A customer reward program is often referred to as a loyalty program. In addition to offering customers an incentive to buy additional products and services, effective loyalty programs also build stronger customer relations through capturing valuable information from customers when they enroll in your program and as they participate in your program. This kind of understanding and knowledge can prevent customers from switching to your competitors even when your competition makes lower-priced offers.
An effective loyalty program will motivate your best customers to return time and time again. It will provide the insight you need to target your best customers, win new customers and increase their "share of wallet" spend with your company. The bottom line for a good reward program is one that offers graduated, in-kind rewards that enable you to up-sell and resell current and lapsed customers for a maximum return on investment. The dollars spent gaining a new customer can evaporate instantly if your competitor lures that customer away. Customer loyalty is a serious issue, and it isn't limited to gaining repeat business. The most effective customer loyalty programs offer a rewards system that is quick, exciting, and efficient. Participants in customer loyalty programs enjoy an unparalleled selection of brand-name merchandise, gift certificates, travel rewards and soft benefits that have a perceived value.
This website topic has been established to provide meaningful information on the who, what, when, where and why's of an effective loyalty program.
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