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3 Ways in which Loyalty Programs Can Help Your Business
Mariajerek
subscriber Posts: 22 Bronze Level Member
Here, are some of the major benefits that a loyalty program has for your business:
Reduction in costs – By the creation of a loyal customer base, businesses are enabled to bring down the cost that is being diverted to their rigorous marketing campaign. Here, word-of-mouth plays a crucial role as a powerful and cost-effective tool for marketing your brand.
Edge over your competition - Loyal customer tend to stick to the brand and that means it makes the business immune to competition and economic ups downs.
Increase up-selling and cross-selling – Once winning the loyalty of the customers, it is relatively easy to up-sell and cross sell the products and services. This can help a business in the long run.
Reduction in costs – By the creation of a loyal customer base, businesses are enabled to bring down the cost that is being diverted to their rigorous marketing campaign. Here, word-of-mouth plays a crucial role as a powerful and cost-effective tool for marketing your brand.
Edge over your competition - Loyal customer tend to stick to the brand and that means it makes the business immune to competition and economic ups downs.
Increase up-selling and cross-selling – Once winning the loyalty of the customers, it is relatively easy to up-sell and cross sell the products and services. This can help a business in the long run.
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Comments
1. It stewards relationships with existing customers
2. It helps increase sales
3. It attracts new customers
Loyalty programs can be one of your most beneficial marketing tactics, and will not only help increase sales, but also help develop a brand image for yourself that will feel more like a community and less like a corporation who is only after money.
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