Luxury brands use exclusivity to make customers covet their products and pay high price tags for them. They create an aura of prestige around their products by limiting the supply and carefully curating their public image. But if you’re not selling luxury items, how can your business benefit from exclusivity?
How Can Your Business Benefit From Exclusivity?
Repeat customers are the backbone of every business. To keep customers returning to your company time and time again, you need to foster a sense of brand loyalty.
One of the ways you can keep customers from turning to your competitors is to create a feeling of exclusivity around your brand. A recent survey found that exclusivity and personalized experiences are two of the main drivers of brand loyalty. So if you want to build a strong repeat customer base, you need to roll out the red carpet for your customers and give them VIP experiences.
There are several ways to do this, including giving customers special discounts and hosting invite-only events. Here are some strategies you can use to make your brand feel exclusive even if you don’t sell luxury products.
How To Make Your Brand Feel Exclusive to Increase Sales
Create Personalized Offers
Personalized offers drive more business because they make consumers feel special. They also instill a greater sense of urgency than a regular sale. Sixty-eight percent of consumers say they’re more likely to take advantage of a deal if it’s exclusive and not intended for everyone, so it’s vital to capitalize on this trend.
You can use exclusive offers to increase revenue by sending special discounts to people who join your email list. You can also provide freebies to specific groups of customers, like veterans or teachers.
Implement a Tiered Loyalty Program
Creating a tiered loyalty program can make your customers feel like they’re part of a club. Although anyone can join the lowest rank, only the best customers can make it to the highest tier and get exclusive perks.
This type of loyalty program makes your most loyal supporters feel like VIPs, which may increase their spending. Consumers are willing to pay up to 20% more if they know the company will give them special treatment.
A tiered loyalty program also gives the rest of your customers something to aim for. They may feel more motivated to spend money if they know that they’re working toward a higher tier status with every purchase.
One company that uses this strategy with great success is Sephora. They have a loyalty program with three different ranks based on spending. People in the highest tier who spend $1,000 or more per year receive exclusive benefits like early access to products and seasonal 20% off savings events.
If you provide valuable rewards that your customers want, they’ll feel inclined to spend more money to rise through the ranks and score extra perks. So a loyalty program will increase both your revenue and customer engagement simultaneously.
Host Invite-Only Events
Although discounts can motivate customers to spend more, 66% of consumers also value experiential rewards. That’s why hosting exclusive events for your best customers can build brand loyalty and increase spending, especially if you roll out the red carpet for your guests.
Creating a VIP experience complete with free drinks and product giveaways will leave a lasting positive impression of your brand and pay dividends in the future.
Luxury brands aren’t the only businesses that can benefit from exclusivity. By treating your best customers like VIPs and giving them access to special events and discounts, you can increase your customer retention and revenue.
Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.