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Learn how you can get the most of your customer loyalty program
Factors to Consider Before Investing in a Customer Loyalty Program
Today, 34% of small businesses turn to customer loyalty program solutions to increase repeat sales. They know the fact that acquiring a new customer may cost them 6-7 times more than retaining the existing ones. Repeat customers are also likely to spend 67% more than the new ones.
Luckily, there is a myriad of loyalty programs that allow you to increase customer repetition rate. However, finding the one that perfectly fits your business can be overwhelming. So, we have explained a few factors you can consider to create a successful customer loyalty program.
Does the Signup Process Demand a Lot of Customer Information?
To facilitate the signup process, you only require 2-3 pieces of information of customers, including name, phone number, and email address. It may be beneficial to acquire as much information as possible, but customers feel reluctant to fill numerous fields. So, count on customer loyalty program software that collects the minimum amount of information and let customers join your program quickly.
Note: CheerMe redirects the customers to your website’s sign up page, eliminating the need for signing up twice – Website and Loyalty Program.
Can you Easily Add New Members to Your Loyalty Program?
Before investing in a customer loyalty program solution, ensure that you can easily add new members to your program. Since a loyalty program can bring back your old customers by rewarding them, having as many participating members as possible, elevate your success rate.
Note: CheerMe automatically adds customers who register on your website or app to your loyalty program. You don’t have to do anything to add them.
Can you Measure the Effectiveness of Your Loyalty Program?
Measuring the effectiveness of your reward program is paramount once you implement it. So, make sure that the customer loyalty program solution you’re integrating provides you profound analytics about your reward campaign. Though there are various factors like repeat purchase rate and average order value, the redemption rate is the primary metric to analyze the success of your loyalty program.
Note: CheerMe has a client who has a 20% redemption rate during coronavirus outbreak, which means the pandemic couldn’t affect his businesses, thanks to the customer loyalty program.
A simple and easy-to-use customer loyalty program software can significantly fuel your business sales and improve your bottom line. To create a reward campaign for free, sign up on CheerMe now. You can also book a free demo with our experts to know more about CheerMe.