Unlock loyalty program benefits that won't break the bank
Discounts are the most popular loyalty program benefits. Unfortunately, it is difficult to finance an attractive discount policy with worsening economic conditions. Points, free shipping, members-only events, birthday gifts, etc., are great tools to boost consumer loyalty, but a hefty price tag is attached to them.
So here is a list of loyalty program benefits that will cost you (almost) nothing except implementation costs. They are perfect for boosting identification, engagement, data acquisition and sales!
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Virtual receipt: purchase history
As a loyalty program member, you can access your purchase history in the digital app or online website profile.
Customers like to keep track of their spending, especially for more expensive products or durable goods. Members will appreciate that you will keep all their bills in one place, just in case. It’s a more common service in retail, so if you lag behind, you should hurry. And what’s more, you’ll do something good for the planet.
Virtual receipt: product returns
As a loyalty program member, you can return or exchange the product without keeping the original paper receipt.
Once you’re storing a complete purchase history of your members, you can make a little step forward. In fiscal countries is quite tricky, but nothing that should stop you from doing so. You will solve consumers’ problems (paper receipts have this miracle tendency to be thrown out) and your problems (having everything in one system, on and offline transactions will speed up the customer service processes).
Extended product return policy
As a loyalty program member, you have xx more days to change your mind and return the product.
Extra 10 or 20 days won’t impact returns costs. It’s in the consumer’s interest to return the unwanted product as early as possible. Getting the money back is a strong enough motivation to avoid procrastination. And you’ll create the feeling that the brand trusts me as a member giving me more time to change my mind.
Liberal return policy
As a loyalty program member, you can return all products free of charge.
Many companies decided to charge consumers for this service. It’s hard to negotiate with it. But once you change it from free to paid, you can still compensate it with a free-of-charge option.
As a club member, you always have the lowest price. If we reduce the price of a purchased product within xx days, we will refund you the difference.
Deals and slashed prices are everywhere. And as inflation is surging, consumers prefer to think that the best moment to spend their money is now. Tomorrow it can only get more expensive. To keep that confidence and motivation to purchase, you can promise your members that you will pay back the difference if you reduce the purchased product price (valid for xx weeks).
Easier access to the services / member number as a customer ID
As a club member, you have simplified access to services (e.g. customer financing or delivery)
Showing your members that you know them and that this knowledge can make their lives easier creates value. After all, there’s nothing more frustrating for consumers than providing you with the same data over and over again. So giving them easier access with pre-filled forms and a one-click solution for delivery (or other services) will be perceived as a benefit.
Personalisation of customer/member profile
As a club member, you can personalise your online profile.
Sound cheese? So imagine that you run a pet shop. Wouldn’t it be attractive for your members to customise it by adding the sub-profile of their pet? People have an emotional relationship with their hobbies, favourite sports or car. If you’re one of the brands that sell products in these categories, it could be something for you. It will be good fun for your members and a wealth of data for you.
Early access to product launches
As a club member, you have priority access to collections and new products.
New collections and product launches are natural magnets to your brands. Mainly when limited to low volumes. You can make your members feel special by giving them privileged access to a limited collection for a couple of hours or a day before the sales open for the “regulars”. They will reciprocate with a nice-looking queue of engaged people in front of your store and fantastic Instagram coverage of the event.
Extra discounts during the sales or for discontinued products
As a member, you will get an xx% extra discount from the last price on the label.
If people love discounts, how would they feel about extra discounts for already reduced prices? Many will go mad. At the same time, you can easily include it in your pricing strategy and amortise this special markdown within the existing price investment cost. Your members will love this extra bonus, hunting for the best deals during seasonal sales and helping to clear your warehouses faster to make space for new collections.
10. Gift Registry
As a member, you can create a wishlist and share it with family and friends
It can be for weddings, birthdays or International Fireman Day. Whatever works better for you. As your member has created a wish list, your role is to administrate it by removing items from the list as they are purchased. But it’s also an excellent opportunity to engage with all these people, personalise the list landing page and collect new members.