Black Friday is known to many shopping lovers as the manic weekend with brands discounting their products and services. It marks the start of the holiday shopping season giving consumers the chance to do some early Christmas shopping or to justify buying themselves a cheeky present (or presents).
So how can you use your loyalty program to maximise and cut through sales during this crazy time?
Black Friday also presents an opportunity for retailers to acquire new customers, boost sales, and to strengthen customer loyalty. It isn’t just a weekend of immediate sales and clearing overstocked inventory. It’s a golden chance for businesses to capture valuable data whilst people are shopping and to create lasting relationships with their members. This article outlines 5 simple strategies for retailers to employ this Black Friday to optimise their loyalty program.
1. Exclusive Early Access for Program Members
Kick start the Black Friday weekend by offering early access deals and promotions to loyalty program members. Starting early also helps break through the clutter of emails arriving in members’ inboxes on Black Friday itself. Benefits such as early access give members a reason to join the loyalty program and to stay engaged with emails.
2. Give Top Tier Members Extra Black Friday Perks
Tiered rewards refer to higher-tier members receiving more exclusive Black Friday perks. This encourages members to climb the loyalty ladder and increase spending with your business. Show your members you love them with benefits and rewards that they’ll enjoy. As loyalty consultants, we know that exclusivity and belonging are precursors to members developing true brand loyalty.
3. Increase the Earning Potential for Loyalty Members
Increase the earning potential for loyalty program members on purchases during Black Friday sales. This not only incentivises immediate spending but also keeps members engaged beyond the Black Friday frenzy. Rather than slashing prices, consider offering multiplied bonus points to clear any overstocked inventory. Allowing members to earn additional loyalty points to spend post Black Friday will encourage repeat purchases with the business. This can turn bargain hunters into loyal members.
4. Limited-Time Loyalty Acquisition Offer
There are lots of potential new members out shopping Black Friday sales so make it your mission to get them to join the loyalty program as a condition of unlocking Black Friday sales. This will give you the opportunity to develop relationships with them in the future.
5. Data-Driven Personalisation
Take the relationship beyond Black Friday by using the data acquired from the sales. Leveraging customer data can shape personalised future loyalty rewards, communications, benefits and experiences.
Black Friday is an excellent opportunity for businesses to attract new members into their loyalty program. By implementing these 5 strategies, you can gain valuable insights into members’ behaviours and preferences, empowering you to customise their next reward. This personalised approach ensures that members remain engaged with your brand, eagerly anticipating the next enticing reward within your loyalty program.
Do you need help developing or enhancing your loyalty program?
Our loyalty consultants have helped global brands take the critical steps to design effective loyalty programs, as well as support ongoing evolution to meet changing business and consumer expectations. Contact us to learn more about our comprehensive loyalty services and talk with our loyalty consultants to understand how to develop or optimise your loyalty program strategy.
Good luck and happy shopping!
