Everything You Need to Know About Loyalty Programs
Want to create a customer loyalty program that increases retail sales? Check out this guide on customer loyalty cards and retail rewards to discover how to set up a rewards program that keeps your customers coming back.
In a recent post I talked about the importance of customer loyalty. Getting your existing customers to come back saves you money in the long run because it costs up to 5x as much to attract new customers. Sinking your budget into customer acquisition is a major gamble that rarely yields results, especially for brick and mortar retailers.
When you can build customer loyalty you grow revenue, plain and simple. Research has proven that returning customers spend 67% more than new customers and as many as 82% of customers are brand loyal.
“The success of a brand doesn’t merely depend on the value of a customer’s single purchase,” said Ankit Runwal, marketing specialist at Social Annex. “Rather, it’s about the value the customer offers over his lifetime.”
One of the easiest ways to build customer loyalty is by rewarding your customers for their business with loyalty cards and retail rewards.