Repeat business is essential for a small business to attain success. Even a mere 5 per cent boost in customer loyalty can result in as high as a 95 per cent return in the form of greater profits. It leaves local small business owners with a pressing question: How do they actually trigger customers to come back? In this competitive market, it’s essential to find creative ways to engage your current customers while attracting new ones. For instance, a local rewards program has gained massive popularity. A local rewards app allows your customers to sign up and enjoy tailored rewards, gift cards, and discounts for supporting local businesses and sharing about it with their acquaintances. Keep reading to find out more about a local rewards program.
How Do Local Rewards Work?
Local rewards is a nationwide program that links local businesses, customers, and places through transactions, social media, and chat. Through a local rewards app, people can earn rewards simply when they go out of town. When they visit various places in their town, they receive knowledge about the specific store they are in and also about the nearby stores. As they near a participating location, they gather Sound Points that they can exchange in return for gift cards.
App users get rewards according to their support to local businesses. So, whether they are just answering survey questions or stopping by to look around, they have a chance to earn.
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People can also share store information and offers with their family and friends.
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In return for it, they are awarded more Sound Points. After they get a specific number of points, they can redeem them for gift cards.
Purpose of a Local Loyalty Reward Program
These programs have two primary functions. They reward customers for their regular patronage. They also give the issuing organization a vast amount of data about consumers. Although businesses can assess anonymous purchases through a local loyalty reward program, they can get many extra details on the kind of products that may be bought together and if specific incentives are more powerful than others.
Such programs mainly apply to high-volume businesses that flourish on return customers. It’s a fact that amassing new customers is more costly than selling products to existing ones. Thus, the prospect of developing a loyal following is crucial to adding value. When such a program is appropriately executed, repeat customers automatically help recruit newer ones at a cost that’s significantly less than conventional or traditional marketing approaches. When these programs get incorporated into the daily routine of customers, they forge genuine brand loyalty. Most customers get steadily invested in the program. They will always favour a specific hotel, restaurant, or store because of the points or rewards they will receive or have received through the loyalty program.
Major Loyalty Rewards Program Models for Small Businesses
Such a program motivates people to involve in a business transaction with an organization by giving them freebies or special offers for their extended engagement. Three models are extensively used.
- Get points for purchase – In this model, customers get a particular amount of points for every dollar they spend. They can redeem the points they get to get freebies or promotions on services or products.
- Tiered programs – People get incentives to move up on the level of activity or commitment to get more valuable rewards.
- VIP programs – Such models provide members-only benefits when customers reach a specific frequency of visits or choose paid annual or monthly membership costs.
Local rewards programs indeed prove to be valuable to local and small businesses. It helps them gain invaluable customer data and gain their loyalty which is profitable in the long run.
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