The Loyalty Minute

Episode 43 – How To Create A Customer Loyalty Program For Your Business

admin February 21, 2020 139

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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 Enjoy!

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