Why should you still have a Loyalty Program during pandemics/lockdowns?

Category: Business

A Crisis all over! The economic damage due to the ongoing pandemic is colossal, so much that experts are already discussing global recession and the ways out! For Corporates and the Business owners, the top-most priority is protect real assets – their employees, partners and customers! Their health, safety and protection is above all. Safeguarding them is the first step in damage control of the situation. As part of that, an absolute compliance of statutory guidelines is binding on everybody. The next concern that hits business leadership is to optimise immediate budget. What needs to be continued / discontinued? Should we cut the marketing expenses? Should we continue the existing loyalty program or implement the proposed one? Should we take a re look at its necessity? etc. Reasons to continue/implement your loyalty initiatives: Confidence, Care & Conviction: Firstly, both customers and your company need one another. Existing customers depend on their favorite brands, more than ever, to help them re-balance their disrupted lives. They repose their faith in your brand owing to its ability to repeatedly meet their demands – just as in the past. They also expect companies who are self-assured, volunteer social responsibilities and thrust confidence in both public and customers during hard times. Protect Market Share & Brand Recall: Markets might have fallen. But market share is still intact for progressive companies, albeit proportionally. Firms that run loyalty is usually on top of customers’ mind, and any discontinuance during these times is a gateway for customers to switch brands and slip away. Brand recall is another primary goal that can be achieved in such chaotic conditions. Communication: Clear, crisp and accurate communication through loyalty does a great job in taking your customers and business partners into confidence. The fact that company communicates what it exactly does can be achieved and attained through this exercise. This is yet another reason to prevent them from being misled by consuming fake news / rumors. Losing customers is due to no-communication is a blunder! Just an example how Starbucks survived 2008 recession by creating apps for communication: https://www.businesstoday.in/magazine/lbs-case-study/how-starbucks-survived-the-financial-meltdown-of-2008/story/210059.html Some tips and cues: Home deliveries (with un-compromised care and protection) Let your customers experience the joy of getting your products home-delivered without hassles of stepping out during restrictions and endangering themselves Bonus Rewards for e-Orders Till the situation eases and life gets back to normal, award them with bonus / surprise rewards to enthrall their loyalty for using online modes ePayments: Include wallet-linked/direct transfer of points-value to their bank accounts eVouchers / Recharges: These are alternative reward channels that subtly enhances their instant gratification Last but not the least Loyalty is sure to win if construed as a strategic, long-term initiative and investment – not as an expense. Times are challenging, always. But fortunately there are solutions to overcome and take control over of such situations to benefit all. The cost of deploying and running an innovative loyalty program is a fraction of the potential loss due to switching. Loyalty anchors your patrons, and makes absolute sense!