- Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one! This means nurturing your current customers is far more lucrative than investing in marketing outreach.
- Loyalty rewards programs are one of the best and most successful ways to build brand loyalty and boost sales, but not all rewards are created equal. Turning a casual shopper into a brand advocate takes a thoughtful and customized approach.
- Loyalty rewards programs require a business to provide rewards in order to retain its repeat customers.
- The scope and type of rewards program you offer your customers should reflect the size and personality of your business.
Why do these programs work?
- Everyone loves freebies.
- Loyalty rewards programs make your shoppers feel appreciated. This, in turn encourages them to come back for more.
- Loyalty programs encourage an emotional connection that builds positive associations with your brand which generates word of mouth marketing. Word of mouth marketing is one of the most influential factors when it comes to driving purchases, with 1000 customer generating around 500,000 conversations about a brand.
- Plus, loyal customers convert more and spend more too. The Adobe Digital Index Report tracked 40% of US retail revenue from returning or repeat purchasers.
Contact VRM to discuss loyalty solutions that will benefit your business, increase your database and keep consumers coming back for more.