In this blog series, we take a look at different LoyalBlocks features and explain what they can do for your business. We want to make your LoyalBlocks experience as seamless and easy as possible.
So far, we've taken a look at some of the basic functions of LoyalBlocks tokens - the punch card and the Welcome Token. Today we're going to look at one of our favorite tokens, which has many levels of customization and possibilities for rewards (and happy customers)!
The LoyalBlocks Regulars Token allows you to subdivide your customers into three segments - the Newbie, the Regular, and the VIP. You can then give a different reward to people as they progress into the next segment up. This token allows you to give better rewards to your best customers, which still treating the new customers to something small. Tropical Smoothie Cafe has had great success with this token - and no wonder, considering their rewards (and their smoothies). They give 10% off when someone becomes a Newbie, 15% off to a new Regular, and VIPs get one menu item totally free. This really incentivizes customers to come back. Shear Artistry also has a great Regulars Token - with $2 off threading/waxing to new Newbies, free eyebrows threading AND $10 off any facial to new Regulars, and a whopping $50 gift card to VIP members. This encourages people to try services and treatments that they might have never considered previously - hopefully encouraging them to do even more treatments at Shear Artistry in the future.
So how do you set it up? As usual, it's really easy, and there are a couple of ways to do it. Let's start with the dashboard options, which is the easiest way to do it. Once your in the dashboard (available once you've set up your account), go into the tokens section, and scroll down to the Regulars Token. You can select from a dropdown list how many visits you want people to make to qualify for each of the segments - for example, for the Newbie segment you can choose from 1-5, whereas for the VIP option you can select from 50-150 visits. Once you've decided when you want to start rewarding people, you can decide what you want to give them. We recommend giving away something small to those who are new to your business, and saving something really great for your VIPs - after all, if they've visited your store 150 times they deserve a treat!
The other way to set up the Regulars Token is during the sign up process. Just click on Manage LoyalBlocks at the top of the screen. Step 3 allows you to edit the Regulars Token in the same way as the dashboard did - you can select how many visits a member has to make to qualify for each segment, and then choose what you want to give them.
Research by Oleg Urminsky, assistant professor of marketing at the University of Chicago Booth School of Business, shows that customers are more likely to buy more when they're close to hitting a goal or getting a reward:
As participants in the rewards program accumulated more stamps on their cards, the authors observed that the average length of time before the next coffee purchase decreased. Members bought that next coffee sooner the closer they were to getting a free one. In fact, the average time between purchases accelerated by about 20 percent from the first to the last stamp on the card. In other words, members purchased two more coffees in the time it took to complete the card than they would have if they hadn't accelerated their purchases.
The Regulars Token on LoyalBlocks, as well as our punch card, gives your customers more and more goals to work towards - creating more business for you and your company.