How to Calculate Customer Lifetime Value to Maximize ROI! The New Normal: How Retail Can Adapt in 2020 – Loyal~n~Save. In the past few years, the retail industry has been changing by leaps and bounds.
Retail innovation has been the driving force and radical shifts have taken place… and that was before a worldwide pandemic tied retailers’ hands behind their back and threw them off the side of a ship, figuratively speaking. Can anyone say “Retailpocalyse”? The retail market continues to bottleneck even tighter into a consolidated model where success is strictly found in supply chain and inventory optimization. Offering fast deliveries, click and collect options, ship from store, and easy returns are among the vital customer service standards.
But how can stores compete with the internet, and what else can you do for your retail store to adapt in 2020? In a sentence, retail stores survive by using “data exploitation”. Pay attention to three key factors in order to best exploit your customers’ data. Develop responsible consumption Implement new ways of marketing and interacting with customers. How to Calculate Customer Lifetime Value to Maximize ROI! Easier Ways to Win customer Loyalty. Loyalty Best Practices for a Successful 2020 - loyalnsave. How Much Does a Loyalty Program Cost? The cost of implementing a loyalty rewards program at your store could vary widely depending on the type of loyalty program you’re interested in using, as well as the size and scope of your business.
This article is designed to go over the costs—both upfront and hidden—that are associated with implementing a loyalty rewards program that has a digital, interactive interface, or in other words, a program that comes with an app. Let's get started! The cost of implementing a loyalty rewards program at your store could vary widely depending on the type of loyalty program you’re interested in using, as well as the size and scope of your business. If you’re still in the early stages of shopping around for a customer rewards program, then we highly recommend you check out our article Loyalty Program Types, which explains all of the different options on the market today. Take a deep breath. Download Loyal~n~Save today! Build Personal Relationships with a Customer Loyalty Program. Want to guess the percentage rate of first-time customers who actually return to a store?
It’s a measly 3%. This is an alarming statistic that should keep you up at night. After spending so much time, money, and effort to acquire a new customer, you want them to stick around. Gamified Loyalty Program for Restaurants & Bars. Loyalty Program for Salon & Barbershop. Best Loyalty Program for Pet Retailer Industry. Browse our Database for Latest Blog & Update about Loyalty Program.
Browse our Database for Latest Blog & Update about Loyalty Program. Evolving Brand Loyalty: Where do your customers fit in? “54% of consumers identify as Mercenary Loyalists - addicted to the bribe.
Brands who want to stand out should foster Cult Loyalty instead.” -Barry Kirk, Martiz Motivation Solutions Over the years customer loyalty has evolved from “buy 10 get 1 free” punch cards to personalized, tailored shopping experiences. The world of consumer loyalty has dramatically shifted into a 4D landscape; transformed by technology, social media, political/environmental factors, and the Millennial generation. Customers expect more from their preferred brands than they did in the past, but how do we adjust to keep up with customers' increasing needs? How to Build a Loyalty Program. Customer loyalty directly impacts the success of your businesses.
Turning first-time customers into lifelong ones should be every entrepreneur’s goal and unlike the days of old, providing quality products and excellent services for fair prices isn’t enough to earn the loyalty of your customers. IT’S ALL ABOUT CUSTOMER LOYALTY. Best Loyalty Program Practices. A customer loyalty program is a rewards-based marketing effort that provides incentives to repeat customers who demonstrate loyal buying behavior.
When customers are rewarded for their loyalty and receive discounts, deals, and freebies in return, business revenue increases. 5 Long Game Approaches That Drive Customer Loyalty. For the majority of retailers, having a loyalty program is par for the course.
Simply offering loyal customers discounts for merchandise is not enough. To win the competition for customer loyalty, retailers must be willing to use long-term strategies that bring patrons back time and again. Statistics show that repeat, loyal customers spend 67% more than new customers. Loyal customers also recommend stores to friends and family, expanding your customer base for you. 5 Long Game Approaches That Drive Customer Loyalty. Using Gamification In Your Loyalty Program To Increase Customer Engagement. Is your company ready to up its loyalty game?
It’s no longer enough to simply offer customers a loyalty program, retailers should be using gamification to increase their customers’ participation and satisfaction with the program. Research conducted by TechValidate found that “30% of companies using gamification improved registration conversion rates by upwards of 50%.” Gamification involves applying elements of game playing, such as narrative, points/rewards, strategy, and leaderboards to something that is not a game like a loyalty program. Gamification of a loyalty program capitalizes on human psychology to entice consumers to participate and stay engaged in the program and thus with the brand as well. Gamification can be used to motivate consumers to do more than just make in store purchases. The reason that gamification of loyalty programs works so well is because it plays upon psychology and makes participation fun. Why Is Customer Loyalty Important? The importance of customer loyalty cannot be overstated.
Every single customer that enters your retail location is your opportunity to win their business for life. You want your first-time customers to become lifelong, loyal customers, but you aren’t the only clothing store—or restaurant or hair salon or arcade—in town. Different Types of Loyalty Programs. Any given loyalty program on the market today will offer a platform with dynamic promotional facets to get you up and running and get your loyal customers shopping, but there are many different kinds of loyalty programs out there, so how will you know the best platform to choose?
If you haven’t already read our articles Why Customer Loyalty Is Important? And What Is A Loyalty Program? We suggest you take a moment now so that you’ll get the most out of the information in this article. If you have, great! 6 Ways To Turn Complaints Into Customer Loyalty. What’s the good news about bad news? Thanks to the psychological phenomenon of negativity bias, negative experiences make a more lasting impression on people. Why is that a good thing for retailers? 5 Word-of-Mouth Marketing Strategies For Retailers That Increase Referrals.
With all the different advertising mediums out there: TV, radio, print, billboards, and the web, why is word-of-mouth marketing still so important? It’s simple. People trust people. Paid advertising has its place in fostering brand recognition, educating consumers on your products and services, and drawing some foot traffic. The problem lies in the very nature of paid advertising. When people know they are being “sold,” that marketing medium doesn’t necessarily create a personal connection to the brand. Word-of-mouth referrals succeed in answering that question. “Ninety-two percent of consumers around the world say they trust earned media, such as word-of-mouth recommendations from friends and family, above all other forms of advertising.” Author and entrepreneur Jim Rohn said, “One customer, well taken care of, could be more valuable than $10,000 worth of advertising.” The Price is Right: 8 Pricing Strategies to Implement Today.
“Come on down! You’re the next contestant on the Price Is Right.” For more than three decades Bob Barker has inspired TV viewers to guess the prices on everything from dishes to bedroom sets. What made the game show so intriguing was that it kept its viewers wondering just how accurately the contestants could guess the prices on items when prices vary widely from retailer to retailer. The second biggest decision you’ll make as a retailer after which products to carry will be what prices you give them. In an article published in the National Public Accountant called Using ‘Smart’ Pricing to Increase Profits and Maximize Customer Satisfaction, “McKinsey & Co., in a study of 1,000 firms, found that a 1% increase in price – with constant sales – resulted in an average increase in profitability of 7.4%.
2019 Pet Industry Trends to Foster Customer Loyalty. 2018 was a busy year for the pet industry. With the significant mergers of companies combined with the rapid growth of the premium grocery industry, people are spending more money on their pets than ever before. Can an Umbrella Loyalty Program Work For You? Q&A with Loyalty360. Loyal~n~Save is a loyalty platform offered by FasTrax Solutions, a company that specializes in retail POS, warehouse management systems, and digital marketing solutions. The platform is designed to help retailers boost customer engagement by enabling them to reward customers for cash and credit card purchases. In addition, the platform grants points to customers who refer friends and family members.