According to Harvard Business Review, even a 5% customer retention can profit a brand up to 95%. Brands are more indulged towards promoting customer retention and acquisition by investing more in developing Influencer Loyalty programs. Influencers are running the show for every business with a special blend of seasoned ability to stimulate the decision-making process. But before we jump onto how implementing an Influencer Loyalty program might help a brand, let’s understand what a Loyalty program is and how it works.
Deep dive into a Loyalty program
Companies sponsor’s loyalty programs that provide prizes, discounts, and other unique incentives to attract and keep consumers. They’re made to entice customers to return by rewarding them for their devotion to the shop or brand (hence the name). A customer’s incentives increase in proportion to how often and how much they spend with a business.
Specific influencers hold much more weight, even more than customers when it comes to purchasing factors. Also, purchases may be rewarded using an influencer loyalty program‘s incentive system, including a recognizable tiring structure for qualifying different members. A game-changer in these situations is connecting with the key influencers and rewarding them for their suggestions.
Let’s have a clear understanding of the purpose of the Influencer Loyalty Program and how it helps your brand:
- Existing influencers should be kept happy and committed to supporting your cause.
- Attract other influencers and cultivate a legion of front-rank influencers to help you achieve your goals.
- Create a separate channel for influencers and collect relevant data to aid in decision-making.
- Make use of influencers to reach out to an ever-growing client base of potential customers.
- Investigate novel approaches to rewarding behaviour and determine what works and what does not.
- Enlisting the help of influencers to promote it and pushing your business to stand out.
Benefits of Implementing Influencer Loyalty Program
Increased Customer Retention:
84 per cent of consumers believe they are more inclined to stay with a company that provides a loyalty program, and 66 per cent of customers think the opportunity to earn rewards has a positive impact on their purchasing decisions. One of the major perks of Implementing Influencer Loyalty Program is that it has an immediate and noticeable effect on client retention.
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Invest in Building Meaningful Relationships with Your Influencer Loyalty programs:
These are continuous initiatives in which your target audience is expected to engage and, in turn, will be rewarded for their participation. The above demonstrates that you appreciate them and that they are an important component of your success.
Boost Customer Lifetime Value (CLV or CLTV):
The net profit attributable to the real connection you maintain with a customer is referred to as the customer lifetime value (CLV or CLTV). It keeps track of how important a client is to you right now – as well as how much this continuing relationship is worth in the long run. The advantage of a customer loyalty program is that it provides information about a person’s purchasing patterns.
Gain a better understanding of your network :
Running a loyalty program will provide you with a cache of information about your network. When you collaborate with new influencers, you may find yourself linked to new audiences you didn’t know interested in your business. This will aid in developing more targeted and relevant marketing efforts and the development of client connections.
Repurpose Beautiful Content:
If there’s one thing that influencers know better than the rest of us, it’s how to produce visually appealing and engaging content.
Allow your consumers to produce visually appealing material that is reusable. It’s a win-win situation for everyone involved!