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From banks to casinos, businesses continually embrace loyalty programs because when you consider the numbers, the return on investment is clear.
Loyal patrons visit “their” businesses more often and spend more money than the average customer.
Reducing customer attrition by even 5% can significantly boost annual profits.
It can cost as much as six times more to win a new customer than to maintain those you’ve already got.
A well-designed incentive program not only builds loyalty among your customer base by showing appreciation for their business, it encourages referrals and positive word of mouth about your brand.
Encourage brand trial
Acquire new customers
Reduce brand switching
Retain repeat customers
Create “brand ambassadors”
Increase referral business
Gather demographic information and customer insight
Create exclusivity for your best customers