If you want to start your own business, you must first define what your market is and who your product or service is aimed at. To do this, you need to know what the needs of consumers are and what they want. Once you have this information, you can use it to create a loyalty program. Market research provides valuable information about customer tastes and what they want to find in their favorite brand.
Loyalty programs are designed to generate long-term profits, so you must have patience and most importantly perseverance, then you will see the results.
Loyalty programs, quite a catch
Gaining regular customers who identify with the brand is one of the goals we set ourselves when starting a business. Therefore, there are several ways to continue the trend thanks to loyalty programs.
market studies show that it is cheaper to keep a customer than to acquire a new one. Therefore, focus on treating well the ones you already have so that they are your best advertisement. Thanks to their comments, more people can reach your business idea.
The main idea of loyalty programs is to increase the need to buy our products, in return they receive an advantage that someone else does not have. To know what to give you can do market research and find out those needs.
“Consistency is key in loyalty programs”
Types of Loyalty Programs
The Gestiópolis portal divides loyalty programs into three:
These are the ones where customers benefit from special discounts, prices or a free product. For example, if your business is a food company, one way to increase customer loyalty is by not having to pay for groceries on their fifth visit of the month.
This is the most popular method among entrepreneurs or small businesses as it does not represent a cost but is of little use for gathering additional information about your customer such as email or birthday.
It refers to those who give their customers invitations to events your company is involved in. They may be tickets to a sporting event, e.g. B. a high-profile football match. Organize a cocktail or dinner just for your best customers.
Through a market study, you can segment your audience and see what they prefer to do to organize an activity.
It has to do with preferential attention when visiting your business to make your customer’s daily life easier.
Airlines use them to check in their passengers without long waiting times. In the case of a furniture business idea, the shipment can be immediate and does not have to wait several days. As well as streamline processes to enjoy using your product.
“Create accessible prices that customers find feasible”
scales to consider
A recommendation when creating a loyalty program is to have different scales depending on the consumption of your customers. The more you buy, the better your prices should be.
The Posadas Groupwhich has an alliance with various hotels throughout Spain, has different loyalty programs depending on the needs of its customers and presents them with a special offer based on them.
To do this, he had to carry out market studies in which his customers filled out various surveys and questionnaires and defined their strategy based on this data. On a smaller scale, you can do it in your business using simple forms to better understand your audience.
Are market studies useful?
One of the advantages that market studies give you is that they allow you to create a better loyalty program and seek alliances with other brands or companies derived from you to award prizes.
For example, if you have a company that specializes in diet products, you can form an alliance with a gym so that your customers receive special discounts on registration or on the monthly payment fee.
Loyalty programs have endless benefits, what you should be aware of is the time it takes you to apply them.
If you came here, you may also be interested in: