What is a loyalty program, and how do I develop a creative reward program name for my business?
If this sounds like you, then you are in the right place.
This article will tell you how to choose the best name for your reward program and give you some of the most creative program names available.
Come with us.
What is a loyalty program?
A loyalty program is a program or a strategy that a company or business uses to offer some benefits to its loyal customers. It provides a way for a business to reward its repeat customers for being loyal. Loyalty programs are aimed at retaining existing customers and boosting sales.
How do customer loyalty programs work?
Loyalty programs are designed to benefit both the business and the customers. The customers get gifts, special offers, and discounts while the business increases its lifetime value, improves customer retention, and builds brand loyalty.
Customers who complete repeat purchases qualify to become loyalty program members. There are different ways that a business can use to offer benefits to customers. However, the most popular method is through points redeemed for free products or discounts.
Blume is a skincare brand that provides clean skin and body products using only natural ingredients. The brand takes pride in offering products free from parabens, alcohol, sulfates, artificial stuff, and other skin irritants.
Blume has an exciting reward program called Blumetopia, whose currency is Blume Bucks, shortened as BBs. This brand has designed its website to make customers feel like they are close friends.
Blume includes VIP tier titles like friends, BFFs, and Soulmates to make it even more inviting.
Takeaway: The best reward system gives a sense of belonging and makes customers feel like close buddies.
The opening title is crucial as it significantly influences a customer’s choice to sign up for your reward program and brand community. That’s why Smokea designed the name of its reward program with careful thought.
Tokins, Smokea’s currency, is not only a hilarious name but is also cleverly crafted to reflect the brand’s culture. Besides being funny, the name is short, making it easy to memorize. This was aimed at ensuring that customers give this smoke shop priority based on their past experiences. This simplicity, plus the stress-free ambiance of their products, make the brand’s program so enticing to customers.
Takeaway: The most creative reward program names are easy to remember and arouse customers’ curiosity.
With a simple name, star, for its reward program, Starbucks has managed to build an incredible community. The brand purposefully uses the shiny five-pointed gold stars to give an allure of value. The choice of gold was meant to make customers feel like they were gaining something valuable as they participated in the program. This was a clever choice, as gold is usually linked to wealth, money, and luxury.
Additionally, stars are commonly used as an indication of success; thus, Starbucks uses them to denote excellence and achievement. It’s the combination of value and success that has led to the success of Starbucks’ reward program.
Takeaway: The best reward program names should give customers a feeling of value and success.
Who doesn’t want good karma? This is exactly what Karma Bank, Karma culture’s loyalty program delivers. Driven by the philosophy do good things and receive good things, this brand can efficiently communicate its values via the currency name.
Since Karma is associated with cause and effect, Karma Culture reflects this by putting it simply as buy karma, earn karma, and redeem karma. By including the word bank, the brand aims to demonstrate the loyalty points’ value.
Takeaway: The most creative loyalty program names demonstrate the value the customer is gaining from the loyalty program.
Planner Anonymous has created a gorgeously branded customer loyalty program with consistent colors, graphics, and text. Using the heart symbol denotes love; this brand ensures that its customers will love their rewards experience with all their hearts.
Planner Anonymous has created a connection between its products and an incredibly lovable thing by referring to its reward points as hearts. With everything from its pink heart-shaped launcher to its concise and enticing messaging, this brand’s program is worth your admiration.
Takeaway: The most creative loyalty program name speaks love to the customers.
Pixi Beauty was able to capitalize on the fanciful aspect of this relationship to produce a loyalty program currency that seems fun and energetic despite the company being unrelated to the popular culture concept of pixie dust.
By using Pixi Dust, the brand can relate its reward program to concepts of beauty and fantasy, which gives the earning and redeeming procedure a hint of magic. Moreover, the brand can create emotional bonds with the community members by referring to childhood whimsy at the start of their relationship.
Takeaway: The most creative loyalty program can arouse childhood memories.
Frostbeard Studio has clearly defined its customer base, as evidenced by its references to books and the joy of reading in all its spaces, including its reward program. The brand uses pages to reward its customers for accomplishing various actions.
This provides a brilliant way of connecting the contentment of earning a reward to the joy of going through pages of an incredible book. As any reading enthusiast will attest, there’s no greater sensation than tearing through the pages of a good book.
Pages also provide a fantastic way to stimulate the curiosity of readers who want to learn more about the Frostbeard community. This makes Frostbeard’s reward experience truly gratifying because of the strong emotional connection that it creates between the values of the business and the customers.
Takeaway: A creative loyalty program name creates a strong emotional connection between the customers and business values.
Tips For Naming Your Loyalty Program
The right name can give a great first impression on your loyalty program. These are some of the tips that can help you come up with a great name for an effective loyalty program.
- Make it simple but creative: Choose a short, simple but creative name. This will make it easy for your customers to remember. Your target audience must be able to remember your program name and link it to your business’s core values.
- Build an emotional connection: The name you choose should be capable of evoking a sense of emotion and belonging in your customers.
- Link the name to your brand: Choose a name that can be tied to your brand and its values. This will give your customers a second reference to your brand right from the word go.
- Highlight rewards: Give your loyalty program a name that indicates how the customer will benefit by joining the program.
How to choose the best loyalty program rewards
A good brand loyalty program can enhance your business’s success. It’s thus important to carefully design a program to help you achieve this. The following are some considerations that you should make:
- Consider Customer lifetime value ( CLV): A good loyalty program should help increase the consumer lifetime value. This simply estimates how much customers will spend with you when they continue purchasing from you.
- Brand identity: The best loyalty program should reflect the true brand identity and mission. Build a strong story for your brand and develop a program that supports and expands on that story.
- Go for variety: Come up with several but distinct programs to help keep your customers engaged.
When to add a loyalty program for your business
Once you’ve created a product or service and started making sales, you should consider adding a loyalty program to your business. Starting early can increase your chances of more people joining, increasing your profits. Delaying this if you are making sales implies that you may lose potential people who may want to join.
Do Things Differently With Your Loyalty Program
For any business, loyal customers are the most valuable assets. As such, you must devise ways to ensure that your customers keep returning. And a good loyalty program can help you achieve this.
A loyalty program can help you improve customer retention, encourage and bring in more positive customer reviews, and build strong brand loyalty that will boost your revenues and sustain the business through the recession.
Start by defining your brand, its goals, mission, and mission, then identify your target customers and their needs to develop a great loyalty program.
Have you launched your loyalty program yet?
Get to it now.