7 customer loyalty program ideas for your business
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7 Customer Loyalty Program Ideas for Your Business
http://www.egiftafrica.com/
Did you know it costs a business about 5-10X more to acquire a new customer than it does to sell to an existing one? Not only that, but on average, current customers spend 67% more than new customers.
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What is a loyalty program?
A loyalty program is a rewards program offered by a company to customers who frequently make purchases. A loyalty program may give a customer free merchendise, rewards, coupons, or even advance released products.
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Is your loyalty program working?
According to the 2015 Colloquy Customer Loyalty Census, American households hold memberships in an average of 29 loyalty programs, but are active (meaning earn or redeem at least one per year) in only 12 of them. Companies lose money on time and effort, and customers get no more value from the businesses to which they are “loyal.”
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7 Customer Loyalty Program Ideas for Your Business
1) Use a simple point system.2) Use a tier system to reward initial loyalty and encourage more purchases.3) Charge an upfront fee for VIP benefits.4) Structure non-monetary programs around your customers’ values.5) Partner with another company to provide all-inclusive offers.6) Make a game out of it.7) Scratch the “program” completely.
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