“A 5% increase in costs to reward customers can grow your revenue exponentially.” Any business looking to multiply their growth will find this statement scattered around the internet. The idea of maintaining a long term bond with customers to get more business out of them has rapidly gained traction in all industries, and a real estate loyalty program is a potent example.
But judging the efficacy of loyalty programs by reading up articles on the internet is not the best idea for a developer, and there are a few simple reasons for it.
Firstly, the idea of loyalty is still in its nascent stages in real estate. Most homebuyers are not going to purchase property after property; in India, it is mostly a one-time thing.
Finally, Indian homebuyers or customers are vastly different from those of the west – and most loyalty program articles are based on stats from the other side of the planet. Here, value and not brand holds the reigns to the success of a loyalty platform.
So, how can you give your real estate loyalty program the edge it needs to form long term bonds and make your customers the brand ambassadors for your company?
Let’s take a look:
Start with incentives to show your care
Most retail loyalty programs are based on incentivizing the next purchase. However, real estate loyalty programs cannot follow this principle, simply because of the massive ticket size involved. Only niche audiences have the capital resources to upsell or invest in another property.
Therefore, as a developer, if you want to give your loyalty program an edge, you have to incentivize your homebuyers for being a part of your clan. Design free events for them to participate and pamper them with deals and discounts to show your care for your residents.
This will help them better connect to you, and in time, make them your very own brand ambassadors.
Be generous to your channel partners
Loyalty programs are designed to open up revenue streams, and in real estate, channel partners make for half of it. Thus, if you want a 360-degree loyalty program for your developer brand, you must have specific incentive plans for channel partners as well.
Giving your channel partners a higher percentage of earnings based on their performance will ensure more focus on your properties.
Make loyalty easy to use
Loyalty programs are great – but they often come with a lot of logistic problems. The best way to deal with them at once is to go digital; harness the power of technology to bring the world of incentives at their fingertips.
Designing a loyalty program that is hassle-free, easy to use, and in mobile application format is the simplest way to engage your audience and create a lasting relationship. With the use of pre-fed information, an automated loyalty app would do wonders for your residents and channel partners.
These are just some of the ways in which you can give your loyalty program a 360-degree edge. Want to find out more about how you can go about it? Get in touch with Loyalie and explore a variety of loyalty program options made specifically for the real estate industry!