Modern customers expect an experience that speaks to them, their interests, and their preferences. Consumers may join programs of brands they like, but they limit their participation to only a few programs that offer them relevant rewards and that keep them engaged with the right interactions, in the right place, at the right time, which many businesses are struggling to do.
Increasing customer retention by 5% can increase profits by up to 95%, so a loyalty scheme can play a major part in an uplift in profit. And that’s because loyalty scheme members spend significantly more too – 30% more with traditional retailers than other shoppers.
- CUSTOMER-CENTRIC: Concentrate on retaining existing customers, acquiring new customers, and increasing customer lifetime value