Customer loyalty is ruling in the market because of its significant benefits. If you are reading this blog, then you probably have decided to invest in customer loyalty programs. Because of the competition, right? And, looking at how influentially loyalty programs are growing, we want to assure it is certainly a brilliant decision. Here we have compiled a list of points that you should know before you go ahead with your new decision.
Customer loyalty is going to drive revenue for you
According to various market surveys, 80% of your revenue is generated by 20% of your customers that choose you over others most of the time. These customers are loyal customers that you should probably be paying more attention to. In fact, these loyal fans of a brand have been found as a critical factor in business growth.
Loyalty programs would help turn apathetic into the loyal
We often understand loyalty programs as gratitude and marketing techniques focused just on the existing customers. But, do you know that these programs are useful in creating loyalty for your brands as well? Yes, a well-designed loyalty program not only does encourage your loyal customers but also induce others to chose you over your competitors.
Content is the king, yes in customer loyalty marketing too!
A loyalty report suggests that relevant brand communication in customer loyalty marketing improves satisfaction drastically. The members who join your programs and find your communication relevant are 4.6 times happier and more satisfied with your brand than those who find the communication otherwise.
Perks matter, social rewards not so much
According to a market survey, around 57% of customers sign up for a loyalty program to save money. And, those who join it for receiving rewards come down to 37%. The overall conclusion to various surveys and customer viewpoints, it appears that people look for better perks and discounts rather than rewards.
Mobile devices have been found to be a preferred medium for communicating with brands. And, if you are not available there, you might lose your potential loyal customers. Millennials expect brands to make their loyalty program easily accessible on mobile phones. If you want to earn their loyalty, consider being available on mobile.
These were some of the loyalty facts that you should know before going for it so that you can make the most out of it. Get a loyalty program designed, depending on your needs and expectations by approaching Incentiwised.
To discuss your requirements, you can get in touch with us via email or phone or can leave a query on our website.