Businesses without a benefits and incentive strategy are missing out on a huge opportunity.
Approximately 72% of people agree that, all things being equal, they would buy from a business with a ‘loyalty program’ over one without. And almost 70% purchase more frequently and spend more with brands with a program in place*. This makes incentive programs a no brainer for any business looking to improve frequency and gain a higher ATV.
Benefits and incentives programs, also known as Loyalty Programs, should be a series of interactions that are frictionless and valuable for both your business and the customer to create ongoing advocacy. Along the way, a clear and consistent strategy should be implemented to ensure ongoing value, engagement and return on investment.
Benefits and rewards programs can include points, status, rewards for purchase, additional benefits by tier, and exclusive products and services among some of the mechanics to promote the four key pillars of loyalty: Status, Access, Power and Stuff.
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