Smart Loyalty Strategy
The opportunities afforded by loyalty programmes are immense. An incredible 84% of global consumers reported that they were more likely to return to a business who has a loyalty programme, such as Prosper² Rewards.
But what are the benefits of loyalty reward programmes?
It costs seven times more to acquire a new customer than an existing one! Don’t underestimate – in five years, a firm with a 70% retention rate will have lost 2-3 times as many customers as a firm with a 90% rate.
Reduces costs on promotion and advertising. Having prior knowledge of your customers allows you to create a highly targeted segment, bringing in significant savings on marketing costs.
Provides information about customers that allows their needs to be met more efficiently and effectively, making them more likely to remain as customers. The more you understand, the better you can sell.
Offers a practical, undisputed reason to continue buying – rewards! Did you know that repeat customers drive seven times more revenue per visit than one time buyers?
The chance of converting a defected customer is much higher with a loyalty reward programme because you have their data already. The rate can be up to three to four times higher in fact.
Builds relationships and advocacy. Customers want to be recognised, offered better value and kept in the loop with offers. A loyalty reward scheme helps you keep connected with your best customers.