Why It Is Time For You To Set Up A Loyalty Program?
People are often concerned with the not knowing when they should start their loyalty program. They think they need to wait until they have X number of customers before they can launch.Or they think they should spend their time focussing on getting sales, rather than thinking about loyalty.
The truth is, there is no right or wrong time to start a loyalty program. For different businesses, different times will be more beneficial. However, with that being said, in this post, I'm going to tell you why you should start your loyalty program today.
When some marketers think of loyalty programs, they begin to imagine a large portion of existing resources being funneled away into a program that may or may not see success.
In reality, however, pursuing new customers is the true cost burden; a February 2013 article in Forbes asserts that keeping an existing customer is 7 times less expensive than acquiring a new one. Thus, even the resources you utilize in a loyalty program will most likely pale in comparison to the expense of finding new buyers.
Furthermore, depending on the scope of your rewards program, the slight expenses you incur by instituting a loyalty rewards program may be overshadowed by the additional business generated as a result. There’s no avoiding it — in order to have a successful business, you need to have loyal, repeat customers. They’re the ones who keep your lights on and doors open, and are most likely to advocate for your brand. In our current marketing landscape, customer loyalty is the new currency. That’s why it’s so important to provide excellent customer experiences, across all channels, all the time.
Sure, the benefits you offer in your loyalty rewards program may not have any effect on the goods or services that you offer your customers each and every day. That being said, your initiative of providing additional rewards for your most loyal customers sets your business apart from other, non-participating companies.
By implementing a loyalty rewards program, you are sending a message to your current and future client base that you are interested in not only making money off of purchases, but also in a relationship with customers that is mutually beneficial. You sell goods and services, although you attach benefits solely for the benefit of the customer.
This act of goodwill will improve the overall outlook of your customers, which will ultimately have a positive impact on your business.
Sure, the benefits you offer in your loyalty rewards program may not have any effect on the goods or services that you offer your customers each and every day. That being said, your initiative of providing additional rewards for your most loyal customers sets your business apart from other, non-participating companies.
By implementing a loyalty rewards program, you are sending a message to your current and future client base that you are interested in not only making money off of purchases, but also in a relationship with customers that is mutually beneficial. You sell goods and services, although you attach benefits solely for the benefit of the customer.
This act of goodwill will improve the overall outlook of your customers, which will ultimately have a positive impact on your business.
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