Consumers have a lot of options and keeping the customers you have is critically important to the success of your company.
The engaging experience provided by an effective loyalty program creates multiple opportunities to interact with your brand. This keeps your company top-of-mind no matter where your customers are in the purchase cycle.
Create Loyal, Raving Fans
There are more than 3.3 BILLION loyalty program members in the United States - 29 programs in every household.
The key to making your program stand out among the others is to focus intensely on your customer's experience. Rewarding consumers for interacting and engaging makes your brand part of their lives, encourages them to spend with you more frequently and connects them to your products in a way that reaches beyond the transaction - creating raving, loyal fans.
The Science of Motivation
77% of transaction-based loyalty programs fail in the first two years. Rewarding customers exclusively for purchasing behavior is where many programs fall short.
Studies show consumers will share information about themselves in exchange for loyalty rewards. Acquiring data about your customers’ demographics, preferences, and interests enables you to develop a holistic understanding of what motivates and engages them.
The combination of transactional and non-transactional information takes them on a journey that encourages them to interact and deepens their connection with your brand.
Size and Frequency
Acquiring new customers is up to 25% more expensive than retaining the ones you already have.
Increasing brand loyalty and engagement of your current buyers is actually more profitable than acquiring new customers.
An effective customer retention program focuses not only on the experience, but on increasing the frequency and size of purchases. In fact, customers who receive rewards for their loyalty buy nearly twice as often, and spend up to 300% more annually than non-members.
Give Them What They Want
89% of consumers say they are more loyal to companies that offer the rewards benefits they value most.
“Give the people what they want” is business 101, yet many reward programs fail to recognize the unique individuals who make up their customer base.
A best-in-class loyalty program allows customers to choose from rewards and experiences that appeal to their personalities and interests – items they will actively want, use, and tell others about. This attention to the individual cultivates the loyal, raving brand advocates you seek.
We’ve taken two decades of experience and expertise in the cycle of motivation and rewards and stocked an information center with blogs, infographics and white papers. Learn more about the ROI of rewards here.
The Xceleration Way
We work with you, step-by-step, to develop a customer loyalty program tailored to your needs and company goals. Together, we can help you achieve the success and customer retention you are looking for.