Luxury marketers are headed for some tough times and right now luxury retailers need to start planning for sustainability. The one thing that all luxury marketers will need to do is build loyalty among customers. Consider this, it might not be new business that you need but expanding on the business you already have. This also holds true to new luxury brands just starting out, too. How can you offer more to those that you have already sold?
Before you start making every existing customer a special V.I.P membership card you need to first do some due diligence. Review your luxury product offering and go over your features and benefits. The brand loyalty program that you offer must add-value to what you present as your product offering. Taking this into count first will better guide you on how-to come up with offerings for your brand loyalty program.
Launching a luxury brand loyalty program:
1. Membership Establishment – The very first thing to do is present an exclusive offering for consumer loyalty by offering savings, discounts, rewards, etc.
2. Brand-Awareness Loyalty – Provide a special brand concept award such as a customized card, club, key, etc.
3. Program Communications – Continue to communicate to gain valuable feedback on program successes and room for improvement through monthly newsletters, blogs, follow up etc.
4. Program Publicity – Make sure to inform the media on program updates, breakthroughs, news etc.
The most important thing to remember is that existing customers can lead the way to increased profit earnings. Making customers loyal to your brand increases brand recognition, awareness, and sustainability.