A loyalty program is supposed to be the cure for the ailment that plagues many businesses: customer churn. By giving out incentives and rewards to your customers, you increase purchase frequency and average order value per customer. According to a study by Markinblog, the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is only 5% to 20%.
The loyalty programs statistics sounds great, right? yes, but the truth extends further than that. Your loyalty program is underperforming and becoming a financial burden.
Before you lay the blame on marketing over-hype campaigns of loyalty systems or how the loyalty gods are dooming you for eternity, there's a good chance it's your fault.
If you're looking for ways to improve the return of investment of your loyalty program, then you're in the right place. We will take a deep dive into what may be preventing you from reaping the benefits of your loyalty program, and how to fix it before it's too late.
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