In the retail world, Black Friday is synonymous with crowded stores, crazy discounts, and a shopping frenzy. For small businesses, this day can bring about a mix of excitement and anxiety. However, with innovative loyalty program strategies, small businesses can turn Black Friday into a significant win.
The competitive nature of Black Friday means that businesses need to think outside the box to stand out from the crowd. This is particularly true for small businesses that may not have the resources to compete on price against larger corporations. That’s where loyalty program strategies come into play.
In this article, we’ll take a closer look at why loyalty programs are a big deal for your business. We’ll also share 7 clever Black Friday loyalty program strategies and real-life examples that might just be the boost your small business needs. So, let’s jump right in!
What Is A Loyalty Program And How Does It Work
A loyalty program is a marketing strategy designed to encourage customers to continue to shop or use services associated with each program. They work by rewarding customers for their repeat business with discounts, free merchandise, or other incentives.
The more a customer shops with a business, the more rewards they earn.
The effectiveness of a loyalty program lies in its ability to tap into the psychology of consumers.
Most consumers enjoy the feeling of being rewarded for their loyalty, and this feeling can significantly influence their shopping behavior. By offering tangible rewards for repeat business, loyalty programs provide a strong incentive for customers to return to the same store again and again.
Also, loyalty programs provide businesses with valuable data about their customers’ shopping habits. This data can be used to tailor marketing efforts, develop new products, and improve customer service. In this way, loyalty programs serve a dual purpose: they not only encourage customer loyalty but also provide insights that can help businesses grow and improve.
Benefits Of Having A Loyalty Program In Small Businesses
Implementing Black Friday loyalty program strategies in small businesses comes with a host of benefits.
First, for instance, loyalty programs are excellent tools for retaining customers. They provide a tangible incentive for customers to continue shopping with your business, increasing customer lifetime value and driving repeat purchases.
Loyalty programs also provide valuable data about your customers. By tracking purchases and customer behavior, you can gain insights into customer preferences and shopping habits. This data can then be used to tailor your marketing efforts more effectively.
Finally, loyalty programs can help to build a strong brand community. Customers who are part of a loyalty program are more likely to feel a connection to your business, fostering a sense of community that can strengthen your brand and boost customer engagement.
7 Innovative Loyalty Program Strategies For Black Friday
When it comes to driving profits, there are a few Black Friday loyalty program strategies you can explore:
1. Double Points Day
On Black Friday, offer double points on all purchases your loyalty program makes. Not only does it provide an extra incentive for customers to make purchases on this high-stakes shopping day, but it also encourages them to participate more actively in your loyalty program.
Additionally, what’s even better, this strategy is extremely easy to set up.
Just double up the value of your rewards, and you’re all set. For instance, if you’re rocking the top-notch loyalty program plugin in WooCommerce, simply follow these simple steps:
- Head to your WordPress dashboard.
- Click on Coupons, and then hop over to the Loyalty Program.
- Now, choose “Settings.”
- Adjust your “Price to points earned ratio” and “Points to price redeemed ratio.”
2. Early access or pre-Black Friday
Treat your loyal customers to a special sneak peek at your Black Friday deals! This not only rewards your loyal customers but also creates a sense of exclusivity, generating excitement around your business and prompting them to make purchases before the general public even gets a chance.
More than that, from a sales perspective, an early access deal is a smart sales strategy.
By enticing your loyal customers with early access, you’re likely to see increased engagement and transactions. Plus, it gives you a head start on the Black Friday rush, allowing for smoother logistics and potentially reducing the chance of website hiccups or running out of stock.
3. Exclusive discounts for loyalty members
You can also provide exclusive discounts, products, or perks only available to loyalty program members. Everyone loves being part of an exclusive club, and this taps into that desire perfectly.
It’s not just about rewarding loyalty; it’s about giving them something concrete for being part of your program. This approach adds a touch of urgency too—customers will want to jump on board to make sure they don’t miss out on these exclusive perks. Ultimately, this strategy can boost customer retention and amp up the overall value of each customer over time.
4. Tiered rewards
For those who enjoy a playful twist, diving into the world of tiered rewards can add a fun element to the loyalty game. This approach not only amps up the loyalty journey but also sparks a desire for customers to explore more and spend a little extra.
So, how do you do this? Well, it varies based on your niche and audience, but the concept is to unveil different levels of discounts.
Picture it like climbing a ladder of savings—starting with an enticing entry-level offer, moving up to a tempting mid-level promo, and finally reaching the pinnacle with the ultimate mega sale or jackpot deal.
To break it down even further, here’s a glimpse of what this might look like in practice:
1. Entry Level:
- Customers start at the base tier with standard rewards for their purchases.
- Basic perks could include exclusive access to promotions, early product releases, or members-only content.
2. Mid-Level:
- As customers spend more, they move up to the next tier.
- Offer increased discounts, special promotions, or even limited edition products to elevate the reward experience.
3. Premium Level:
- The highest tier is for your top spenders.
- Provide VIP treatment with the most significant discounts, exclusive events, personalized gifts, or freebies with every purchase
Basically, it’s all about the power of tiered loyalty programs and the idea of moving up the ranks. The more your customers shop, the more perks they unlock. It’s a fantastic way to keep them hooked and boost sales, especially when Black Friday rolls around.
5. Charitable donations
In today’s e-commerce scene, it’s not just about having top-notch products. Some shoppers are all about championing their causes. So, to stay in the spotlight and ahead of the curve, try to highlight your brand’s dedication to social responsibility.
How? You can start by weaving a charitable thread into our offers.
For example, for every purchase made on Black Friday, donate a percentage to a charity of the customer’s choice. This not only incentivizes purchases but also builds goodwill with your customers.
6. Loyalty program sign-up bonus
If nothing strikes just yet, why not consider offering an exclusive Black Friday sign-up bonus as one of your Black Friday loyalty program strategies?
This not only draws in new members to your loyalty program but also adds a dash of urgency and excitement for those exploring your website.
For a seamless execution of this strategy, look no further than Advanced Coupons’ Loyalty Program plugin for WooCommerce. Just navigate to Coupons > Loyalty Program > Settings:
Scroll down to “Points Earning” and fine-tune your “Points Amounts” section:
As you can see, there are 7 point-earning actions to choose from. To set up a sign-up loyalty program bonus, toggle the “Registering as user/customer” option:
Then, a new field, “Registering as a user/customer,” will appear. This will allow you to specify the points earned when a user or customer signs up.
Input your preferred amount, and you’re all set!
7. Gift with purchase
Finally, you can cap off your Black Friday deals by offering a sweet gift with purchase exclusively for your loyalty program members. It’s like a little extra love for your most dedicated customers.
Now, when it comes to offering freebies, you have quite a lot of options. You can, for example, consider giving a sample of your latest product or maybe clearing out an item from your inventory
But if you really want to turn up the excitement, throw in a gift card with purchase:
This not only adds a delightful surprise but also ensures those loyal customers swing by again to redeem their exclusive store credit.
Fortunately for you, a gift card strategy is super convenient in WooCommerce when you have Advanced Gift Cards. This premium plugin lets you effortlessly sell (or give away, in this case) digital gift cards that your customers can either save for themselves or gift to their friends:
Even better, this plugin comes with 85+ designs for any sale occasion (including Black Friday!) so you don’t really have to worry about the creative part.
Simply input the value of the card and you can easily send it their way via email:
Conclusion
Black Friday can be a pivotal event for small businesses, offering a unique opportunity to drive sales and customer engagement. But, the key to truly maximizing the potential of Black Friday lies in leveraging innovative loyalty program strategies.
Well-crafted Black Friday loyalty program strategies not only incentivize purchases but also foster a sense of loyalty and connection between the business and the customer. In this article, we shared 10 strategies you can look into this coming Black Friday:
- Double points day
- Early access or pre-Black Friday
- Exclusive discounts for loyalty members
- Tiered rewards
- Charitable donations
- Loyalty program sign-up bonus
- Gift with purchase
Do you have any questions about loyalty programs? Let us know in the comments below!
