Loyalty incentive programs have been around for years, and in today’s competitive marketplace, consumers expect them.
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
Source: Joseph C. Nunes, University of Southern California's Marshall School of Business; Wharton School of Business
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