Benefits of a Loyalty Program for Your Business
Loyalty programs have been in existence for a long time in different forms. It is until recently that businesses have started utilizing them more than ever before. As competition continues to thrive in the business world, entrepreneurs are embracing the importance of retaining the existing customers. What is a loyalty program? Well, it is a marketing incentive that is used to reward purchasing behavior and is aimed at encouraging shoppers to return. Research has shown that only 3% of new customers return after making their first purchase. On the other hand, a study by Loyal Report indicates that 66% of consumers are likely to adjust their purchasing behavior to maximize on loyalty points. Below are some advantages of enrolling loyalty programs in your business and why it’s important yo...