What are Community Rewards?
Community rewards include the many strategies used by businesses to engage customers and ensure they interact with the brand. The overarching goal is to improve customer retention, increase sales, and build brand loyalty.
Tips to Build a Community Rewards Program That Really Works
What are Community Rewards?
Study after study shows that people are better off when they engage with and rely on others for support. While we all have different likes, needs, and wants, we still crave relationships with those who may not be exactly like us. The same mantra is true in the business world. Organizations that create communities among their customers tend to have greater brand loyalty and increased sales. A strong community also demonstrates that the brand is invested in the relationship and seeks engagement from its customer base. <br> <br>Community rewards are when a restaurant or small business rewards its customers for attending local events, answering surveys, or celebrating brand-related milestones. It may also include rewards to highlight a particular charity that interests the customer community. Offering rewards through a loyalty program or a giving away gift cards can help improve the brand's reputation and increase product awareness. It can also build relationships and comradery among customers while demonstrating what the brand's value proposition and morals are. This increases brand loyalty for the profit organization and improves retention rates, which helps drive sales.
Tips to Create a Community Rewards Program
Creating a community reward program is fun, but also challenging. It requires answering several questions, such as what the brand and customer value. Businesses need to know their value proposition, or what makes differentiates a brand from the competition and why customers keep coming back. <br> <br>You also need to know what type of events, games, or activities the target audience will enjoy participating in. Staying within a budget is key, particularly if this is your first time creating a community rewards program. So, how can you get started? Here are some critical areas to focus on when generating your rewards program.
1. Set KPIs and Track Progress
Regardless of the business type of goal for the community, the business owner should pick a set of KPIs to track the progress of the program. It's a must that customers participate and engage with the community. Establishing specific goals with timelines will help the organization keep its eyes on the prize. It will also ensure that the program is effective, as long as the business collects the right data and picks SMART metrics. <br> <br>For example, you may want to increase the number of VIP customers, run successful events, or have X number of customers earn X amount of points in 3 months. If the community rewards are tied to a loyalty program, the business should gather the correct data to track its success. This requires purchasing loyalty program software that helps collect sales data and customize offerings to increase customer spending. Moreover, organizations must make sure to identify weak areas when tracking a project's success and make improvements over time. This will increase customer satisfaction and improve the brand's reputation, which will drive sales and <a href=//ziployalty.com/customer-loyalty/loyalty-marketing-programs.html>Customer Loyalty</a>.
Must-Know Stats on KPIs and Reporting: <p style=text-align- justify;></p><ul><li><span style=font-size- 1rem; letter-spacing- 0.03rem;>95% of marketers agree that to truly matter, KPIs must be aligned with business goals</span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem; text-align- left;>KPIs must be SMART, or specific, measurable, attainable, relevant, and time-bound </span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem; text-align- left;>Tracking metrics makes you 2 times more likely to achieve your goal</span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem; text-align- left;>Top metrics to track include active users, conversion rates, average revenue per user, lifetime value, and churn</span><br></li></ul><p></p>
2. Personalize the Brand and Create a Network of Professionals
The best part about a community is that it offers loyal customers a way to communicate with others and the brand itself. There should be an easy way to interact with others and ask questions. Creating a community forum or social media page is two effective ways to go about this. Owners should always research the target audience before creating a communication medium. For example, older individuals may communicate more on Facebook, while younger individuals prefer Instagram. <br> <br>Just remember that the medium should not just be a place to solve problems, but to communicate about the products and services the brand has to offer. It should also be a place where loyal customers can interact, share stories, and post pictures. Increased communication will improve engagement and improve the brand's reputation. It will also allow owners to see which areas of a community rewards program or community outreach effort are not working.
3. Encourage Customer Feedback
Feedback is the most effective way for businesses to make improvements and create the <a href=//ziployalty.com/loyalty-program/best-loyalty-programs.html>Best Loyalty</a> program. Owners should utilize a community event or program as a means to receive feedback so you can learn more about their preferences. The goal is not to change everything, but to notice patterns in problem areas or success stories. It's also critical to always inform customers about what services and products the brand has to offer. You can do this through an optimized loyalty program, text notifications, email campaigns, or on the community forum. <br><br>Rewarding customers for trying out new products or earning points is a great way to keep this engagement going and improve brand loyalty. <a href=//altametrics.com/business-intelligence/data-gathering.html>Data Collection</a> and using analytics tools are great ways to see what areas of the rewards program are working and what aren't. For example, loyalty program software will show you which products customers are buying or using their points for. You can then improve future promotions or enhance the program without ever having to ask the customer anything. Data doesn't lie!
4. Utilize Great Content and Visuals
Great content and visuals are what drive engagement and build a solid community. Owners should establish brainstorming sessions to strategize future content for their community. Content includes everything on the loyalty program, any marketing posts on social media, or email marketing campaigns. It can also include everything you need to tell customers about an upcoming event, or what content you use for the event itself. The main goal is to nurture and engage with the community rewards customer base successfully. <br> <br>What does the target audience like? How old are they? What are their shopping preferences? How does the brand market itself? All of the answers to these questions will help shape your content and drive your aesthetics. Owners should also remember the importance of pictures, relevant keywords, blog posts, and <a href=//altametrics.com/business-analytics/importance-of-business-analytics.html>Social Media</a> platforms. Finally, you must remember to remain professional and not put down the competition. The goal is to differentiate the brand, not to appear petty or jealous.
Must-Know Stats on Content and Visuals: <p></p><ul><li><span style=font-size- 1rem; letter-spacing- 0.03rem;>Visuals are primarily used on websites and blogs by 49% of marketers</span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem;>Information received visually is retained by 65% of people as opposed to only 10% for text alone</span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem;>47% of buyers view 3-5 pieces of content before making a purchase or engaging with a sales rep</span><br></li><li><span style=font-size- 1rem; letter-spacing- 0.03rem;>82% of marketers actively use content marketing in 2021, as opposed to 70% in 2020</span><br></li></ul><p></p>
5. Go for Long-Term Success
It's completely fine to make improvements over time to a community rewards program. It's not o.k. to create what you want and hope that people come flocking to it. First, you have to find out what the target audience is looking for in a rewards program, and then consider how you can deliver it. Then, you need to consider budgetary constraints and channel resources effectively to sustain a community for a particular customer base. <br> <br>Owners should remember that catering to an existing audience is more effective than diversifying too much to get a new audience. First, establish a community program for the current audience that works and then focus on finding new patrons. If you implement a successful community rewards program, you can organically find new customers through word of mouth or offer incentives for referrals. Finally, always remember to reward loyal customers for their continued engagement with the brand. Consider who the audience is and what will make them stay engaged.