A good loyalty program is an invaluable asset for any business seeking to engage, retain and foster long-term relationships with customers. But even the best-designed program of them all may not be impactful unless you promote it effectively and consistently across all channels available to you. In this article, we'll explore the best ways to promote your loyalty program, both online and offline, by email/SMS marketing and social media. Let's dive in!
When it comes to brand growth, most business owners and marketing teams will tell you that they allocate nearly 80% of their marketing budget to acquiring new customers. In contrast, very little time or energy is spent on their existing customer base. This is surprising because studies have repeatedly demonstrated that loyal customers not only tend to spend five times more than regular customers but shop at those brands more frequently. Given that only 1 in 5 new customers will make a repeat purchase, it's imperative that your marketing strategy not only caters to your existing customer database, but that focuses on turning first-time shoppers into regulars... fast!
Smart marketing requires that brands focus on growing their customers' lifetime value (CLV). The higher the value the more profitable the business will be. CLV is mainly driven by customer retention. The concept is fairly simple—customers who are happy with the products and services of a company will keep on giving their business to them. The trick is finding a proven method to turn first-time shoppers into regulars and develop customer loyalty.
