Benefits of a successful loyalty program

The added value of a successful loyalty program has been proven over the years. But what are the benefits businesses get from the best loyalty programs?

Creating a positive brand image comes with much more benefits than many may believe. This starts with your brand reputation. Eventually, it’s all about improving the customer lifetime value.

• Brand image and brand reputation. One of the benefits of a well-known and positive brand image is that you won’t have to compete on price ever again. Approximately 46% of consumers would pay more for brands they trust, according to the research.
• Improving the brand experience. The brand experience is something logical to mention. Past experiences you’ve had with a brand determine how you feel about them.

Did you know that 77% of consumers say they stayed loyal to specific brands for 10 years or more? — Crowny Twitter

• Customer journeys. Even though most of a business’ revenue is made in the later stages of the customer journey, the majority of businesses aren’t focussing on these stages. This is significant because according to RetentionScience increasing customer retention by just 5% boosts profits by 25% to 95% .
• Brand insistence. Investing time and effort in brand awareness is great, but converting traffic from this phase to loyalty and retention is even more critical. That’s where real brand relevance, and eventually even brand insistence is created. It means you’ll have customers for life.
• To stimulate growth in customer lifetime values, building personal relationships with your customer is essential .Lifecycle marketing can result in long-term revenue growth.

It’s easier said than done, we know. We shared some more details in the full article on loyalty program benefits on our website.

Make sure to check it out, and find out how we can help in accomplishing your goals.