Who doesn’t love a free cup of coffee on a Monday morning?
We sure do, and so do your customers. Loyalty programs are the answer to creating loyal customers, but why is this the way forward? Why would your business benefit from implementing a loyalty program? Is it worth it?
If you are asking these questions, you’ve come to the right place. We’ve outlined the four key reasons why businesses should consider a loyalty program to achieve long-term success!
1) Build brand loyalty
A loyalty program can help your business build an even stronger relationship with your customers.
When it comes to building brand loyalty, a company’s most loyal customers are also its most profitable. Yet, customers are continually searching for the best deals or something new and will also look to your competitors, which may lead to them switching brands.
Yes, your customers, who hold a lot of spending power. Think back: wasn’t your biggest competitor promoting a great deal last week?
The digital revolution has given additional power to the consumer, who vote with their wallets. To compete and hold consumer attention, businesses need to track individual consumer journeys and offer immediate, targeted responses to grow revenues, profits and customer satisfaction.
loyalBe’s digital platform can help to meet this business need. The platform enables merchants to reward customers and understand who they are. loyalBe builds brand loyalty within your business by educating customers about the rewards of shopping with local businesses, motivating them to spend locally and earn rewards for doing so.
This translates into more profit for you and real value for them. It’s a win-win situation!
2) Boost customer retention
Did you know that it’s 5-25 times more expensive to acquire new customers than it is to retain existing ones? If your marketing strategy focuses on reaching new customers and does not appeal to current ones, you may risk losing them completely. By implementing a loyalty solution, you can appeal to new customers as well as existing ones, and therefore increase your bottom line.
Did you know?
- Retained customers buy more often and spend more than new customers.
- Improving your customer retention rates by 5% can increase your profitability by up to 95%.
Ideally, you want your business to remain the top choice amongst your customers, so that you can reward them for their loyalty when returning again and again.
3) Create customer value with customer insights
91% of consumers are more likely to shop with brands that provide relevant offers and recommendations - so why don’t you try it?
With loyalBe, your business can enhance customer value by setting up a tailored loyalty program and creating rewards that are unique to your business, regardless of industry. For example, your business can offer:
- A free tea or coffee with any sandwich purchase
- Earn £5 cashback with any spend over £50
Through loyalBe, your personalised dashboard allows you to:
- Run promotions to engage with new customers and reconnect with past customers through automated campaigns
- View customers by spend and visit frequency
- Reach out directly and reward only your most loyal customers
- Automatically prompt customers to leave anonymous feedback
- And much more!
4) Consumer behaviour has changed
COVID-19 has accelerated digital adoption among previously laggard audiences, and the proportion of people shopping online has increased 8% weekly .In response, many businesses have had to adapt by providing card payments and a website for online orders.
In other words; your audience is digital, they crave a great customer experience and they demand technologies and services that are built for speed and convenience. Research shows that 97% of consumers have backed out of making a purchase because of inconvenience, resulting in brands losing sales. Therefore, brands should prioritise their customer’s needs and provide a positive online shopping experience. Creating convenient options will lead to consumers converting, such as offering click and collect, next day delivery, or rewarding customers for their online and offline spending.
In the 21st century, convenience is what makes the world go round, and the loyalBe app is built for convenience - wherever you are. One app encompasses multiple loyalty cards, and nothing is needed apart from your customer’s bank card - which they will already be using to pay. It’s a digital platform for the digital consumer - what’s not to like?
If you are interested in enhancing the customer experience and accelerating growth within your business, book a demo with us today.