Loyalty programs can help organizations retain their most valuable customers with special offers. Additionally, they can gather useful marketing data, increase referrals and more.
Customers aren’t the only ones who love loyalty programs — marketers love them, too.
Loyalty programs drive customer retention, which can help organizations generate revenue, increase referrals and achieve overall growth. Organizations typically generate most of their revenue from existing customers, which requires less overhead than revenue from new customers. While organizations should still invest in customer acquisition, repeat business is ideal.
In addition to improved customer retention, loyalty programs also collect valuable customer data and firsthand feedback from customers. Marketing teams can use this data to derive customer insight and optimize CX. Given the many benefits of loyalty programs, CX leaders who haven’t already done so should consider one for their organization.
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