Companies spend billions of Pounds in their efforts to improve their customer engagement and to encourage customer loyalty. That makes loyalty programmes one of the most significant business investments. Naturally, they expect this investment to reap sizeable returns too.
However, most of the loyalty programmes fail to produce those returns.
An average adult is estimated to make roughly 35,000 decisions per day. Each of us is bombarded with an overwhelming amount of information throughout the day. Advertisements, road safety signs, people, traffic, our chores, work tasks, shopping, entertainment, family commitments and more demand our attention and drain us of our energy.
If you are old enough to remember when there were last minute holiday offers abound and sitting in front of the television watching Teletext holidays, hoping to get the information and contact details written down before the screen moved on and having to wait for 33 pages to scroll by, or turned up at the airport with your suitcase packed asking “where can I go to today?”, then things have changed dramatically, or have they?
As early as 1990, Harvard Business School, in partnership with Bain & Company, conducted a study on customer loyalty in the e-commerce industry and found that a 5% increase in customer retention increases the profits by 25% to 95%.
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The B2B space accommodates only a slim margin for error. The number of clients is small, and customer retention is vital to the success of a B2B enterprise. Therefore, companies should do their best to not only acquire but also retain their customers.
Enterprise clients and retail consumers have fundamental differences in how they approach purchases. Enterprise clients make purchase decisions after thoroughly analysing the value proposition, the potential for long-term partnership, and operational synergies.
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Conceptually, a customer loyalty programme is pretty straightforward to comprehend. At its simplest level, a customer earns rewards from repeated business in the form of points, discounts or free items and the businesses increase sales. It’s a basic but very powerful strategy.
B2B rewards programmes are great for inspiring loyalty among your existing clients. But how can you go about attracting new business with this type of system? We outline a few ways to capitalise on the opportunities for increasing sales with Prosper² Rewards.
We’re all familiar with the concept behind a B2C loyalty programme. Air Miles, Nectar Points, Boots Advantage Points – there are many famous versions of the central idea that spending more money at particular outlets leads to the accumulation of loyalty points which we can use for future spending.
As businesses, we all want to ensure we generate as much revenue as possible from each one of our customers. One of the most valuable ways to do this is to increase the amount that each customer spends with us over the lifetime of the relationship
In a competitive marketplace where customers find it easy to switch supplier, loyalty programmes are an effective way to maximise and develop your customers and improve your profitability. If you want to build a loyal clientele, keeping the customer satisfied isn't always enough.
64% of SMEs report that loyalty reward cards have been effective for them, meaning the programme makes more money than it costs to maintain. It’s important for business owners to keep in mind that customer loyalty isn’t just for big businesses – a well-designed programme can help any size business scale and reach new heights. So, how can a loyalty reward card help your SME?
Your customers are other businesses. They have their own business to run. They're not likely to be looking for all the bells and whistles in your loyalty programme but are likely to be looking to see if you have one. They don't want to evaluate lots of actions that you may reward.
In the past B2B marketers have mostly viewed B2C loyalty and reward programmes as irrelevant, determining instead that businesses won’t respond - and in any case customer retention is the responsibility of those in sales, service and support.