Let us focus on a few top brands that highlight how the reward system helps them build, grow, and engage with communities.
In the next decade of brand wars, there are only two choices for the owners. Either to lose their valuable customers to the competitors or to invest in something which a customer loves.
What is brand loyalty?
In a survey, when the set of customers were asked to explain what brand loyalty program suits them, the answers were as follows:
Repeat purchasing (67.8%), preference despite high price (37.7%), and love for the brand (39.5%).
With the explanation, about 37% of shoppers stated that they would spend on products if they stay loyal to the respective brand, even after analyzing low prices with the competitor. Additionally, most brand lovers (approx 60%) are likely to recommend their family and friends to be loyal. Ultimately, this results in increasing the community of loyal customers for the brand.
Ultimately, a loyalty program highlights three different aspects:
1. Quality or Convenience (Functional)
2. Good value for money (Transactional)
3. love it (Emotional)
Let us talk about a few brands which have the best in the class reward system.
Delta Airline is one of the largest airlines around the world. It operates hubs at different US locations like Boston, Atlanta, Detroit, Cincinnati, Salt Lake City, Los Angeles, Minneapolis – St. Paul, and Seattle – Tacoma. Additionally, it has more than 25 international airline partners.
The frequent flyer program at Delta makes use of currency called SkyMiles. This makes it stand unique as one of the most valuable rewards based on per mile of any US carrier. The industry standard stands at 1 percent for a mile.
One of the easiest ways to earn miles is to fly Delta and its partner airlines. Compared with other service providers, the flyer program lets you earn miles that have a lifelong expiry.
- Earning Delta Skymiles through partners. (Loyalty Program)
- Hotels and Airbnb
- Auto Rentals
With the help of a loyalty program, An individual also grabs the chance to be a part of the Delta SkyMiles program for free of cost. However, to shift from primary to being an elite customer where all the real perks are available, customers frequently need to fly with the airline.
On the other hand, Extra miles can also be earned when the customer uses Delta Credit Cards to pay for the services they utilized.
With each passing day, Facebook Streaming is gaining new heights. Therefore, Facebook has launched out a unique feature that lets users monetize their streams. Viewers can purchase stars and pass them to the streamers.
Additionally, fans can also send virtual or animated gifts attached to different star amounts, which will be showcased in their streams.
The most unique and mesmerizing aspect of this concept is that for every star user receives, Facebook will pay an extra amount of $.01. Facebook offers a perfect platform for content providers to process donations from viewers.
Ultimately, this lets the streamer stay connected and happy with the platform offerings. On the other hand, the viewers keep on visiting facebook frequently to check out the content of their needs. In simple words, donations and rewards platforms work drastically for the particular brand in their field.
Easy withdrawals to the bank account
Multiple rewards for content providers.
One of the most notable international brands, “Nike,” has never been apart from managing its customers’ loyalty. They are always on the verge of offering the best for and to the customer.
With some simple reward program offers like birthday promos, Nike follows the unique concept of delivering reward points.
With the Nike Membership program, the customers find themself connected with the exclusive range of gears and shoes, athlete stories, events, and the training programs that support them to work out at their potential. Everything comes along with the Nike Membership program. The most valuable part is, ‘Membership is free,’ and rewards are available for the customers as soon as they sign up.
Features of a reward program
A Membership program that is free and is bundled with exclusive benefits as well as offers.
Continuous creativity and innovation with the customer loyalty program.
Additional rewards for interaction with brand apps and events participation
As part of a community growth tool, an individual may use memberships as well as loyalty.
Reward Program is an additional benefit that a customer might utilize while interacting with the brand differently. Reward programs have their importance in the eyes of the brand as well as the customers. You need to reward customers at different stages and earn their respect that generates more sales for you. The program must be designed with clear-cut goals. You must give a strong reason to create a loyalty program for your brand. It will surely align your business expectations with sure-shot proven results. It also will give you real-time data with audience behavior which will help indirectly in your sales.
Therefore, make a wise decision by choosing the right brand that fulfills all your needs and be a happy customer of the innovative brand. If you are willing to build a loyalty program for your brand, please feel free to contact LoyaltyXpert.