Loyalty marketing is a customer retention marketing tactic that is based on retaining repeat shoppers through incentives such as discounts, free samples, and exclusive offers. According to the book Marketing Metrics, the probability that companies will sell to an existing customer is 60 to 70%. On the other hand, the probability of selling to a new customer is 5 to 20%. The international research and advisory firm Gartner Group also published a statistics on customer loyalty, according to which 80% of its company's future revenues will come from only 20% of its current customers.
Loyalty marketing is a strategic approach to growing and retaining your existing customers through incentives. The goal of loyalty marketing is to reduce abandonment rates and maximize repeated purchasing power among your best and often ignored customers as well. Loyalty marketing is the process of nurturing the existing customer base to drive repeat purchases and retention. While the acquisition focuses on attracting new customers, this strategy prioritizes keeping existing customers happy, engaged, and coming back for more.
That's why 85% of marketers say it's important to use data provided by consumers to create personalized experiences, and 65% of consumers are willing to share their personal data for more personalized offers. Loyalty marketing focuses on attracting and retaining current and former customers with initiatives and incentives that are better for your company. Nowadays, feeling emotionally and spiritually at home within a brand is a key component of user loyalty. Both customer acquisition and retention are fundamental elements of any good marketing program, but retention shouldn't be overlooked, as it's a cost-effective way to do business.
However, there are customer loyalty marketing strategies that you can use to ensure that your customers stay as long as possible. The refurbished electronics brand Back Market started with back-to-school promotions and then expanded with campaigns focused on graduation and vacations in the US. UU. In addition, 80% of those who responded to a recent survey of more than 3,000 people said that they would be more likely to do business with a brand if they offered a rewards program.
Surveys allow you to refine your offers and marketing strategies based on the opinions of real customers. Customers will spend their time and money on brands that promote them, feeling constantly heard. He now openly supports the brand, encourages others to try it, and plans to continue with his subscription even after he graduates and is no longer eligible for the student discount. You have to let them know that your brand exists, tell them what you do and explain why you do it better than other brands.
After considering the different loyalty marketing strategies, it's clear that third-party data and personalized content for consumer communities have an impact on customers. But how can you motivate customers to come back again and again? The key is to invest in loyalty marketing strategies that attract current customers. By integrating SheerID's identity marketing platform into your loyalty marketing strategy, you can take advantage of both. Identity marketing is aimed at a specific consumer community, such as teachers or members of the military, often personalizing offers and communications for them.
Loyalty marketing is the strategy that consists of obtaining good results for your brand by making peace with current customers...
