Loyalty programs are everywhere even if we don’t recognize it. When you fly to Thailand for free because you’ve collected 3000 airline miles or when you pass by your favorite coffee shop to get your free latte because you bought 5 others during the last two weeks or even when you go to the supermarket and receive $90 cash back on your monthly shopping.
Customers’ decisions to purchase a brand is based on the ability to be rewarded for their money spent and their loyalty. If your brand is not completely focused on rewarding its customers for their loyalty then it’s completely losing an important opportunity that the competitor may be benefiting from.
Loyalty Programs increase corporate and small business revenue
Although not all of wake up with revenue on our mind, but the main objective of a corporation is to maximize shareholders’ wealth. Yes, cash is king! All companies of all sizes have one common goal and that is to make more money than is spent. And Customer loyalty programs are the best way to achieve this goal because they encourage one time visitors to become loyal customers and purchase habitually.
In a recent study, it was found that loyal customers amount to 70% of the total sales of a retail business (Center for Retail Management, Northwestern University). This means that more than half of the business’s profits are generated from loyal customers.
Additionally it was found that loyalty programs can increase a brand’s market share by 20% and increase the customer base by 10% (Aimia)
Merits Loyalty solution and marketing platform offers businesses a chance to gain new customers and retain old ones by tailoring their own loyalty programs and creating mass marketing campaigns in a few easy steps without the hassle of printing cards or investing huge amount of money in complex loyalty software.
Merits mobile app: Your loyalty in the palm of their hands.