What is loyalty marketing and why is it important? Loyalty marketing is a marketing strategy where companies offer rewards, perks, and incentives to customers, in order to build trust, inspire customer loyalty, and increase customer retention. Loyalty marketing programs are an important tool for businesses today as they attempt to stand out in a saturated market.
To gain a better understanding of loyalty marketing programs, check out the infographic below!
What Is Loyalty Marketing? [Infographic]
*Find sources for all of the statistics in the loyalty marketing infographic at “Important Loyalty Program Statistics for 2020.”
How Loyalty Marketing Helps Businesses Increase Sales
- Loyalty marketing differentiates your business and helps you stay top of mind. Exciting rewards and brand interactions capture your customer’s attention, helping your business increase mindshare, marketshare, and share of wallet!
- Loyalty marketing programs include rewards, software, and engagement tools that enhance and expand your customer value proposition. These can be used to attract new customers or inspire growth and loyalty from existing customers.
- Loyalty marketing promotions let companies prioritize their product lines. Loyalty software and rebate management platforms let companies set promotions to reward customers for buying specific products that align with strategic goals.
- Loyalty marketing programs provide enablement tools that help customers complete the buyer’s journey. Online learning incentives, communications, and goal-tracking software help customers understand your value offering and feel more confident in their purchases.
- Loyalty marketing programs generate valuable data points that businesses can use to personalize their sales and marketing efforts. The more you know about your customers, the better you’ll be able to serve their needs – and the more you will sell! Data rich loyalty programs can be a competitive differentiator.
- Non-cash rewards are three-times more cost effective than cashback or discounts. Not only that, but non-cash rewards are more memorable and emotionally impactful – perfect for effective loyalty marketing!
How Do You Start a Loyalty Marketing Program?
Need help with planning your loyalty marketing program? Incentive Solutions is an award-winning loyalty marketing provider with a proven track record. We provide strategy, software, rewards, and end-to-end support so that your loyalty marketing program can achieve its goals!
- “8 Loyalty Program Trends for 2020”
- “Important Loyalty Program Statistics for 2020”
- “The Top Benefits of Customer Loyalty Programs”