Implementing a customer loyalty platform can be a big decision for a business to make. However, with customer loyalty becoming harder to guarantee, many businesses are looking for external solutions to boost customer loyalty and increase sales.
The dangers of not implementing a customer loyalty program are becoming more and more obvious, especially as the online world offers so many options for customers to choose from. So, how can your business keep its customer’s long term and encourage repurchasing opportunities amongst their newest advocates? Take a look at the top 5 ways a customer loyalty platform can help you out.
1. A customer loyalty program helps you keep your best clients
It can be really tricky to keep business once it’s been won. Naturally over time client engagement will drop, which may leave you vulnerable to other businesses swooping in and stealing your clients.
The good news is that a customer loyalty program inhibits this process by keeping your clients engaged and focused on you. In fact, a loyalty platform for brokers can improve client retention and engagement rates by 25%-95%, which means a lot of business can be retained.
An online customer loyalty program gives clients the motivation to stay loyal to you, which also ensures you stand out from competitors. In giving policyholders access to a loyalty program, you’re adding more touchpoints and benefits throughout the policy that keeps you at the forefront of your client’s mind.
2. Increase profits with a customer loyalty program
Retaining clients is amazing for your brand’s reputation, however, the most compelling benefit is arguably the profit increase you can see when you keep hold of your clients.
Client retention is the most cost-effective way to hold onto profit, as there is no cost of winning new business. They are already interested and engaged when they purchase a policy, so if you can keep them engaged you save yourself a lot of time (and money!).
In fact, Bain & Co reported that increasing customer retention rates by just 5% can increase profits by 25%-95%. Definitely worth holding onto those clients if you can!
3. Keep business that’s older than 5 years with an online loyalty platform
Did you know that business older than 5 years is highly likely to be lost without some serious remarketing? After 5 years people forget about you, and how great your offering is, and are susceptible to trying out the next best thing on the market.
One of the best benefits of implementing a customer loyalty platform is the way it allows you to maintain a flow of marketing that keeps old leads warm. A comprehensive loyalty program allows you to connect with those customers that may have been won a long time ago and keep that emotional connection going.
4. Win New Business With An Online Customer Loyalty Platform
Don’t underestimate the ways that a good rewards program can help you win new business. Everyone loves a discount, so by offering some kind of sign up incentive, you are likely to attract new customers or potential customers without doing very much at all. In this sense, an online customer loyalty platform offers lead generation with a very little upfront cost.
People are always a lot more likely to opt for a business that offers discounts vs one that doesn’t. With targeted discounts and benefits to some of the most high-profile eateries, retail, travel and more, your potential clients are likely to be very impressed by your loyalty offering. Even if they don’t use them, the psychological sway towards getting something for ‘free’ often helps you win new business.
Are you ready to explore the benefits of having a customer loyalty program in place? Discover our loyalty program offers today.
For more information, you can also get in touch and book a call in with us today.