The importance of a solid rewards program
A strong rewards program can increase your customer retention and customer satisfaction rates, as well as boost your reputation and sales. It can serve to encourage new customers to stick around by creating mutually beneficial shopping experiences as well as ensuring that existing loyal customers feel valued. Research shows that it costs six times as much to retain a customer than to attract a new one, therefore standard loyalty programs are an obvious solution to mitigate costs… right? Maybe not.
Traditional rewards programs can quickly become a financial liability. Most businesses don’t know the true costs of their rewards programs. Point based programs are becoming commoditised making it harder for businesses to drive participation. After hiring a data analyst and marketer to analyse, test and report on the success of the rewards program, it can cost more than it produces. In addition, most rewards programs come with an expiration date which detracts from the very purpose of the program, which is to provide added value to the loyal customer.
In addition to this, most loyalty programs come with nothing more than a plastic card. This leaves customers in the dark about what rewards are redeemable as they cannot keep track of their points balance and points value.
With the rapid disruption of technology and consumer expectations, it is imperative for businesses to adopt a rewards program that is agile and flexible in order to keep up with the digital age. It no longer makes sense to use twenty different plastic cards for loyalty programs that could all be managed online, or on our phones.
Loyalty Wallet provides a complete, friction-less rewards program that benefits both businesses and consumers. Additionally, customer’s rewards schemes are easily managed in a single online wallet rather than having multiple plastic cards running around. Customers also have the ability to track their point balance, view their redeemable rewards and points value all in one easy to navigate mobile application.