In today’s highly competitive environment, customers generally are not loyal to any one organisation, unless that organisation is providing them with some element of reward(s). Customer loyalty programs are critical to companies surviving in the market today. Not just any loyalty program, but one that is adaptive to suit the needs of the customers. The most adaptive program tends to be a Digital Loyalty Program which can be extended to include referral rewards and points for user-generated content shared by your customers.
Some benefits your company will experience after implementing a digital loyalty program.
- Increase your overall revenue. According to invespcro, it cost 5 to 10 times more to acquire a new customer than to retain an existing customer. Your existing customers spend up to 20 times more than a new customer. With such trust, your existing customer’s increase spending will rebound to increase revenue for your business.
- Flexible & High Growth Potential: Having a good Digital Loyalty Program allows your plan to be mobile and fluid. With this in mind, the plan can be very adaptive to the environment by changing and improving your rewards and marketing strategies.
- Attract new customers: A Digital Loyalty Program can be used to attract new customers who may not have supported your brand previously. This attraction can be accomplished through things such as offering points for joining the program and ensuring the rewards are beneficial and achievable.
- Always available and easy to use. Because your target audience always has their mobile phones in their presence, creating a Digital Loyalty Program provides an opportunity for high participation in your program. The loyalty program can be easily retrieved from their mobile wallet.
- Data gathering: Implementing a Digital Loyalty Program, allows you to gather critical information before the potential customer joins your program, which can be used for retargeting in future promotions. These data can include email, phone numbers, names, addresses, etc.