Making the most of your money with loyalty programs

making the most of your money with loyalty programs

Successful businesses dedicate their time not only to figuring out how to attract new customers but also to retaining the ones they already. Studies have shown that gaining a new customer is actually five to 25 times more expensive than keeping an existing one, which making the most of your money with loyalty programs that marketing dollars are often better spent nurturing your relationships with people who have already purchased from you. Loyalty programs are one of the best ways to make sure that you are rewarding your customers and keeping them interested in your brand and products. However, according to a study by CapGeminia high percentage of loyalty programs are failing. Fifty-three percent of consumers stated that they abandoned at least one loyalty program within the last year. The key reasons for this are:. Companies need to make changes to their programs in order to improve these numbers and leverage the full power of loyalty marketing. Many programs will offer chances to earn a prize, such as a product or points toward a trip. Research shows 57 percent of customers sign up for a program to save money, so bear this in mind when choosing your reward structure. Discounts on products, cash back, and other money-savers will compel more customers to take part in your program. To differentiate yourself completely, ensure that monetary rewards enhance your brand experience .

How ‘loyalty’ works

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)}A making the most of your money with loyalty programs program or VIP Club is a great way to increase sales, strengthen customer relationships and incentivize your customers to keep coming. You can create your loyalty program using a third-party app or by sending emails to your list. The objective of the loyalty program should be to get repeat sales by retaining your customer base. Acquiring new customers can cost times more than retaining one. Customers earn points with every Lego purchase they make. Those signed up for the program will have early access to buy new products before the general public. Special offers are also given throughout the year exclusively to members. New members also get a free lego keychain upon registration. The only downside to the program is that children tend to be the key target demographic, however, only those over 18 can sign up for a membership. Automatically enroll customers into your loyalty program. Asking people to sign up for your loyalty program will keep your numbers low. However, if you automatically enroll all your customers into your loyalty program, you make them feel special. Your loyalty program should have some sweet perks. Or an exclusive contest for VIP members. Giving first access to new products can be an incentive for joining your program.⓬

How to Build Customer Loyalty

Even if your company is doing OK right now, you have to ask yourself whether your current business model is sustainable in the future. Basically, these programs collect consumer information, and each customer gets some kind of card, ID, or login information to track their spending habits. The local food truck outside your office might give you one of those cards and reward you with a free sandwich on your tenth visit, for example. As long as you can get customers to keep coming back and spending more money , the program will be successful. Point systems are a very common way to encourage customer loyalty. For example, every dollar spent earns the customer one point. Those points can be used to get discounts and promotions.

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What is customer loyalty?

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)}For the latest business news and markets data, please visit CNN Business. Chances are you’re already in at least one loyalty program: Americans have 3. But is it worth it to hand over your shopping profile to get the goods? And how do you know you’re getting a deal? The biggest reason people ditch loyalty programs, according to the loyalty study, is that it takes too long to earn rewards. Some people enjoy the game of earning points and working toward a reward and are willing to spend more of their available attention on getting rewards, says Kirk. Others just want to reap the benefits that come from shopping for what they’d ordinarily be buying. What else besides rewards do you get from the loyalty program? The company is tracking what and how you buy. That’s how it sends you targeted appeals.⓬

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