Loyalty programs have taken on greater urgency with shoppers managing the impacts of inflation. According to a global study by Dynata (2022), 60% of US adults feel less loyal and attached to preferred brands and companies – even services they’ve been giving business to for years aren’t exempt. This is due to rising prices, supply chain issues, and fierce competition.

Even before the 40-year inflation highs started affecting purchasing decisions, loyalty from consumers was on the decline. Over the last few years, supply chain issues have made consumers more willing to switch from their tried-and-true companies, brands, and retailers, valuing consistency and pricing over their previous loyalty. In 2022 and beyond, price considerations have led consumers to trade down for less-expensive alternatives to their preferred brands.

In these cases, loyalty programs can provide consumers with a lifeline, offering tangible value to support them in making their money go a little further while also incorporating “surprise and delight” elements to deepen their engagement and overall emotional bonds. It costs 5 times more to acquire new customers than to retain an existing one. Loyalty programs and reward cards are innovative ways to build customer relationships, increase revenue, and inspire loyalty.

There are three major things to remember when considering your loyalty program and what you can bring to the table. These are: 

Every Consumer Holds Potential For Your Brand – One customer may visit your business regularly, while another might be sporadic with a bigger budget. Another customer else may spend very little but will refer all of their friends. Whatever their engagement level with your brand, each customer brings their potential to your future relationship.

Every Customer Wants Additional Value From Your Brand – Whether rational or emotional, the value you bring to the customer matters. Rational drivers include savings, perks, and benefits. Emotional drivers are things like compassion, exclusivity, excitement, and recognition. Every consumer needs something different but will need both to retain brand loyalty.

Your Loyalty Program Should Facilitate this Exchange – Personalizing your Loyalty Program at scale means increasing your sales, retention, and advocacy. Ideally, consumers will be able to fulfill their emotional and rational needs through offers and experiences.

67% of consumers who frequently buy from the same brand say they aren’t necessarily loyal to that company (Wise Marketer, 2022) – in fact, it’s often more habit than actual brand loyalty. This happens because brands often equate loyalty with an attractive point program or cashback offers. Instead, they should focus on creating emotional connections with personal experiences that push beyond the reward and making programs that better suit the needs and lifestyle of their audience. 

See Also: 10 Mistakes That Could Be RUINING Your Customer Loyalty

Mobile Apps & Emerging Technology

Putting your mobile app in the palm of your customers’ hands will do half the work for you. Not everyone has a mobile app, but virtually every small business could use one to their benefit. In the pool and spa industry, you’re no stranger to competition. Why let your competitors wedge their way between you and your customers?

Our private label app is built for you—for the pool and spa industry. It can help you better connect with your customers, and become their end-all-be-all source. It cuts the traditional costs of building an app down, as our team does all the hard work. This app is tested, branded, and ready for your team to roll out. While it covers a traditional loyalty program, it’s also so much more – eCommerce, service forms, maps, contact, and more. If this sounds like something you might want – or you want to know more, schedule a consultation today. We’re ready to help you roll this out to your market today—you just need to make that call.

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