Why Loyalty Program?
KEEPING CUSTOMERS HAPPY–THE IMPORTANCE OF LOYALTY
NIELSEN SURVEY REPORT: 87 % OF GLOBAL RESPONDENTS MORE LIKELY TO VISIT RETAILERS THAT OFFER A LOYALTY PROGRAM
Loyalty program prevalence is lowest in the Middle East/ Africa and Latin America. But participation intent is among the highest.
Returning customers is the pot of gold at the end of the rainbow. The downfall for many companies is that they fail to retain customers. Putting together a good retention strategy leads to an increase in customer profitability and a subsequent decrease in the account maintenance cost.
HERE ARE 5 TOP REASONS WHY CUSTOMER LOYALTY MATTERS.
1. It costs more to get new customers
To acquire new customers businesses have to advertise to attract their attention, incentivize them with discounts, educate them about their brand and product, provide personalized services which all amounts to costs. It is 6 to 7 times more expensive to acquire new customers than servicing your regulars. Your reliable clients work as a multitude of free showcasing administrators when they get new prospects to your brand, significantly decreasing the related expenses in procuring new consumers.
2 Loyal customers ‘ambassadors’ that help build your brand
Individuals are more inclined to visit stores suggested by their friends, associates or relatives. Verbal promoting is a standout amongst the most capable channel of marketing. Faithful clients strengthen your image in the psyche of buyers that are new and unfamiliar with your brand.
3. It’s easier to up-sell and cross-sell to loyal customers
Marketing Metrics found out that the probability of selling something to new prospects is only about 5-20% while the probability of selling something to an existing customer is 60-70%. Loyal customers are more willing to try out new recommendations and new products.
4. Customer loyalty shields your business from price competition.
In the words of Warren Buffett, customer loyalty gives you an 'economic moat' from losing customers to competitors. Dedication decreases the impact of price sensitivity on your customers, and it takes more than reduced prices to bait your unwavering clients away. In times of increasing expenses and swelling, faithful clients stick around, and their dedication towards your brand makes it less demanding to raise costs without them surrendering in mass, inevitably serving to secure your main concern.
5. Loyal customers provide honest, quality feedback
Faithful clients adore your brand. Their genuine input, particularly negative ones are essential to know where and how to make strides. What’s more, they don’t falter in giving you one. You scarcely get certified inputs from new clients, and this can be unfavorable to your item and administration quality. In numerous occasions, new clients visit, have a few versions or an unpalatable affair, tend not to voice it out and lean toward not to return once more.
We have some great clients Who love us
Management, Joy Alukkas Group, Dubai, UAEProfessionals from iBonus managed our project excellently and delivered all our requirements well. Online Internet Support was also available whenever required. iBonus has a highly professional attitude toward their clients and client satisfaction is their top priority.
Khaleed Ahmed, Friends Net Cafee, EgyptI got my Loyalty System set up and Installed from AVI Infosys and working in less than 24 hours which is an incredible feat. I am very pleased with their professionalism and the performance of their products. It is a pleasure to work with such dedicated professionals.
Management, Max Retail, A Landmark Group company, Dubai, UAEThe best consultants for our project were available from iBonus 24X7 and the sales and support teams extended their support every time we needed inputs and help.