This is an alarming statistic to deal with, but there is a well-proven method to increase your revenue and customer retention levels, it’s called customer loyalty program.
Introducing a loyalty program will allow you to collect valuable customer data so you can identify key information and segment customers. Continuing to learn more about your customers will help you tailor your program to their preferences and increase customer engagement too.
Majority of small enterprises miss this prime key factor in building a flourishing empire simply because they don’t recognize the benefits of using a customer loyalty programs at their workplace and considers it as an unnecessary expenditure.
On that note, let us look at some of the principal benefits of customer loyalty programs:
- It has been estimated that the cost of retaining a customer works out to be five times cheaper than enticing a new one. One more research predicts that in the future 80% of a company's revenue will emerge from 20% of its existing customers. With consumers today being spoiled for choice in most sectors, customer retention services and loyalty program management plays an important role in preserving interests of its customers and implementing an effective sales and customer acquisition strategy.
- Through your website, customers will be able to enroll for a membership card, check on the rewards available to them which ultimately escalates your website frequency.
- Harnessing the benefits of customer loyalty programs can be highly cost effective. Even though large scale firms may have spent millions of dollars on reward campaigns, small business companies don’t have to do this to accomplish superior results. In the present competitive environment, digital rewards campaigns can produce an excellent return on investment. Your customers can earn perks just through using their smartphones. Gone are the days when, a great deal of money was spent on stuff like printing punch-out cards and paying for ink. This makes it far easier for consumers to take advantage of those perks.
- Opting for a loyalty program helps you build robust personal relationships with the customers. In addition, it is a common mistake to think that valuable customers are the ones spending money, in fact, some of your most valuable customers won’t be the ones spending money but generating it. These customers are the ones referring your store to their friends, family and if they are on social media, their followers.
Contact best customer loyalty program services in Michigan and avail all the aforementioned benefits today!
Author’s bio: Author is an online blogger. The article is on customer loyalty program services in Michigan
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