Retain, gain and return: The benefits of customer loyalty

Imagine running a promotion that nets you three times what you earned last year. This is the potential power of customer loyalty. If you don't already have a program set up, we're here to convince you it's the right idea.

So how exactly will a customer loyalty program benefit your business? Read on.

Customers are more likely to choose you in the future if you have a loyalty program.

You'll retain existing customers

By offering relevant and exciting discounts, exclusive experiences or merchandise, you'll cement a closer relationship between your brand and your existing customer base. 

Implementing a loyalty program that rewards your customers for shopping with you will make them more likely to choose you in the future, instead of going to a competitor for the same product or service. After all, 83 per cent of people are likely to continue buying from you if you have a customer loyalty program, Selfstartr research shows. This is known as increasing 'wallet share' – a customer's total spending on a product or service that you offer.

Retain, gain and return: The benefits of customer loyalty
Ensure that your customers choose you over your competitors by rewarding them through a customer loyalty program.

You'll increase your return on investment

Of course, keeping customers coming back has obvious financial benefits, as happy and loyal customers will spend more! 

The Fujitsu "Free Money" program was the company's – and Australia's – most successful consumer cash back promotion.

A great example of this is Fujitsu's 'Free Money' program, which was the company's – and Australia's – most successful consumer cash back promotion. Using the iChoose Visa prepaid card, Fujitsu achieved over three times the purchases and claims of the previous year's campaign. 

You'll gain new customers

If you think smart, you can use loyalty programs to gain new customers – at a fraction of the cost of marketing to new ones. For example, your customer loyalty program could reward customers not only for doing business with you, but also for signing up friends. This encourages them to spread the word about your products or services.

Prepaid visa cards can incorporate your company's branding, so others will be exposed to your logo when your loyal customers use it to purchase their rewards. 

If you haven't already got one in place, you're missing out on all the incredible advantages of a customer loyalty program. Start retaining customers, increasing your return on investment and making potential customers envious that they're missing out on all your amazing rewards! 

Retain, gain and return: The benefits of customer loyalty