Customer loyalty rewards are the reason behind making wider customer relationships and customer management; also, nearly 50% of consumers are loyal to the brand they are using even spending more on it.
This factor is a tendency to go with the brand is called brand loyalty. Brands use the best marketing tools such as loyalty rewards software to upsell products and services.
Why Brand Loyalty Program Are Important For Business Growth?
Businesses need repeat consumers to grow and generate profits. Only 5% of repeat consumers can generate more than 25% to 80% of revenue for any business or brand. Businesses always take care of repeat consumers or consumer retention and try to serve more for their loyal consumers.
The loyalty reward program is the best tool for businesses to grow in this digital world where consumers can participate or play to win rewards from their favourite brands.
According to Forbes’s report, 90% of businesses over the world applied for loyalty programs and have more than 3.3 billion loyalty membership.
75% of consumers prefer brands that offer loyalty programs, 58% of consumers buy from the brand they visit monthly.
One more interesting stat according to Salesforce research 2020, says that 48% of consumers trust their Brand in general but 36% of consumers do not trust that businesses are working on good services for their consumers. Even it becomes worst when a consumer feels that the customer service isn’t good at all and left.
Loyalty program software is one of the best tools in the market to engage existing consumers in repeat sales and attract new customers; also, loyalty programs help to improve customer service, the key to customer retention. According to a Salesforce report, 79% of consumers make the decision to purchase based on customer services.
Consumer retention and repeat sales are most crucial to earn the largest amount of revenue for businesses.
How Do Loyalty Rewards Help Consumers To Engage With A Business?
Consumers are ready to pay for the products & services they searching for but businesses are not only for selling products, it is about establishing a relationship and maintaining that for a long time. This is the most highly competitive time and every business is trying to continue a relationship with their customers for a longer period and serve them something extra for their loyalty- called loyalty reward.
But, loyalty rewards can’t be valuable until they’ll effectively target and solve the pain points of customers. It requires consumers data such as the geographical reach and need of consumers, affinity or choices of consumers, desires of consumers according to market trends, and many other factors.
CRM software powers Loyalty programs to collect all requires data and group them according to specified segments, thus making the reward programs effective, attractive, and useful. 70% to 90% of consumers from baby boomers to elders love to participate and win personalise consumer rewards to feel special and get something more on their spending.
Through the collected data of loyalty software, businesses can aware of purchase habits, likeliness, and also if there are any issues with their products or services. This data analysis can improve customer service of any business by checking those issues and by providing needful information related to the products and services customers are demanding.
Why Choose Yegertek For The Loyalty Rewards Program Solution?
Yegertek is one of the best Customer Loyalty Program Software solution providers in Dubai, UAE, and Saudi Arabia. The best part is, the engage 365 loyalty reward software is powered by Microsoft Dynamic CRM that can improve any business 360 degrees higher and generate the most higher revenue by collecting and analyzing consumer data, building gamified loyalty rewards to engage more consumers, and automating the program. Yergertek is not a business but a trusted brand for B2B and B2C in the entire Middle East.