Some of you may have thought about having a Customer Loyalty Program, but were unsure about what it is exactly. You may have wondered about its value, practicality, or return. We want to explore this idea and encourage you to create a program of your own. Having a Customer Loyalty Program is a great way to help keep your clients happy and loyal in addition to standing out from your competitors. Furthermore, it can help you generate a steady flow of referrals from your client base. Let us explain further in this blog designed as a Frequently Asked Question list.
Also if you are a solopreneur you may like our blog on how to make your own referral program and reach success. Check it out here --> "How to Use A Referral Program As A Solopreneur For Success."
What is a Customer Loyalty Program?
Answer: A customer loyalty program, is a systematic approach to letting people know that you care. It is a tool for you to prove to people in your sphere that you should be their professional of choice in your respective field.
Most Customer Loyalty Programs in the Real Estate Sales Industry successfully rest on the top of the Four Pillars: Friends, Neighbors, Relatives or Past Clients. Most sellers use agents that were referred to them through a friend, neighbor, or relative. It logically follows that we should invest time, energy, and resources into people that are more likely to refer clients to us. Therefore, we will make more money while building and maintaining relationships that statistically speaking, will exact a return.
Is having such a program relevant for all businesses?
A: We would argue that yes it is. Specifically, it is especially relevant for those service-oriented businesses which serve the Real Estate Industry. The National Association of Realtors 2019 profile report states that 66% of Sellers and 53% of Buyers found their Agent through one of the four pillars: Friends, Neighbors, Relatives, & Past Clients. One way to generate leads with past clients is to remain relevant to them. Having relevance to your sphere creates primacy in people’s minds. Creating primacy in people’s minds makes people suggest your name or business first. Whether in a conversation or on some corner of Facebook, a name suggestion could give you an instant lead. Therefore, we would argue, a loyalty program is relevant for all businesses.
Why is it important for a business to have such a program?
A: In short, because it works. According to Agent-Broker Geoffrey Green of Green Team Realty, “if we spend the most amount of time, energy, & resources with people who are most likely to refer clients to us, we will make the most amount of money, in the least amount of time and have the most amount of FUN!” Green encourages his Realtors to build their own program. His agency offers lessons and other supportive Professional Development to show them how. A well-run customer loyalty program provides a major ROI for any service-oriented business. According to Forbes magazine, you should find ways to measure your ROI by assigning dollar amounts to things like positive comments online, client retention, client referrals, and actual returns.
Instant Action Tips
Ok, so, you maybe excited about a loyalty program. But how do you go about setting one up? Well to help you out in that field, here are some tips you can act on right now after reading this blog.
- Know your goals – What do you want from your program? Do you want to grow your customer base, or something else?
- Keep track of current referrals – Keep track of who you already have and who is happy. They are your lifeblood and are likely to help you grow.
- Reach out – By reaching out we do not mean spam emails talking about your referral program. But instead, craft content around who you are contacting. Newer customers or partners don’t need to know about your program right after doing business with you. Whereas your friends or strong loyal customers may not even need to be told!
If you want more tips on how to start we have a longer list for you here. But either way you are on a better footing to get going with a loyalty program or a referral program.
So, What’s Next?
It is essential to understand what a Customer Loyalty Program is and why it is important before embarking on the journey of setting one up. You want to be fully invested in the process and understand that your return may not be immediate, but is something worth doing over time. Stay tuned with us for more helpful blogs coming out all the time.