Independent Businesses- Loyalty Programs and Referrals: Where does your business fit?

Posted on Posted in Marketing

 

Loyalty Programs

Independent businesses can range anywhere from direct selling multilevel programs to retail stores to door to door selling. Depending upon the nature of the business and the defined targets by the owners, growth and sales can either happen within the set time limits or exceed it.

Apart from traditional and digital marketing, there are many initiatives owners can employ to accelerate their growth. Loyalty and referral programs are one such area that should be of interest to such businesses. There are innumerable benefits of such schemes as they engage the customers to the optimum level thereby increasing sales as well as loyalty to the brand. Lets us look at some of the benefits of loyalty programs that can help independent businesses grow at a faster rate.

 

 

Loyalty Programs Engage Customers to Bring In More Sales

Assuming the customer base of such businesses can be numerized without much error, such businesses need more sales on a regular basis. To achieve this, specially curated loyalty programs must be employed to engage the customers regularly. If the customers can reach the targets and get rewarded they are bound to be the loyal to the company products as they are getting more value for their investment along with the excitement of winning rewards.

Loyalty Programs

 

Data Analysis and Tracking

Digital Loyalty programs can help you gain precise data of your customer purchase patterns. This information can be further used to curate special offers and rewards. Also digital loyalty programs are easy to run and track as you can do everything from one platform or dashboard. One can also utilize the extra feedback that comes directly from the customers as enabled by the digital loyalty applications. (Click here to read the advantages of digital loyalty programs)

 

Referrals

Referrals are the actual working mechanism of independent businesses since they do not depend exclusively on traditional marketing or have high budgets for it. Usually one person refers the product or service to another and hence the network grows. Digital Loyalty programs usually come with referral services which the present customers can use for referrals and get rewarded. This in turn creates a combined chain effect which if leveraged properly can grow sales to a huge extent in a very short amount of time. Many online businesses have leveraged referrals.  For instance, Uber has grown leaps and bounds with the usage of referral programs where they gave generous ride cash credits to the referrers as well as referees.

 

Word of Mouth Marketing

Here is where the strength of loyalty and referrals is demonstrated. Customers who have availed the offers and have won something in return are definitely guaranteed to talk to their close ones in friends and family. Since we as people are influenced a lot by them, we tend to trust their references and are bound to make a similar choice of service or product for the added benefits.

 

Organic Online Marketing

Every entrepreneur knows the power of digital marketing. Paid advertisements reach people but if it is not combined with organic social proof and customer created content it does not create a credible impression. As an after effect of good offers and loyalty schemes, customers are bound to communicate or post about the services and the products online, thus increasing organic engagement. This helps other people trust your brand more and helps you get an extra edge over your competitors.

 

Flexibility In Loyalty Programs

If the digital method of loyalty schemes are followed many changes can be made in the already running programs, a benefit unavailable in the traditional ones. Also new marketing schemes can be run directly through the loyalty application.

 

We at Loyalie firmly believe that we can help you with your business extensively if you utilize our digital loyalty services. If you are curious to know more, click here to request a quick demo.

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