Loyalty programs and referral programs are closely connected, that\’s why people usually confuse these two programs for rewarding the same thing. There are components of each type of program that can easily be twisted. A customer who brings referral businesses continuously, consider as a loyal customer. Likewise, some referral programs require customers to refer many …
A loyalty program is a structured and long-term marketing strategy that entices customers to make frequent repeat business with a certain product or service. Usually, the customer loyalty program offers unique benefits like discounts and other rewards. In fact, a 5% increase in customer loyalty is likely to increase profit per customer by 25% -100%. …
The Evolution Of Loyalty Programs With Changing Times Read More »
Loyalty programs are intended to reward your best (loyal) customers. Businesses choose to execute a rewards program with the aim of retaining their current customers and turning new buyers into loyal customers. Conventionally, many companies are practising rewards programs like rebate programs, cashback, earning points, and many more to incentivize purchases for customers. However, there …
A loyalty program is an efficient way to retain existing customers and attract them to make repeat business. It is the ultimate way to increase revenue from your current customers. As it costs up to five times more to acquire new customers, it is better to nurture the existing ones. Hence, if you introduce a …
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Customers, for FMCG industries, are faceless entities to be lured down the sales funnel with ads and discount offers. The sheer bulk of volume in terms of customers means that FMCG industries may not care if some customers switch brands because they assume more will hop onto their wagon. This approach may be self-defeating. If …
How FMCG Loyalty can Improve Customer Engagement Read More »
Mahatma Gandhi did say that .. “a customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him…“ That was in the previous century. It is more than relevant today given the keen competition and smarter, more discerning consumers. Manufacturers, particularly, cannot leave it to distributors, …
Retail industries must have some form of loyalty program to retain a firm grip on the market and ensure a growing base of loyal customers. This is easier said than done given the dynamics of the marketplace and buyer fickleness. Loyalty programs, in general, are designed to ensure customers loyal and do not switch. However, …
Manufacturing today, more than ever, need a strategic loyalty program in place to stay competitive and innovate. The multi-faceted nature of manufacturing, calls for a different loyalty solution. One may simply think of the buyer as the target and tailor a program to gain loyalty but there is more to it. The Facets -Manufacturing industries …
Multi-faceted Loyalty Solution Development for Manufacturing Industries Read More »
