While winning new leads and acquiring new customers are key, focusing on retaining existing customers by having effective customer rewards solutions is a growing priority for most marketers. According to the annual State of Marketing research, 63% of top performing marketers believe in and are already using customer rewards programs. An effective customer reward program is one of the best ways to engage and incentivize your most loyal customers on a continued basis. These rewards can include discounts, perks, exclusive benefits or points that can be spent on future purchases.
Focused customer reward programs that align perfectly with business and marketing goals help drive incremental revenue from existing customers, increase Average Order value and frequency of purchase and reduce customer acquisition cost through referrals. But in current times, they also need to be more than just perks, modern shoppers expect brands to emotionally engage with them via various channels and hence adding a personalized touch can help build trust and long term loyalty. Because loyal customers spend more with your brand which means higher profits. Did you know that increasing retention by just 5% can boost profits by 25%-95%?
An effective customer rewards solution is a treasure trove of data about customer preferences, and their purchasing behavior and also delivers useful insights on who your most profitable customers are. This data can be further used to build personalized offers and rewards that can be appealing to your targeted customers and help your brand prioritize marketing efforts in order to yield higher revenues. Specially when the economy is dwindling, allocating resources toward retention and running well designed customer reward programs becomes more important than ever. However, it takes research, consistency, new and fresh rewards, amazing customer experience, customer data, strategic planning and omnichannel experience to spin up a great loyalty program.
Most sought after customer rewards programs:
Here are some benefits of effective customer reward programs:
We, at Annex Cloud, are always enthusiastic to understand and assess your business goals so that we can offer you custom customer rewards solutions designed to retain your most valuable customers. Given today’s challenging economic environment, customer retention has never been more important. To illustrate my point, here are some quick loyalty metrics for our client, Jenni Kayne:
For additional information and a free demo from one of our product specialists, get in touch with us today!