5 Reasons to Set Up a Loyalty Program for Your Outdoor Brand
No matter what your product or service is, outdoor companies face a ton of competition within the industry. As an outdoor brand, it is essential to find ways to keep your customers engaged and build brand loyalty among your competitors. Loyal customers do not just care about a great product but also how the brand engages with them and rewards them for this loyalty. Building loyal customers also encourages repeat purchases and referrals to friends and family. One of the best ways to reward your customers and build loyalty is by setting up a loyalty program.
Loyalty programs have tons of benefits for your brand and your customers. According to Invesp, 76% of consumers think that loyalty programs are a part of their relationship with brands, 50% of consumers will change their purchasing behavior to reach a higher tier within a loyalty program, and 64% of retailers believer their loyalty program is one of the best ways to stay connected with their customers. Building a customer loyalty program is a mutually beneficial way to build brand loyalty, grow your brand, and create a community while rewarding your customers for sticking around.
“76% of consumers think that loyalty programs are a part of their relationship with brands, 50% of consumers will change their purchasing behavior to reach a higher tier within a loyalty program, and 64% of retailers believer their loyalty program is one of the best ways to stay connected with their customers.”Invespcro.com
Still not convinced? Here are 5 reasons why you should consider setting up a loyalty program:
1) Increased Repeat Business
Brands who have loyalty programs tend to have increased repeat business because their customers are being rewarded for their purchases. Offering incentives such as free or discounted products, exclusive access, and special offers will encourage customers to continue to shop your brand rather than shopping around for the best deal.
2) Enhanced Customer Retention
Customers who feel valued tend to stick around and continue to do business with your brand. Although your brand may always want to be growing and gaining new customers, customer retention is just as important, if not more. As your brand continues to have increased repeat business, your customer retention is also going to increase making a group of brand loyal customers. Loyal customers often refer their friends and grow your brand through word of mouth marketing. Since this is part of customer retention, we suggest also setting up a referral program to go along with your loyalty program to continue to incentivize and reward your customers.
3) Improved Customer Engagement
When you create a loyalty program, you have the opportunity to create a new email segment consisting of your most loyal customers. We recommend creating one list consisting of all your loyalty members and additional separate lists if you have a tiered loyalty program. Segmenting your loyalty members will improve email engagement because these customers are typically seeking deals, exclusive offers, and other announcements. Being part of this segment is another incentive to join the loyalty program since they will receive exclusive emails as part of their membership.
4) Receive Better Reviews
One way we’ve seen brands give customers opportunities to receive more reward points is by rewarding them for leaving reviews. Think of it this way – your customers enjoy your products enough to join your loyalty program so they will enjoy it enough to leave a positive review. Positive reviews help attract new customers, increase overall revenue, and convert prospective customers who need a little extra convincing. Overall, this will eventually lead to more loyal customers and members of your loyalty program.
5) Increased Revenue
By increasing repeat business, incentivizing your customers, and having valuable customer engagement, businesses can see a significant boost in revenue due to their loyalty program. Customers participating in the loyalty program often spend more to reach the next reward or become a part of a higher tier, leading to larger average order sizes.
Are you interested in setting up a loyalty program for your brand? Set up a consultation with us to discuss different plan options and get started on building yours today.