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One of the biggest concerns we hear merchants talk about is time. Put simply, nobody has enough of it and it can be stressful to add new tactics and technologies to the mix. If you’re concerned that you won’t have the time to manage an effective loyalty program, then keep reading. Here are our top tips on balancing the minutes you invest with getting the most out of a loyalty program.
One of the most important things a loyalty program does, is to help you stay connected to your customers in between purchases. However, unlike most marketing campaigns, loyalty emails can often look after themselves.
Emails like welcome sequences, points balance updates and reward available reminders typically have far higher open and click through rates than other marketing emails, as they are more personalized and individual. However, they can also be fully automated so you can set them up, and then leave them to run in the background until you have more time to tweak them.
Check out our email help docs for more inspiration.
One of the key reasons that you don’t have time to focus on retention could be because you’re facing lofty acquisition targets. However, if you made your customers a larger part of your marketing then they might be able to do some of that acquisition work for you.
By incentivizing customers to leave reviews and refer friends and family, you can drive more qualified traffic to your site that is more likely to convert. Referred customers typically have a higher lifetime value too. Offering customers points in return for their advocacy can help you to acquire more customers, more cost-effectively, with very little effort. That means in turn, you will have more time to focus on your loyalty program.
One of the best ways to manage your loyalty program when you don’t have much time, is to work it into your other marketing initiatives. Rather than a standalone activity, it can be used to add power and weight to things you’re already investing time and effort into.
For example, if your primary focus is social media, then consider how you can build your following and engagement further by incentivizing social activity with loyalty points. Similarly, if your day job centers around customer service, then look at how you can empower your reps to use loyalty points in order to turn negative customer conversations around.
See how LoyaltyLion’s integrations can save you time and connect your activities.
Finally, we all know how easy it is to go down a rabbit warren when it comes to reporting on the success of new marketing initiatives. To save yourself time, pick one or two metrics that really matter and stay close to those.
For example, in an ideal world you might keep a super close eye on everything, from the number of points earned and redeemed, to the number of referrals made. However, in reality you may not have time to look at everything.
Pick the metrics that matter most to your loyalty strategy today. Early on, that might be the number of members you have, and how their average order value compares to non-members. This will help you to understand if your program is growing, and if it is adding intrinsic value. As you develop your program, you may adapt this to how many at-risk customers you have, and how customer lifetime value is increasing. By focusing on one or two metrics rather than trying to report on everything, you will be able to monitor the success of your program quickly and easily. You’ll also find it easier to know when changes need to be implemented.
Our team are available online if you need to chat through your retention strategy, or compare notes on where to prioritize your time.