Developing a loyalty marketing strategy is important for every business owner. But, it shouldn’t be hard. There’s a few must haves for a successful loyalty program. And if done right, not only can you increase your loyal customer base – but, you will have an attentive audience for your marketing efforts.
Your best customers are your loyal customers. Though, on average, they only make up 20% of your customer base, they generate around 70% of your revenue. Also to note is that a loyalty card member will frequent their favourite outlets approximately 4 times more and spend up to 50% more than a non-member and normal average customer
Not only do they spend more, but loyal customers are more likely to refer their friends and family to your store, and more likely to respond to your marketing offers. In fact, when it comes to your marketing budget, it costs 7 times more to acquire a new customer than retain an existing one.
Bearing all of that research data in mind, which counts to $1000’s of revenue, developing your loyalty rewards program and marketing strategy in your business plan and operations is of the upmost priority and importance. So, focusing your efforts on your loyal customer base is your best bet when it comes to growing your business.
Creating a loyalty program is a good place to start. But, creating a loyalty marketing strategy will help you make the most of your loyalty program, to keep your customers coming back again and again!
Let POSmate Point of Sale POS Systems coupled with our loyalty rewards programs and partners show you the way how your outlet can build and create your very own fan base!