Looking for ways to keep your customers coming back in 2024 and beyond? A loyalty program can set you up for success. Customer loyalty programs bring a huge number of benefits to both B2B and B2C companies across all industries. Let’s dive into 20 benefits of loyalty programs so you can start reaping the rewards!
It’s easy to identify customers who haven’t made a purchase or interacted with you for longer than you’d like. Offering a win-back voucher can make them fall in love with your brand all over again. With a loyalty program in place, the opportunities for retention-boosting campaigns are endless.
Another benefit of customer loyalty programs is the direct impact on revenue. Using your program to offer personalised recommendations for products or services accelerates the path to purchase and makes the customer lifecycle so much more profitable. (If you need a loyalty solution that will boost revenue through highly personalised experiences like this, m—wise Loyalty Cloud is a game-changer!)
Incentivising friend referrals is a guaranteed way to attract new sign-ups and drive sales too. Offer a discount for both referring and new members to see supercharged acquisition.
Another benefit of loyalty programs is the positive impact on your marketing efforts. You will be able to eliminate the guesswork when creating a campaign. Your data will tell you everything about how to make your campaigns and communications more effective. Soon you’ll be sending the right message at the right time to the right customer – even on the right channel too!
Using customer data to personalise your messaging drives conversions through the roof. The data generated via your program’s sign-up form or single sign-on technology, along with click/purchase behaviour, can power highly relevant campaigns across all channels.
Want more repeat business? An effective loyalty program encourages your customers to make repeat purchases with you (rather than your competitor) because your program rewards are just too good to miss out on. When your loyalty program is so rewarding, it just makes sense to stick with your brand.
Personalising your program establishes a 1:1 dialogue with each customer. They start to feel that you just get what they like, want and need. Next thing you know, your brand becomes their go-to before all others.
A loyalty program enables you to keep your business one step ahead by reinforcing the added value that your customers won’t get elsewhere. Keep up the momentum with engaging content and enticing benefits for your members.
When your company is top of mind, the only way is up for order frequency. A loyalty program that helps you reach your customers with sophisticated messaging across multiple channels, such as social media, email, geo-targeting and push notifications, is an absolute must.
No need to allocate marketing or ad spend when you want to launch a high-impact campaign. Drive sales at the click of a button with an enticing email or push message to your existing members without spending a cent.
By rewarding your customers for leaving a review or sharing on social media, you’ll quickly see word-of-mouth business increase. Incentivising testimonials can build up a real buzz around your company and your products/services.
Profiling your best customers becomes easier and more reliable. You’ll be able to create segments of high-value customers to target accordingly. Rewarding your best customers with more frequent offers or vouchers is a tried-and-tested revenue driver.
Member-only offers, sales or perks are a great way to stimulate frequent and repeat purchases. This can lead to a much higher customer lifetime value overall. For maximum impact, incorporate surprises to trigger spontaneous purchases.
Who are your customers and what are they looking for? The answers are at your fingertips thanks to the data generated by your program. Marketing intelligence can seriously strengthen your market position overall.
Seeing which offers, rewards or communications your members respond to best is a great way to understand what they value. Insights from your loyalty program helps you optimise your future campaigns to keep sales going in the right direction.
Need to boost sales in an underperforming area? It’s easy to create a segment of the customers likely to buy based on their preferences, click behaviour and past purchases. Create a high-impact campaign by directly targeting those most likely to buy.
Reminding your customers of a benefit they’re close to receiving is a strong motivator when it comes to basket size. Setting tier levels or point thresholds for added benefits and perks is a great way to raise the average spend.
Rewarding members for non-transactional activities — like opening your emails or liking your social media posts — will send your customer engagement rates sky-high. Want to see for yourself? Check out how brands are using non-transactional rewards in their loyalty programs.
By creating a loyalty program with cross-channel customer journeys – online, physical stores, mobile app, email, push messages, social media and more – you’ll have a 360° view of each and every customer. Use this data to enhance your proposition and delight your customers. That’s what lasting loyalty is all about.
Every interaction with your brand influences how a customer feels about your company. Your loyalty program is an opportunity to strengthen the customer experience with a stream of rewarding and engaging interactions. Make it happen and watch your business boom.