Loyalty programmes, when done well, are a crucial aspect of customer experience. They build and strengthen relationships with your existing customers and draw in new customers in search of brands that reward them for their loyalty. Nearly 75% of consumers are more likely to recommend companies with good loyalty programmes. Aside from the feel-good factor delivered to customers, loyalty programmes provide your business with invaluable customer data and bottom-line benefits. Almost 60% of consumers spend more on brands they are loyal to, and while more than 90% of companies now have a loyalty programme, the quality and effectiveness of these vary.
Here, we look at how to ensure your loyalty scheme is in top shape, so your business gets the insights it needs, maximises value and your stakeholders remain invested.
Business objectives shift and adapt in response to market changes, but has your loyalty programme adapted in line with these too? It’s essential to give your loyalty programme a regular and thorough once-over to ensure it still aligns with your business objectives, brand and environment. Analyse the following:
The ROI your loyalty scheme delivers is relatively easy to measure but often falls victim to neglect. Understanding the financial impact it’s having on your business – by assessing the actual cost of delivering the programme against the return – provides you with real insight into its performance and the opportunity to make changes where required. Start by evaluating these three elements:
Rewarding your customers for their loyalty significantly benefits your business’s bottom line. A regular and thorough review of your scheme will ensure it performs at its best and your business maximises all available opportunities.
If your scheme isn’t operating as effectively as it should be, the loyalty experts at Datamine can walk you through how to address your business’s unique issues and suggest the next steps for getting your programme back on track.