Revenge Spending Binge: Are Your Offers Still Appealing?
According to Bloomberg Economics, US citizens have amassed about $1.7 trillion of excess savings since the pandemic. Experts from Wells Fargo & Co predict that consumer spending over the next two quarters is likely to be the strongest period in at least 70 years, with a rebound in services leading the way.
How to Increase Customer Lifetime Value Using Customer Loyalty Programs
As a business owner, knowing your customers’ value and how much they tend to bring back to your business is crucial in understanding and evaluating where your business stands. It also helps you understand what you can do to increase sales. You should know that boosting your customer retention rate by only 5% increases your profits by up to 95%.
9 Best Practices for Setting a B2B Loyalty Program
Statistics obtained during the COVID-19 pandemic has shown that companies operating in B2B markets could successfully engage new customers and operate online. Other forms of transactions are also easily transferred to the online environment.
Will Your Customer Loyalty Program Survive After the Pandemic?
Although, more than 90% of companies offer some sort of loyalty program to their customers, not all of them are created equally. In exploring the different types of customer loyalty programs and understanding their benefits, we will give you some insights on how to customize your program and make it stand out in a crowd of all other industry programs.
How to manage a successful B2B loyalty program in 2020
Acquiring customers is anywhere between five to twenty-five times more expensive than retaining an existing one. (Harvard Business Review) B2B Loyalty programs are an effective way to get your channel partners to sell more. It is also a great way to encourage retention. Keeping an eye on your churn and partner retention is important. Channel […]
Customer Loyalty Programs: 5 Tips for Success
Do Loyalty Programs Help to Retain Customers? Customer loyalty programs have been around for quite some time in various forms. One recent study found that 87% of customers agree that, with a customer loyalty program, they are more likely to purchase from the same company again and again. Loyalty programs are not just beneficial for the customer […]
The Differences Between B2C & B2B Loyalty Programs – Expert Tips
Fresh Ideas You Can Implement Right Away B2B and B2C are the two main ways that businesses need to sell and market their products or services. A business can be both B2B and B2C. For example, Amazon and Apple act as B2B and B2C at the same time because the customers buy from them for […]
Customer Rewards: How to Improve Your Loyalty Program
What keeps customers engaged? With the average household belonging to at least 12 loyalty programs, lacking a solid customer loyalty program is a surefire way to have your customers go elsewhere. Not to fear! Out-engaging the competition could be closer than you think. Just follow the steps below. Upfront Strategy Before you undertake any customer loyalty efforts, […]
The State of Customer Loyalty
Why is it so hard to gain loyalty? What makes a loyalty program attractive? A recent report from Colloquy provides information on the state of Customer Loyalty. Here are some key findings on customer loyalty programs from retailers, the travel and hospitality industry, and financial services as well as emerging programs in entertainment and other […]
Market Research and Incentives
Rewards provide incentive for participation in market research surveys. Many of our business decisions today are driven by customer data and feedback, but it’s increasingly difficult to get even highly satisfied customers to spend the time to take a survey. Will offering an incentive increase participation in market research surveys? There are three main reasons […]
