In today’s world of cut-throat competition, a real market leader is one who focuses on delivering best customer services. There is no doubt that a happy customer will always choose you over your competitors.
For this, nowadays almost every company is conducting Loyalty Programs for its customers. Their sole purpose is to retain their customers with their products & services for a longer period of time.
Nothing is more profitable asset for any business other than a Loyal Customer
A Loyal customer is one who purchases his choice of products from a particular firm only & does not prefer other firms products.
So, if you really want your business to grow for an indefinite period of time – keep on finding ways to improve your customer loyalty programs.
But before that, let us have a brief overview of loyalty Programs….
What are Loyalty Programs?
A loyalty Program is an incentive & reward program offered by a company to its regular customers. These rewards may be in the form of credit cards, gifts, coupons, offers, discounts, star points etc.
A rewarded customer is more motivated & encouraged to make repeat purchases from the same company. It not only boost up the sales of the company but also helps in establishing a long-term relationship between the company & its customers.
What is the Role of Analytics in the Loyalty Program?
OK, so now there will be a question in your mind that how can we exactly know who are our loyal customers, what are their needs, what type of services they like, whether my loyalty program will work or not etc etc….
For answer to all your questions, here comes the word “Analytics”
“Analytics” refers to a systematic evaluation of previous data’s & statistics to plan up the future needs of the business.
Yes, by taking the help of business analyst professionals you can easily collect complete data about those customers who usually prefer your products & can accordingly work to maintain your good relationship with them.
- Big data analytics will give you the real picture of your business growth. It highlights the patterns of market trends which will help you to take effective business decisions.
- You can find what your customer really wants, what are his taste & preferences, at what price level they are more engaged to your product
- You can also know which product category is more popular among your buyers.
- You can discover out what type of rewards, offers will more excite them.
So what are you thinking now? Start up your analysis work today itself & wrap it up with your best loyalty Program so that you may not tend to lose your valuable customers.
How Analytics May Boost up Your Business Growth?
“A Good Analytics is the Base Behind Future Prosperity”
Every businessman dreams of making his business touching new heights. This can be possible only when your business is completely customer-oriented rather than merely profit- oriented.
So, let us now discuss how these analytics data’s may help you to boost up your business growth.
- Hit up the Target market
Now, once you have done the analysis, you are completely aware that which group of customers are more engaged with your product.
So, your next task is to target on those customers. Impress them with different lucrative offers & gifts so that they do not see any other competitors product.
- Focus on Customer Retention
Customer retention is the only sole reason behind going concern concept of any growing business.
Try more & more to retain your customers for a longer period of time & this can be done through proper analysis of their wants & desires. So, analysts are required to keep on measuring the customer retention rates & reward them with different exciting offers.
- Analyse trending tastes & Preferences of your customers
Taste & preferences of customers keep on changing with changing fashion & trends. An outdated product will never ever give you the best results.
Therefore, in order to remain stand at number 1 position on customers list, keep your business updated with trending products & services.
- Measure up their satisfaction level
This point is very very crucial !!…. A satisfied customer can only become your permanent buyer. Always focus on satisfying your customers with your products.
Take proper feed backs from the customers whether they were satisfied with your product or not. Try to give them well after sale services. It will surely help you to establish your brand.
- Use Social Media Tools
Last but not least- “Social Media tools”. Yes, Today world is completely boring without social media.
Platforms like Facebook, Twitter, Instagram are proven to be the best place for the business tycoons to promote their product among the wide variety of audience. Through these resources, you can easily analyze rates & stars given by customers to your product.
You can create questionnaires for your customers asking them about their liking & disliking. It will help you to figure out what type of rewards & offers will be more attractable to them.
OK, so now take my words- If you honestly follow all the above steps, I promise, you will never have any confusion regarding the best implementation of your loyalty program & you will always be ready to enrich your customers with bumper offers……sounds so good right !!
So, now I think you are completely aware of these analytics & their role in customer loyalty Programs.
Customers are the heart core of any business. Remember! More they are happy, more progressive your business will be.
Keep on updating your products & services. Try to establish good communication with them. Do complete research before implementing your Loyalty Programs. See, how much your rewards & offers are boosting up your sales. Keep a reasonable price rate as convenient to them.
So, don’t wait for your competitors doing this. Make your analysis now & benefit your customer.
Be a Market Leader rather than Market Follower