Benefits of a successful loyalty program

loyalty program benefits
  • 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.
  • 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.

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