Types Of Loyalty Programs
A loyalty program is a type of marketing strategy that incentivizes customers or clients for their loyalty to the brand and encourages them for their next purchase. Here are some common types of loyalty programs that you should know about. A loyalty program is a very essential thing for every business these days that everyone should know
Points-based loyalty program
Point point-based loyalty program is a type of common program that provides points to the influencer or the customer for every purchase of a product/service. Once they point to a stage of redemption, they can redeem for free products, exclusive experiences, discounts, etc.
Tiered programs
A customer’s degree of engagement or spending determines which tier they move up through. Better benefits and incentives are often found at higher tiers
Cashback Programs
Customers receive some points or percentage of their purchase value back as store credit, wallet credit, or store credit.
Punch Cards
Customers receive a punch or stamp for every visit or purchase, earning a reward after reaching a certain number of stamps.
Membership Programs
Customers pay a fee to join the program organized for loyalty and unlock the access to benefits that are exclusively available like early access to sales, free shipping, or personalized services.
Referral Programs
Customers are rewarded for referring family and friends to the business, often receiving credits or discounts for successful referrals.
Gamification Programs
Loyalty programs incorporate elements of gamification like the play wheel, challenges, badges, and competition to engage the customers to make rewards for fun. This helps to increase the loyalty of customers with the brand.
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