Learn How To Increase Your Business Profits With A Loyalty Program Enhancement
Rob Gallo appeared on The Expert Authority with Mario Fachini for an interesting conversation on building better customer and brand loyalty at scale. Enjoy!
Welcome Loyal listeners in today’s episode of the loyalty minute we’re going to be talking about how to create a customer loyalty program for your business…
It’s one of the most cited statistics in the business playbook: 80% of your venture’s profit will come from 20% of your existing customers.
Loyal customers are your most valuable customers, which is why many small business owners go above and beyond to incentivize their customers to return time after time.
A loyalty program can improve customer retention, bring in more positive customer reviews and build the kind of brand loyalty that can help you sustain the business through a recession. Here’s how to set up and run an effective customer loyalty program.
Design your program around a goal
What’s the customer behavior you wish to incentivize? Design your loyalty program to reward your customers for taking a specific action. For instance, if they visit your cafe for a coffee four times in a month, the fifth coffee is free. This encourages more frequent visits, bringing in foot traffic and increasing sales.
Here are the main goals your loyalty program might help you accomplish:
Increased spend: make each transaction more profitable.
Frequent visits: encourage customers to make a purchase more often.
Market research: use your loyalty program to learn purchasing habits, solicit feedback and test new products.
To learn more about creating a loyalty program for your business and other great customer loyalty insights, please visit theloyaltyminute.com Enjoy!
