Why hire a Loyalty Consultant
Creating customer loyalty is a must for businesses to increase their buyer’s engagement toward a service or product offering. Still, first, you have to gain deep knowledge about customer purchasing behavior and likeness toward any brand.
Offering your customer with the best benefits may return you to a loyal individual who later will be an asset because having one loyal customer is better than the 100 window-shoppers , so it is necessary to do a strong analysis of your customers consider them the lifeblood of your brand.
Have you ever thought! Why do businesses hire a loyalty consultant for their brand? What are its benefits, and how can it return followers to a business?
Many people think that hiring a loyalty consultant for business is an extra expense; no, this is not true. On the contrary, it is becoming an important factor for brands to connect with customers as it helps build relationships with users as a solid rock. It also shows a boom in its revenue with an increased number of customers.
Let me explain! It is necessary to have a loyalty consultation service for your brand to make consumers loyal customers.
Loyalty consultation is the process of retaining your customer’s trust and belief by offering them the best quality services to gain their constant support; rewarding your customers with additional benefits will make you stand out among your competitors.
Knowing your customer and competitor is a win-win situation. You can easily target your customer accurately and gain beneficial outcomes for your brand. If you want to understand how loyalty consultants benefit the business, then look at my article quickly.
Benefits of loyalty program consultation:
Leveraging customer loyalty is necessary for every business to strive and thrive against strong competition because most brands use this service to increase their brand resonance.
So let’s dive into the benefits of loyalty consultants and how they are helpful for any business to grow and succeed.
- Creating Brand Identity and Recognition.
- Boost Profits & Attracts New Customers.
- Building Brand Advocates.
Creating Brand Identity and Recognition:
Customer loyalty impacts all the essential aspects of a brand by involving positive attributes in business growth. Therefore, if you offer specific benefits to your customer that add value to their purchase, they will surely identify your brand through such gain.
Brand recognition involves customer interest toward your offering; you must add benefits like offering your customer loyalty points, registering free in a loyalty program, or some discount on the first purchase or after purchase.
These offers will be saved in consumers’ minds as said, “First impression is the last impression,” so using loyalty program services needs to add extra value to your customer’s benefits.
Boost Profits and Attract New Customers:
Loyalty programs benefit a customer and give value to a brand as research conducted by (Frederick Reichheld of Bain & Company) states that retaining a loyal customer by a 5% retention rate may profit your business by 25%-95%.
It seems true because if you are gaining customers through a loyalty program, it will automatically increase the share of the wallet of a business; the more the purchaser spends, the more the earnings.
Try to offer your customers unique benefits on each visit. It may connect the customer strongly with your brand.
Building Brand Advocates:
Retaining customers and making them a brand advocate is not as simple as it looks; it is a hierarchical procedure that must be followed to gain a customer as a brand advocate.
Firstly, make your customer aware of your brand, then engage them by introducing the benefits of your loyalty program; after their action, offer them an advantage that will help your customer consider you again; if the process doesn’t work, follow these steps again.
When you make a loyal customer, it will generate positive word of mouth for your brand, gaining more customers and more brand advocates.
You can implement several strategies in your benefits to tie your customers truly with your brand.
- Premium loyalty Cards.
- Discount coupons.
- Gift vouchers.
- Surprise rewards.
- Offering Future Purchase Incentives.
Before ending this article, I would like to share some information about industry leaders who give their best to engage customers through their loyalty program because they know how to hit the suitable rock to extract loyal customers through a realistic approach.
Top 4 Loyalty Consultants:
- L.E.K. Consultant.
- Bain & Company.
- Loyalty Levers.
L.E.K. Consulting is an international consulting firm that helps its clients achieve a goal practically with beneficial effects. First, they follow a structural analysis of the firm through its information and plans; then, they try to improve its performance and create more shareholders’ revenue.
They have spent many years handling the different challenges and providing unique solutions that are beneficial for their firm and its customers, which helped them gain great results in the form of loyal customers.
Bain & Company:
Bain & Dean is a global consultancy firm that helps daydreamers discover their future with perfect strategy and a structural framework. We try to work with our clients as one unit with a shared ambition to achieve remarkable results, which helps us outperform in a competitive market.
Our primary focus is to analyze our customers’ pain and provide them with the best structure to help them sustain themselves among their competitors. We offer our clients cost-effective strategies, greater customer retention plans, and many more, which allow them to stay for a long time in a business.
Comarch has worked globally in customer experience and loyalty programs with high-end technology to hit clients’ loyalty.
They offer various kinds of loyalty benefits like points on purchase, price reductions, discount coupons and more, which can help in increasing firm revenue. It also allows businesses timely discover the area where they need to attach promotions and attract clients.
Loyalty levers have worked as a loyalty consultants between consumers and organizations for the last two decades. Their main goal is to transform a loyalty program’s performance effectively; they perform deep analysis of the techniques necessary to design a structural layout of a loyalty program.
They design their loyalty program accordingly later, which helps them in the future to recognize the value proposition and benefits attached to it for gaining a loyal customer.