Loyalty programs are marketing strategies that identify and reward customers that make frequent purchases. The rewards are varied and can be in the form of coupons, free merchandise, or even special access to new products. The programs are a way of retaining the existing customer base and encouraging them to make even more purchases.
Studies have shown that a business will most likely spend ten times more money and resources to acquire new customers than to sell to existing customers. The studies also show that existing customers spend 65% more than the new customers do. These kinds of statistics encourage businesses to set the customer reward systems, but does this data translate into an actual increase in sales and revenue … Read moreContinue reading →