Aside from getting a big amount of sales, you must realize that customer retention is equally important and launching your loyalty program is a vital part of it.Acquiring new customers is 3x more costly than retaining them.For you to be able to retain your customers, you need to be proactive and launch a loyalty program for them. Did you know that around 8 out of 10 customers would be buying in a store that offers a loyalty program? To let you decide whether you will launch your loyalty program
Here are five valid reasons why you should launch your loyalty program now.
It will increase your sales
Who doesn’t want an increase in sales, right?
Aside from customer retention, launching a loyalty program would definitely help you boost your sales. According to research, increasing customer retention by 5% can boost revenue by 25 to 95%.Customers enjoy this kind of offers since they feel more valued which enhances their purchase. Omnirio enables you to implement this kind of loyalty programs hassle-free.
To collect data from the customers
Loyalty programs give you the opportunity to talk to your customers directly. By using the data that you’ve collected, you can then plan the offers that you’d be giving to your loyalty program members. It will also give you an easier time to spread information whenever you have a sale or discounts. Their data gets recorded in your company’s database which can then be used to establish your omnichannel, online and offline sales channels.
To gain competitive advantage.
Being in a highly competitive market, you have to give your customers every reason why they should choose your brand. Launching a loyalty program could be that one advantage over your business rivals. You have to know what your customers want and reward them.
To attract new customers
A good rewards program can attract new customers in several ways. First, if you offer points or discounts for a signup, you will automatically be able to add new customers to your mailing list simply because customers want to take advantage of discounts. Meanwhile, if a customer sees a good program where rewards are within reach, they are more likely to try your brand simply because the rewards are easily accessible.
To gain repeat customers
Don’t be confused, repeat customers are different from new customers.
The main reason for launching a loyalty program is to retain customers and reward them with their repeat purchases. It’s a great tool to motivate customers to buy your products again and for them to share it to other possible customers. The sales that these loyal customers bring to your brand isn’t just reflected on the top of your financial statements, it goes down the bottom line figures. Ultimately, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.
You have to let your customers know that you cared about them. Launching a loyalty program is a good display that you value your customers.
Remember that Increasing customer retention by 5% can boost revenue by 25 to 95%.
Launch a loyalty program for as low as P49 per day, fill up the form below: