Rewards programs, also known as loyalty programs, are a powerful strategy for attracting and retaining customers—in fact, over 75% of customers favor brands that have one. Here, businesses offers customers rewards and incentives for taking certain actions, such as making repeat purchases or buying a membership.
Reward programs are a win-win for customers and merchants. Customers are given special perks and incentives for their repeat purchases, while merchants reap the benefits of increased retention and boosted lifetime value!
Amazon Prime is a loyalty and membership program offering customers fast shipping, a streaming service, and other benefits. The Starbucks Rewards program offers points (or stars) for purchases that can be redeemed for goods, as well as exclusive benefits, like the ability to order and pay ahead.
How ever they work, the best rewards programs are personalized and motivate customers to spend more.
If you're a merchant considering a loyalty program, first, think about how it will work. Will your program be points-based, tiered, or even-cause based (with donations to meaningful organizations)?
From there, you’ll have to think about how you’ll reward your customers for their loyalty. Options can include free-shipping, discounts, early access to new products, or whatever your customers would find valuable.
So, let’s recap!
- Loyalty programs are an excellent way to build customer loyalty and increase LTV
- They can be points-based, tiered, or cause-based
- Lastly, the best programs are personalized and motivate customers to spend more
Set up a program of your own and reward your business with increased retention and boosted customer lifetime value!
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