Implementing ways to align businesses that meet their goals can be a big challenge in the current pool of financial sectors. Therefore, it becomes the need of the hour to have the right loyalty strategies in place to increase customer retention for financial services to stay in the business.
It comes to a great advantage when building loyalty solutions that not only interest individual customers based on the rewards offered, but also encourages them to take specific actions that align with your business objective. Now the questions arise, what are the best methodologies to apply? How they are sustainable for the program’s growth?
To answer that, we have identified some of the best practices to follow in loyalty for financial sectors that goes well with your business strategies:
- Loyalty programs can be beneficial for businesses that provide a deeper sense of customer satisfaction, which increases customer lifetime value and retention rates amongst loyal customers.
- Increase customer engagement by rewarding your customers in various ways that encourage repeat interaction.
- Two types of actions you can choose to reward your customers: Transaction-based or Engagement-based loyalty.
- a) Transaction-based loyalty - Depends on transactional data like several purchases, types of purchases, or amount spent per transaction for rewarding your customers.
- b) Engagement-based loyalty - Is focused on rewarding customers for engaging with your brand.
- Understand your existing customer base with customizable dashboards and reports, which give you detailed insights into customer data for planning programs and promotions.
- Create a customer profile for each of your customers so that you can view history, reward balances, preferences, and more.
- Ensure your loyalty platform is PCI complaint that acts as a seal of trust for its secured and trustworthiness of payment transactions.
- Provision for customers to sign in and access their loyalty program data and rewards balances either online or through mobile web apps.
- Provide simplicity to improve customer experience and stand out from the crowd.
- Reward cardholders with points each time they use their payment card.
- Use gamification for engaging your customers, encourage your customers to write reviews and answer questions, reward them with points.
- Offer B2B, B2B2C, B2C loyalty platform.
- Integrate wallet in your platform for easier, quicker, and seamless payment.
- Keep your customer engaged in your loyalty program by offering gift cards, vouchers to your customers.
- Integrate chatbot in your system to solve your customer's queries online.
It all boils down to keeping your customers engaged with your loyalty program and gaining a keen insight into who they are, what are their needs, and delivering them with those.
At ClubClass, we design loyalty platform & solutions for businesses which offers ways for their customers to earn points. With our loyalty platform, you can gain insights into your dataset of customers to get the most useful information and utilize them to increase sales that result in improved customer experience, customer retention thus, driving real business results.