Loyalty programs are a great way to reduce your churn rate.
53% of consumers say that loyalty points make them stay with a brand for longer.
The problem is loyalty programs aren't a new concept so think outside the box & create something unique that will resonate with your customers.
A few loyalty programs your competition may not be using
Tiered Loyalty Programs:
- As customers move up the tiers, they unlock more exclusive rewards. It's like a VIP club within your customer base.
Gamified Loyalty Programs:
- Introduce an element of fun by incorporating games or challenges.
Charity-Based Programs:
- Tie loyalty to a cause. For each purchase, a portion goes to a charity.
Churn rate = The percentage of customers lost over a specific period, a metric indicating customer retention and the effectiveness of your sales efforts.
