is Amazon Prime.
Finding The Best Loyalty Program Software For Your Store
Once you’ve decided on your plan’s structure, you’ll need to shop for software to run your program. While collecting stamps was great in its heyday, today’s technology streamlines the experience.
For example, the customer doesn’t have to worry about losing a punch card as the program monitors their progress digitally. Also, the business owner can collect and analyze data to further enhance the loyalty plan.
However, software varies greatly from vendor to vendor. When deciding between programs, consider these important attributes:
- Fees
- Support
- Customized solutions
- Integration
- Ease of use
- Safety and security
- Brand app
Confused already? ConversionMOXY can help you break through all the noise and find the best solution for your business. Through our partner, RSI, we offer over 50 cutting-edge technology plans coupled with stellar 24/7 customer support. Our loyalty software programs can help small and large business owners in every industry. Plus, our marketing agency offers additional services like social media marketing, content generation, and digital advertising.
Best Loyalty Program Software FAQs
Before you buy any loyalty program software, call the experts at conversionMOXY. Below, we answer a few commonly asked questions about these plans. If you don’t see the answer to your question, call us at 800-849-5642 and we’ll be happy to help you.
How Much Will It Cost To Set Up A Rewards Program?
Ultimately, the cost of purchasing your loyalty membership program software depends on several key factors:
- Custom or ready-made program
- Business size
- Platform choice
- Simple or complex features
Additionally, when choosing a program, don’t forget to factor in ongoing operational costs and fees.
Do I Need A POS To Run Loyalty Program Software?
Some software programs use mobile wallets to store loyalty card information. Mobile wallet apps are usually native and pre-installed on your smartphone. Your customers simply upload your loyalty card to their mobile wallet, and it’s always available on your smartphone.
However, combining a loyalty program with a POS gives you a range of powerful tools. Moreover, if you have an existing POS, we can find a solution that easily integrates with your existing system.
Is It Possible To Attract And Keep Customers In A Competitive Market?
Definitely! However, it’s important to have the right loyalty membership program. Consumers will abandon a rewards club for a variety of reasons:
- Difficulty in signing up
- Inadequate or unappealing rewards
- Confusing program structure
- Frequent rule changes
- Stale marketing tactics
- Bad experience
Are You Ready To Increase Your Sales And Grow Your Business With A Rewards Program?
ConversionMOXY is ready to help you! Why not start the conversation by calling us at 800-849-5642 for a free, no-obligation consultation? When we meet, we can demonstrate the enormous possibilities of using the best loyalty program software.