Loyalty Programs
With the increasing cost of customer acquisition, it makes sense for businesses to focus on retaining and up-selling current customers. In fact, it can cost as much as seven times more to win a new customer than to keep an existing one. A MoneyBar Loyalty Program is a powerful method of bringing your customers back time and again.
Why Loyalty Programs?
Loyalty marketing has become a key business strategy for many of today's most successful companies. Loyalty programs work because as you develop stronger, lasting relationships with your best customers, the more profitable they become.
According to a variety of industry sources:
- 49% of households participate in at least one card based loyalty program
- Participants in loyalty programs spend 70% more than non members
- 78% of cardholders use their store card every time they shop
- Companies can boost profits by almost 50% by retaining just 5% more of their customers
- Consumer spending is 46% higher with companies that offer loyalty programs
- Diners who enroll in restaurant loyalty programs spend 19% more on their second visit and average 14% more on any visit than non-members.
Loyalty Program Goals
For a loyalty program to be successful, there must be a strong focus on four goals:
- maximize customer enrolment and activation
- protect customer retention
- increase revenue from each customer
- increase the frequency of customer visits
However you choose to weight these goals, the overriding goal is always the same - invest in your customers, build relationships with them, and drive revenue back to your business.
