What does it cost to acquire a new customer versus engaging an existing customer to repeat purchases in your business? It always cost more to acquire a new customer through advertising to get someone new into your establishment rather than enticing an existing client to return to buy again.
Offering Loyalty Rewards to your customers with a branded mobile app has many advantages for a business. It provides opportunity to sell more frequently to existing customers who are easier to convince to make a purchase than attracting customers. Statistically, an existing customer is 60-70% likely to purchase again verse 5% to 50% likely of selling to a new prospective buyer. The odds are in your favor as a business, as an existing customer is 50% more like to consider a new product or service from you, and spend 30% more than a new client would.
It costs five times more to attract a new customer than to keep one. It is both logical and practical to have a mobile loyalty reward program that is simple and easy for the customer to use on their mobile device that they already carry with them everywhere they go! Loyalty can be applied to both a physical product or a service you offer.
With a mobile loyalty reward program, you can place promotional print materials at your checkout counter and share digital download links on web/social media sites, as well as use scannable QR codes. Rewards can be socially shared right from within the app to various favorite social networks.
There are many benefits to the business, as well as a new and an existing customer.
1. Elevate The Customer Experience: Rewards provide a positive customer experience that will strengthen your relationship with your customer and build value with them. The reward offers a certain type of “WOW” factor to the overall buying experience, giving their purchase experience an extra value each time a reward is given or earned. The power of reciprocity is at work for both the business and the customer. This can benefit your business with repeat purchases, social sharing of the reward, and referrals.
2. Analytics and Data: With a mobile app loyalty program, you gain the ability to access a dashboard with valuable data about each customer. This valuable information offers insight into both the customer’s purchase habits and helpful knowledge about the success of the reward program. This kind of information will empower you to create targeted campaigns to specific groups of customers and better determine what motivates your customers buying habits.
3. Brand Ambassadors: When a customer feels valued and appreciated they are much more likely to become a strong brand advocate for your business. The perceived value for the customer getting something extra beyond the product or service they purchased provides an opportunity for the customer to promote your company to others — sort of like bragging rights.
4. Customers Retention: Customers returning to your business to buy over and over again will increase your bottom line profits. Existing customers typically purchase more often, and new customers are likely to become repeat customers.
With Fall and soon to be Winter here, now is the perfect time to offer a mobile loyalty reward program to your customers during the busiest purchasing time of the year. Watch your profits climb with a loyalty reward program in place for the 2018 holiday buying season. Be Appsolute can create a branded mobile app experience with a loyalty reward program for your customers to use in your business.
About the Author
Keith Troup
Be AppSolute
Mobile Marketing
Keith Troup is a Creative Mobile Marketer. He develops and creates mobile marketing / branding app solutions for businesses, venues, events and organizations. He leverages everyday life experiences and his business knowledge by helping business owners to connect, engage, and build relationships with existing clients, new prospects and to establish loyal brand fans utilizing mobile marketing media solutions. Mobile is everywhere your business should be!
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