Evolv Merchant Processing

5 Essential Benefits of Loyalty Programs

Apr 06, 2022

Various marketing strategies retain customers and encourage them to spend more. A loyalty program is one way businesses encourage customers to keep using their services and products. Loyalty programs provide customers with incentives such as reward points,  gift cards , and privileged access to new merchandise.

 

If you are unsure how a loyalty program can impact your business, these statistics should guide you.  75%  of consumers would switch brands for a better loyalty program. Additionally, 52% of customers will prioritize brands with points and rewards. Other essential benefits of loyalty programs include:


1. Customer Retention

Loyal customers spend  67%  more than new customers. At the same time, it is more expensive to acquire new customers than to retain existing ones. These statistics show how a loyalty program is an essential marketing strategy.

 

Members of a customer loyalty program bring more value even in low seasons. Loyalty programs turn existing customers into loyal ones.


2. Increased Customer Lifetime Value

Customer lifetime value CLV is the net profit from a customer's long-term relationship. CLV tracks customer value and forecasts their worth in the future.

 

With our loyalty program, you can calculate the CLV for each customer, gaining important insights to strategize your loyalty program.


3. Boost Profits

Of course, one major outcome of customer retention and strategic planning is profits. A loyalty program keeps a steady flow of revenue. Giving your loyal customers rewards and special deals makes them feel more inclined to shop with your brand.


4. Create Brand Advocates

 While loyalty programs cater to existing customers, they also help attract new ones. Your "brand advocates" are more likely to refer their friends and families to your brand.

 

Past  research  shows that people trust word-of-mouth recommendations from family and friends more than other forms of marketing.



5. Improve Brand Reputation

Loyalty programs that reward customers with great deals help improve their brand reputation. You can persuade customers to stick with your brand by making them feel valued.

Creating positive connections with customers makes them feel good when using your services or products. They are more likely to talk about your brand to their colleagues or followers on social media.

 

Contact us  for more information about how a loyalty program can help your business. Evolv can help you get started today!

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