“10% instant cashback for every purchase during this week - for our existing customers only”
Suppose you’re planning to buy Levis jeans tonight, and you have seen the above offer from a social media platform. What will be your initial reaction? Would you prefer to go to the store, buy your jeans, and enjoy receiving 10% cashback from the online store where you have already purchased? Or would you prefer to go somewhere else?
The answer is simple, we, human beings love to get things done with a bonus after purchases. Our initial instinct always keeps us checking for the bonus or other offers. MLM companies can introduce the same concept in their business and earn more. Some of the companies have already introduced such attracting marketing techniques yet not highly influencing or effective.
Let’s see how an MLM company can make a loyalty program as the best channel for marketing, selling, and retaining more customers.Increase prospecting 10x faster with our 7 most powerful network marketing tools
MLM loyalty program explained
As I said, people love to receive a loyalty bonus in return after purchase. In MLM business, customers can be given a special loyalty bonus after purchasing products or services. Right after successful completion of payment, the loyalty bonus credits to their purchase wallet directly. They can later use it to purchase new products with a price reduction or else they can convert into money and transfer to their bank account.
Another idea is that companies can provide them with coupons, which they later can use for future purchases within a time frame after the purchase date.
These methods will help MLM companies to return their loyal customers to the website and make more purchases.
What if the loyalty program can be extended to receive more benefits? Is it possible to find more benefits through an MLM loyalty program?
The answer is a big YES.
There are different ways to achieve this progress; some of these ideas include the following;
A referral loyalty bonus refers or introduces new members to the business, and the person gets a loyalty bonus.
We may connect referring to the reciprocity principle. According to social psychology, if a person receives a positive return, then they will provide back a positive action. Referring new people and making them purchase from the same website they purchased and earned a bonus is an example.
This not only increases the chances of bringing new customers but also these referring mentality can be utilized to become a successful distributor. Becoming a distributor will bring more benefits which can be termed as ‘MLM rewards’. It is received as commissions and bonuses.Make your distributors more productive with top 10 distributor tools
One of the best ways to benefit both companies and customers who ultimately becomes a successful distributor of the company.
Special rewards and offers for birthdays or other important days, an exclusive offer on your special days can bring more sales.
People on such occasions will be happier, and this happiness with a attracting offer will drive them to sales. What if they also get the after purchase bonus? Wonderful, isn’t it?
Extra benefits for registering and sharing on social media, an additional profit for promoting company’s products to the world outside their network.
It’s a highly recommended method to follow; brand recognition is a major benefit here. Like the word-of-mouth marketing, this approach will bring good inquiries.
How can MLM companies manage the loyalty program efficiently?
Automation, as we all know, has made our business life much easier. Not just business life, our day-to-day has also become easier. You can keep scheduled reminders on certain activities and you won’t forget the routines. Likewise, automation in loyalty program management can ease the tasks.
Does every MLM system available in the market bring complete automation? For the first time in this write-up, I have to so NO.
Not every MLM system can cope with managing the loyalty system. Considering every possibility, Epixel has developed one of the best MLM loyalty program software scalable to any extent as per the requirements.
With our system, any loyalty program rules can be configured to meet the goals with precise matching to the context.
We follow a step-by-step procedure while developing a loyalty MLM system.
First of all, we consider the requirements and then make a good plan. After having a conversation with our customers and upon finding customer satisfaction with the plan, we proceed to further stages. The configuration is the next goal; we test the system from top-to-bottom, the security considerations, and launch alpha and beta versions. Finally, delivering a system that matches the requirements meeting the timelines.
Many procedures come in between this long process. We always recommend our customers to take a look at their requirements in the view of their customer base. After all, the motto of implementing these methods is to find more customers and sales.
All we have to do is to assure that, "the loyalty program plan is exactly what the customer base is looking for by analyzing the market as well as our own business data or records."
Clubbing loyalty programs and distributor compensations will popularize your MLM business and attract a much wider customer group. Even new concepts can be introduced by MLM consultants to make a unique plan.
Collaboration is yet another ideation where the achieved loyalty coupons can be redeemed for other brand products. Multi-MLM brands can connect and form a group or network. The customers who purchase a product receive loyalty points which they can redeem for purchasing from other sellers. The business will flourish, and also, help each other establish a bond between MLM organizations.Find interesting MLM industry statistics that will give more understanding about the industry
Let’s sum up
In short, MLM loyalty programs will bring more retention rates alongside new customers. A solution to attract more customers, as well as, to achieve a global presence. Also, such initiations will increase the customer-distributor conversion ratio. More leaders will emerge and stay motivated to make a deeper downline.
Helping each other and creating awareness about the real concept of MLM will revolutionize the industry. If everyone in the network realizes that they are getting equal opportunities for making a revenue, then a new world of opportunities can be witnessed.
Come forward, and talk with us, let’s bring more satisfied customers to a business.