The Top 5 Benefits of Promoting Your Loyalty Program
So you’ve signed up for an awesome new loyalty program. What do you do now? We’ve already shared a blog with you all on how to promote your loyalty program but why should you put in the effort? What are you going to get out of working on all that promotion?
We have the answers for you. Here are the top 5 benefits of promoting your loyalty program today.
1. Increase Your Sales and Revenue
The whole point of a loyalty program is to turn new customers into loyal ones and increase your overall retention of customers across the board. What impact does retention have, then, on your sales and revenue? You’ll be pleased to hear that increasing customer retention rates by 5% increases profits by 25% to 95%! On top of that, 15% of the customers loyal to a brand can generate anywhere from 55% to 70% of total sales. Put these two factors together and you are looking a significant increase in your revenue.
But the customers need to know about the loyalty program first before it can have any impact on your sales! Get promoting!
2. Gather Valuable Data
Why start using a loyalty program? Gaining valuable customer data is an important part of it. With Swipii, new customers will be able to find you via the app and this is great because you’ll see the data come through and learn more about your new customers’ behaviour. But what about the customers who were coming to you anyway? You need to do a bit of promotion to convince these shoppers to join your loyalty program too, to garner even more valuable data.
This data can then be used to improve your stock, change your marketing, introduce new products or offer discounts! The world is your oyster!
3. Open Channels of Communication
Want to get honest feedback from your most loyal customers? A loyalty program allows you to open new channels of communication with your customer base that you may not have been able to do before.
The Swipii loyalty platform, for example, has a rating feature for users to rate the businesses they have transacted at- and all reviews are only visible to the business being reviewed, which means it’s solely there for these local businesses to get better.
On top of ratings, there’s the possibility of doing push notifications in the future, and of course, you need to promote your loyalty program on social media- one of the best places to go for communicating with your customers.
4. Competitive Advantages
Here’s another reason you should promote your loyalty program- a competitive advantage. Are you a cafe in a city full of cafes? Make sure your loyalty program is the best it can be, with incredible rewards and treats for your most loyal customers. Then, blast it everywhere you can. You’ll win over those customers looking to get a bang for their buck and find their new favourite cafe.
You’ll have something that your competitors don’t have, edging you out in front. Why would you not shout about that?
5. Build Social Proof
If you’ve set up a Swipii loyalty program, we will try and shout about you on our social media channels, but there are a lot of you there! And, after all, this is your own branded, loyalty program so you want to take ownership of it and set rewards to suit your own business. So, you need to help promote a community for your customers by generating social proof.
When your customers love your rewards and the products or services you’re offering, they are bound to share it with their family and friends. And their family and friends are bound to trust their opinion! 73% of customers are more likely to recommend companies with strong loyalty programs. Referrals are one of the easiest ways to build effective social proof for your business, so why not promote, promote, promote!
If you need any help promoting your new loyalty program on the Swipii app, we’d be happy to help you out! We’ve got social media gurus and marketing specialists, so we can help to point you in the right direction to get your incredible offers and rewards out to all the right people.
Just get in touch and we’ll see what we can do.
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