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It's one of the best way to retain your customers with having a very less risk of loosing them.
it also helps us to find how regular the customer visits us or how frequently buy our products or services.
The majoy benefit of a structured Customer Loyalty program encourages customers to continue to shop at or use the services of the business linked to the program. The major aim is to make more money with more patronage of your services with customers that know and trust your products and brand.
Measurement: There are several ways by which you can do this but i will be talking about three of them which are easy and straight to handle.
We have the NPS(Net promoters score); This is the method of using your existing Customer to refer your product or service to a friend. It is easy to apply by creating a means by which the customer can indicte this answer. We have the Detractors who is not willing to tell anyone about your product, The Passive Customers who are in between neither a detractor or a Promoter. Promoters these are your loyal fans and they will introduce your product to one or more. There is a range for identifying these. 0-6(Detractors),7-8(Passive) and 9-10(Promoters). This will also make have a plan to work on Passive and Detractors(if need be). While you continue working on your Loyal Customers.
Repurchase Ration: This measure the ratio of repeasted purchases over time. A purchase is the closing of a commercial transaction. So you can identify the customers that always visit your shop or use your services.
Upselling Ratio: This is similar to the repurchase rationonly that it deals with Customers who have bought more than type of product divided by customers who have bought only one type of product.
I have this answers your question.
· * Benefits of Customer Satisfaction & Loyalty Program, Can be summarized in the Continuity & Sustainability between the Organization And The Customers (more over by: Exceeding Their Expectations), that will lead to better Long Lasting Relationship & better Business Numbers (In terms of Market Share).
· * We can measure its Positive Outcomes; Through many Research Surveys designed for this purpose & also it provides (SAP – Specialized Action Plan) to cover All The Gapes & turn All Points Of Weakness to Points of Strength.
Just adding , loyalty program will urge customers to have utilize their full potentialities to achieve their target and help the supplier to achieve their target through getting high turnover in sales
It depends on each type of loyalty program that a company uses. But the main purpose of it is cultivating loyalty of customers and easier tracking of customer history with the company! Meaning you can forecast future demand based on previous purchases and track down the high spenders. Then using all this info for constant follow up on products offered. This way being able to find the right customers for each of your product. Plus to this, similar programs allow customers to share their feedbacks about service/product offered, suggestions which are great tools for improving the future offer in future and as well considerably improve customer experience! Mystery Shopper is very little relevant compared to it!
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