{"id":80,"date":"2019-10-18T01:52:14","date_gmt":"2019-10-18T01:52:14","guid":{"rendered":"https:\/\/mixto.ca\/blog\/?p=80"},"modified":"2019-10-18T12:59:39","modified_gmt":"2019-10-18T12:59:39","slug":"7-reasons-your-business-needs-a-loyalty-program","status":"publish","type":"post","link":"https:\/\/mixto.ca\/blog\/7-reasons-your-business-needs-a-loyalty-program\/","title":{"rendered":"7 Reasons Your Business Needs A Loyalty Program"},"content":{"rendered":"\n

If you haven\u2019t yet developed a loyalty program to retain your client base, this list will help you understand just what you\u2019re missing out on.<\/h3>\n\n\n\n
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When it comes to retaining your existing customers, implementing a strategy aimed at building customer loyalty is crucial. It\u2019s how you build your tribe and keep them following you. Loyalty programs are marketing strategies designed to reward a customer\u2019s purchasing behaviour, thereby increasing their likelihood of remaining loyal to the company.<\/p>\n\n\n\n

The incentives often vary; some programs offer exclusive privileges; others deliver discounts or special merch, but they all share the same objective of attracting and retaining a customer\u2019s devotion to a brand. They\u2019re usually effective, because they appeal to the customer\u2019s desire to be first, to be exclusive, to be treated as special, and to get a great deal out of being faithful to your business. If you haven\u2019t yet developed one for your client base, the following seven reasons should help you understand just what you\u2019re missing out on.<\/p>\n\n\n\n

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1. Increase Your Sales<\/h3>\n\n\n\n

Customers enjoy loyalty programs because they often provide attractive incentives for making a purchase. Rewards often increase linearly \u2013 the more a customer spends, the more points they accumulate, and the greater the payout. Triggering your customers\u2019 interest in building up towards a special reward when they cash out keeps them making purchases and gives you continued access to revenue. Not all rewards programs are created equally, however, and you\u2019ll need to be plugged in to the needs of your target audience to pull yours off effectively and deliver rewards that are worth it to your customers.

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2. Strengthen Your Brand<\/h3>\n\n\n\n

Loyalty programs work in two ways: 1) they motivate new customers to remain interested even after they\u2019ve purchased your products or services, and 2) they make your existing customers continue to feel valued by your brand. This way, customer appreciation for your business grows continuously, and the chance that existing clients will spread the love via word of mouth and online reviews grows right along with it. The more a customer feels appreciated, the more he or she is likely to support a brand and recommend it to others. Online testimonials and word-of-mouth create the best kind of ongoing cycle of growth for your business.<\/p>\n\n\n\n

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3. They\u2019ll Likely Make You More Than You\u2019ll Spend on Them<\/h3>\n\n\n\n

So maybe you\u2019re sold on the idea of a loyalty program, but you\u2019re still hesitant to pull the trigger because you\u2019re imagining your resources taking a hit \u2013 and possibly being drained by a strategy that doesn\u2019t guarantee success. The truth however, is that pursuing new customers is far more expensive; studies show that keeping an existing customer is 7 times less costly than acquiring a new one. This means that whatever you spend implementing a loyalty program is likely to be far less than what you\u2019d spend in attempting to obtain new customers via advertising or any other marketing strategy. It\u2019s also very likely that whatever you spend on a rewards program will be made back twice over by the resulting business you generate.<\/p>\n\n\n\n

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4. Learn About Your Target Audience<\/h3>\n\n\n\n

When you offer a rewards program, you\u2019re generating results that will provide you with important information about your customers. As you tweak your strategy and your incentives, you\u2019ll soon realize what triggers the desire of your clients, and what doesn\u2019t quite achieve the same effect. This allows you to pinpoint the rewards that matter most to your customers, and therefore gives you the opportunity to make offers that endear you to your audience when you attach them to the products and services that you\u2019d like them to experience the most.<\/p>\n\n\n\n

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5. Grow Your Tribe.<\/h3>\n\n\n\n

Rewarding your customers for sticking with you sets your business apart from your competitors who aren\u2019t doing the same. A rewards program sends a strong message to your current and future client base that you don\u2019t just care about making money; you value your relationship with them as stakeholders in your business\u2019 success. This creates a tribe who feels good about associating with your business and supports you proudly.<\/p>\n\n\n\n

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6. Reward Your Customers in-Store or Digitally.<\/h3>\n\n\n\n

A great advantage of loyalty rewards programs is that, depending on the scope and capability of the system, rewards can often be applied to purchases made in person, online or both. In this way, you\u2019re able to offer a greater number of rewards with a broader reach when it comes to your audience. Your program\u2019s style should depend on the needs of your operation and the habits of your customers; if the majority of your sales come from online purchases, it\u2019s time to beef up your online rewards. If, however, the bulk of your customers take advantage of your sales in person, an in-store program makes the most sense. You could, potentially use a combination of both. Mixto provides both digital and physical solutions for loyalty rewards programs. Click here to learn more about how we can help.<\/a><\/p>\n\n\n\n

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7. The Juice Is Worth The Squeeze.<\/h3>\n\n\n\n

We won\u2019t lie to you; the initial set up of an effective loyalty rewards program takes genuine effort and research. You\u2019ll need to be highly informed of the preferences of your customers, as well as the strategy you\u2019ll need to implement. However, once you\u2019re set up, your rewards program becomes automated and self-sustaining, just based on the cyclical nature of the work a client does to obtain those sweet rewards, the enjoyment they receive when they redeem them, and the motivation to experience it all again. If you take the time to study your audience\u2019s buying trends and keep your rewards updated, your customers remain engaged, and the effort and time required to execute the process this will be worth it when your business experiences the growth it deserves.<\/p>\n\n\n\n

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Ready to get started with a loyalty program?
Click Here For Mixto\u2019s Loyalty Card Solutions.<\/strong><\/a><\/h3>\n\n\n\n

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If you haven\u2019t yet developed a loyalty program to retain your client base, this list will help you understand just what you\u2019re missing out on.…<\/p>\n","protected":false},"author":2,"featured_media":81,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[20],"tags":[18,16,13,11,14,19,12,15,17],"class_list":["post-80","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loyalty-cards","tag-advertising","tag-customer-retention","tag-incentives","tag-loyalty-cards","tag-loyalty-programs","tag-marketing-strategy","tag-rewards","tag-rewards-programs","tag-tribe"],"_links":{"self":[{"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/posts\/80","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/comments?post=80"}],"version-history":[{"count":31,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/posts\/80\/revisions"}],"predecessor-version":[{"id":129,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/posts\/80\/revisions\/129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/media\/81"}],"wp:attachment":[{"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/media?parent=80"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/categories?post=80"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mixto.ca\/blog\/wp-json\/wp\/v2\/tags?post=80"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}