Rising Need for Loyalty Marketing Software Solutions
As per the bestseller “Marketing Metrics”, in comparison to the probability of 5-20 per cent for successful sales to new customers, companies have a 60-70 per cent probability of selling their products to current or past sellers.
Also, as per statistics released by Gartner Group on customer loyalty, 80 per cent of the future revenue of companies is likely to come from a mere 20 per cent of their current customers.
Given the significance of customer loyalty program software programs, organizations are now working on the long-term profitability metrics of customer retention. They are laying focus on reliable loyalty platforms for the onboarding, redemption and retention of customers.
Loyalty Marketing – an Overview
According to a study conducted by Forrest Research, retaining existing customers is 5 times less expensive than new customer acquisition.
When you choose to invest in this marketing strategy, in effect, you encourage your customers to transact with your brand and products over and over again. Along with consolidating your customer loyalty metrics and adding incentives to purchases, loyalty plans focus on retaining and bringing back existing and past customers to increase your sales. The following points explain how brands are benefiting with these solutions.
1. They can onboard and manage customers with automated, digital, end to end platforms.
It is easy to influence and reconnect with customers via smart and integrated marketing solutions.
2. Marketing strategies provided by a customer loyalty program software ensures repeated customer engagements.
3. Customers, influencers, distributors and retailers can engage with multilevel loyalty options.
4. Brands are investing customizable redemption options to increase engagements with their stakeholders.
5. They are using simple dashboard features to analyze, track and finetune their operations.
