Types of Customer Loyalty Programs
There are 3 main types of CUSTOMER LOYALTY PROGRAMS. 1. Frequency Loyalty Program 2. Earn Points & Exchange for Rewards 3. Cash Back Loyalty Program
Lets Go Through Them One by One…
Frequency Loyalty Program üThis loyalty rewards program encourages the customers to buy more. üFor example: If a customer has bought 4 items then he gets the 5th one free. üTherefore by rewarding the customer on the 5th purchase this loyalty scheme helps increase sales. Loyalty rewards programs
Frequency Loyalty Program PROS: oThis is the simplest type of customer loyalty programme. o It is easy and cost effective to set up this customer rewards program. o It allows businesses to set up tiers to reward increase in levels of purchase behavior. customer loyalty programme
Frequency Loyalty Program CONS: oThe Downside of this customer loyalty program is that its too simple. o Its simplicity does not allow companies to collect customer information. o You lose valuable data which can otherwise be used in further marketing efforts. customer loyalty program
Earn Points To Get Rewards üIn this type of customer rewards program customers earn points on each purchase. üThese points can then be exchanged for rewards. üRewards can be weekend getaways, movie tickets, spa etc.
Customer rewards programs
Earn Points To Get Rewards PROS: o It’s a simple process for customer to understand, set up and follow. o Once rewarded customers remember their rewards for a long time which encourages them to stay loyal to your products and services. Rewards programs
Earn Points To Get Rewards CONS: oThis customer loyalty program needs a careful system to track points correctly. o Since there is no instant gratification for customers, they could lose interest in the programme and abandon it. o Customers constantly need to be reminded of the points they have earned.
customer loyalty program
Cash Back Loyalty Program ĂźIn this type of Rewards Programme, your customers will earn money after crossing a certain spend limit. ĂźThey can then spend this earned cash on their future purchases.
best reward programme
Cash Back Loyalty Program PROS: o It is a simple system to set up and follow. o Customers love the idea of earning money by spending money which encourages them to come to you more frequently.
Loyalty Programme
Cash Back Loyalty Program CONS: o You may not be able to attract customers in low spending category using this type of Loyalty Program. o It may not be suitable for businesses where the customers have no need to frequent your store.
o There are many different types of customer loyalty programs. o We just discussed 3 basic types in brief. o Hope this was helpful and gave you a better idea about loyalty programs & their Benefits.
About GK Value Reward Customer Loyalty Programme Jamaica GraceKennedy Value Rewards programme has partnered with numerous brands and businesses to create exciting reward packages ranging from entertainment and personal care services to gifts and special discounts. Customers have the freedom to choose the reward they desire based on the points they've earned.GKVR participating subsidiaries, Hi-Lo, GK General Insurance, First Global Bank, Bill Express and FX Trader.
GRACEKENNEDY Value Reward Program NOT a Member YET??? Sign up for rewards – For Free!!! For More Information: Call Us At: 1-888-429-5458 Write To Us At: gkvaluerewards@gkco.com Website: https://www.gkvaluerewards.com